Companies & Finance

Nigeria’s Seplat Petroleum sees profit boost

Seplat Petroleum saw its profits before tax increase by 51% in the first half this year.
By Staff reporter 31 July 2018 0 31951

Nigerian company Seplat Petroleum saw its profits before tax increase by 51% in the first half this year, to $121 million, while net profits amounted to $49 million.

The firm’s turnaround was driven by higher oil and gas prices, lower costs, and increased net revenue from its gas operations, which rose by 57% over the period, to $85 million.