Earlier, major indigenous upstream player, Seplat (‘SEPLAT’ or ‘The Company’) released its H1-2021 financials, which showed a 32.1% y/y and a 404.4% y/y increase in topline and bottomline to close at $303.8m and $36.1m, respectively. The strong performance was mainly bolstered by increased crude and gas sales which were spurred by the global economic recovery (following relaxation of pandemic-related restrictions), low base effect from 2020, and increased vaccination rollout which has enabled sustained demand recovery. Below we take a critical look at the company’s performance and present our outlook.
