Retail expansion earns N183.3 bn revenue for Eterna Plc
- AGM ratifies Abiola Lawal as CEO
Sopuruchi Onwuka
Integrated energy provider in the downstream petroleum market, Eterna Plc, has declared consolidated operating revenue of N183.3 billion in the 2023 operating year, trailing a profit of N7.8 billion.
Chairman of the company, Dr. Gabriel Ogbechie, declared at the company’s 31st Annual General Meeting (AGM) held in Lagos that the surge in financial performance followed the company’s retail expansion programme.
He reassured stakeholders of the company’s commitment to remaining competitive despite the challenging economic environment.
Dr. Ogbechie emphasized that the fundamentals of Eterna’s business remain robust and focused on elevating the business to new heights. He highlighted several difficulties faced in 2023, including the removal of the oil subsidy by the current administration, the floating of the Naira, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries.
He added the difficulties of 2023 affected the company’s financial performance.
Dr. Ogbechie however noted that the company’s 2023 revenue improved by 57.4% from the N116.4 billion posted in 2022, adding that operating profit of N7.8 billion in 2023 represents a remarkable 143% increase from N3.2 billion in 2022.
He explained that despite the strong financial performance in 2023, foreign exchange looses pulled the company into N9.4 billion operating loss for the year.
In promising a brighter for shareholders, Dr. Ogbechie stated that the future remains bright with promising prospects.
“Eterna now operates over 84 filling stations, and we have reviewed our retail operations to enhance profitability,” he said.
The new Managing Director and Chief Executive Officer of the company, Mr. Abiola Lukman Lawal, also assured the shareholders that the board is committed to steering the company back to profitability.
“To grow the company, we will continue to play an active role across the energy value chain, covering the production, transportation, and distribution of energy solutions vital for economic growth and development.”
Mr. Lawal further reiterated the company’s vision to establish Eterna as Africa’s preferred energy provider.
Eterna Plc offers a range of energy products, including petrol, aviation fuel, Diesel and lubricants. The company operates a world class Lubricant Plant at Sagamu and is the authorized distributor of Castrol lubricants, greases, and engine oil in Nigeria.
The company also has an exclusive chemical distribution franchise for the Transaqua drilling chemicals to the upstream industry through its Castro/BP relationship.
