Global Spectrum Energy Services Plc Quarter 3, 2021 Results

GLOBAL SPECTRUM ENERGY SERVICES PLC RESULTS FOR QUARTER 3, 2021
Global Spectrum Energy Services Plc (GSPECPLC)  posted revenue of NGN506.1 million for the 3rd quarter of the year 2021, 44.7% more than the revenue in the corresponding period of the previous year.   Direct cost increased by 41.9% year-over-year. Vessel and boat hiring cost was responsible for the bulk of the increase in direct cost. However, gross profit jumped by 54.8% year-over-year to NGN115.7 million.  Operating profit grew 87.6% to NGN45.6 million at the end of quarter 3 of 2021 from  NGN24.3 million posted a year ago.

July-Sept. 2021 ( NGN'Millions)July-Sept. 2020 ( NGN'Millions)% Change
Revenue506.1 349.844.7%
Profit Before Tax44.122.893.1%
Profit After Tax37.519.493.1%
  • Low-geared company

The company is not bogged down by debts. The finance cost for the 3rd quarter of 2021 was NGN1.5 million. The company generated adequate operating profit and operating cash flow to offset its debt obligations. 

  • Growing shareholders' fund

Shareholders' fund was NGN5.1 billion representing a year-to-date increase of 2.5%.


ABOUT GLOBAL SPECTRUM ENERGY SERVICES PLC
GSPECPLC was established in 2006 to provide offshore support services such as offshore supply vessels, security patrol vessels and subsea installation. The company's major shareholders are Aspiral Sun Limited, Criterion Nigerian Limited and Ocean 99 Limited. READ  THE FULL REPORT ON GLOBAL SPECTRUM ENERGY SERVICES PLC HERE

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