Seplat Plc FY'15 results - Low oil price undercut earnings


Thursday, March 24, 2016 9.38AM / CardinalStone

Seplat Petroleum Development Company Plc (SEPLAT) FY'15 results has just been released - Despite reporting a 41% overall increase in production, revenue declined by 26.4% to US$570.5 million (N113.0 billion), above our estimate (+7.8% deviation).

After tax earnings fell by 74.0% to US$65.6 million (N13.0 billion) which was in line with our estimate of US$64.5 million (+1.7% deviation) and consensus estimate of N67.2 million (-2.3%).

EPS declined to US$0.12 (N24.00) in FY'15 from US$0.50 (N79.00) in FY'14.

The board of directors recommended a final dividend of US$0.04 per share (2014: US$0.09 per share), bringing the total payment for the year to US$0.08 per share (2014: US$0.15 per share).

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