The firm’s revenue rose to ₦104.8 billion, rising by 159.9%. Crude oil sales accounted for 75% of the revenue, with Gas sales accounted for the rest. The Crude Oil business and Gas business grew by 232% & 57% respectively.
The firm’s management engaged in a cost management and optimization drive, resulting in a decline in OER. This consequently resulted in a 2,087.5% surge in operating profit.
Tax incurred by the firm rose by 6405.6% to ₦22.2 billion from a mere ₦342 million. 78% of this was incurred by the Crude oil business and the rest by the Gas business.
The firm’s Profit after tax (PAT) y/y soared by 276%. However, the total profit was realized solely from the Gas business as the Crude Oil business (its main business) posted a loss of ₦1.7 billion due to the huge tax incurred.
EPS posted a strong EPS of ₦25.59 in H1 2018 compared to a negative ₦14.97 in H1 2017.