Global Spectrum Energy proposes interim dividend, reports 31.1% drop in PAT in H1

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Story by Olabode Jegede

Global Spectrum Energy Services Plc has proposed an interim dividend at the end of the third quarter ended September 30, 2019.

In a notice on the Nigerian Stock Exchange (NSE) signed by the company secretary, Ayoshile Kuforiji-Kehinde noted that a final decision on the proposals for interim dividend will be made alongside the time of release of third quarter financial report of the company.

However, the company reported a drop of 31.1 per cent in profit after tax to N83.6 million in half year of 2019 as against N121.3 million posted in H1, 2018.

Global Spectrum Energy Services profit before taxation posted 28.3 per cent decline to N101.03 million in six months of 2019 as against N140.8 million in erstwhile six months of 2018.

The company’s revenue increased by 22.6 per cent from N877.11 million posted in H1 2019 in contrast to N1.075 billion in the period under review.

Gross profit for the period stood at N253.7 million, representing a decline of 11.8 per cent, lower than N287.6 million that was realized in comparable period in 2018.

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