In line with the decline in global oil prices in Q 1 2023 SEPLAT ’s average realized oil price dipped (-15.60% YoY). However, the improved production volume (+8.59% YoY) and gas sales price (+4.35% YoY) led to a jump in the company’s top line (+51.06% YoY). While the cost of sales increased by 17.68% YoY in Q1 2023, cost to sales ratio (40.09%) was lower than in Q1 2022 (51.57%), as revenue outpaced cost. Furthermore, lower tax obligations due to lower deferred tax expenses (NGN0.24bn in Q1 2023 vs NGN18.97 bn in Q1 2022) led after tax profit to increase by 218.75% YoY.
