In his address to shareholders and other stakeholders during meeting, Mr. Basil Omiyi, the Chairman of Board, Seplat Energy, said for the 2022 full year, the Company’s total revenue rose by 29.8 per cent to $951.8m while profit before tax rose by 15.3 per cent to $204.4m.
The MicCom boss who described the situation as frustrating, noted that from huge taxes to exorbitant import duties on raw materials, cable manufacturers have often decried the bottlenecks faced in importation of raw materials as these erode the bottom line.
“There is a lot of work to be done and we are working with industry experts to ensure that our products and services meet the highest standards of quality and excellence. A rebranding of our Lubricants is currently in process, and we will announce this in due course,” he concluded.