Culled—Proshare 3/5/2019/Vetiva Research Gross Earnings up 1% y/y – 3% below our estimate Interest Income up 5% y/y despite shrinking loan book Loan loss write-back boosts PBT, albeit 12% lower y/y TP revised to ₦47.21(Previous: ₦49.31) HOLD Gross earnings dragged by contraction in loan book STANBIC released its Q1’19 results, […]
Results & Dividends
Seplat Development Company Plc-Tax Credit Masks Weak Operating Performance
Culled—Proshare 3/5/2019/CardinalStone Research Seplat Development Company Plc (SEPLAT) Q1’19 results – Earnings after tax surged by 59.0% YoY to $32.7 million, largely due to a $13.3 million tax credit that masked significant weakness in core operating performance in the review period. Q1’19 highlights Revenue contracted by 11.7% YoY to $159.5 […]
Seplat Drives Q1 Finance Costs Down by 38%
May 3, 2019/SEPLAT Seplat Petroleum Development Company Plc has released its interim management statement and consolidated interim financial results for the three months ended 31 March 2019. The results showed positive impact of the 2018 debt refinancing and subsequent deleveraging, which resulted in a 38 per cent year-on-year reduction in […]
