Seplat's 2014 Pretax Profit Drops By 54%

 Seplat on Thursday announced a 54% drop in its profit for the year 2014, caused by the current crash in the world's oil sector.

According to Naira Metrics, the firm's 2014 pretax profit dropped to $252 million, down 54 percent from $550 million a year ago.

The oil company's revenues fell to $775 million during the period to December 31, against $880 million last year and proposed a total dividend of $0.15 per share for 2014, up from $0.10 in 2013.