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Seplat set to host conference call, issue full year 2018 results next week


Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company, is set to host a conference call and webcast to present its full-year 2018 financial results on Wednesday, March 6.

According to the Nigerian upstream exploration and Production Company, the conference call and webcast would be held at 09:30 AM Nigerian time.

Seplat, which is listed on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE), made this known, Tuesday, in a notice by the company’s Chief Financial Officer, Roger Brown, and filed at the NSE.

“At 08:30 am GMT (London) and 09:30 am WAT (GMT+1) (Lagos) on Wednesday 6 March 2019, the Executive Management team will host a conference call and webcast to present the Company’s results,” the notice read.

The oil company further noted that it would provide access details for the call on the day of results disclosure, adding that a link to the webcast would also be made available on its website the same day.

Seplat shares have remained unchanged at N619 since Friday, Feb. 15 after it announced a closed period in the run up to the announcement of its 2018 full year results, bringing the stock to 19.04 percent close to its 52-week low of N520.

As at the close of trading, Wednesday, Seplat’s price-to-earnings ratio stood at 2.71x, this is lower when compared with its peer in the upstream energy sector, Eterna, at 2.86x.

Besides, the company’s stock is selling for less than the actual worth of its assets as investors are willing to pay only 64 kobo for every naira of its book value.

In the first nine months in 2018, Seplat’s gross profit grew 145 percent to N93.51 billion from N38.08 billion in the same period in 2017.

The oil company pulled itself out from a pool of losses as it made N27.97 billion as profit in the review period compared with a loss of N1.62 billion recorded in the corresponding period of 2017.

This was triggered by over 396 percent surge in its operating profit to N80.76 billion, while finance income rose to N2.05 billion in the nine months to September 2018 from $483 million in the previous year.