Eterna Reports 21.2% Increase in Revenue to N69.34bn

Kayode Tokede

Despite challenges, Eterna Plc has reported a 21.2 per cent increase in its revenue to N69.3billion for the half year (H1) ended June 30, 2023, as against N57.22billion reported in the corresponding period of 2022.

The revenue figure was derived from the Group’s main business lines – fuels, lubricants and other product distribution (LPG).

The revenue from fuel sales in Half Year 2023 increased by 35 per cent when compared to H1 2022, while revenue from lubricants grew by 1.5 per cent compared to prior period.

The group reported a gross profit of N8.57 billion in H1 2023, a triple-digit growth of 107 per cent from N4.14 billion reported in H1 2022.

From the profit & loss figures, Eterna declared N4.85 billion operating income in H1 2023 from N1.98 billion in H1 2022.

Eterna posted a foreign exchange loss of N9.8 billion as against N76.15 million foreign exchange loss in the prior year, which was attributable to the Central Bank of Nigeria’s (CBN) move to unify the foreign exchange market.

This impacted Eterna’s bottom line, as it reported a N5.5 billion loss before tax in H1 2023 from N1.58 billion profit before tax reported in H1 2022. Eterna had earlier reported N2.09 billion profit before tax for the 2022 financial year, from a loss of N0.9 billion in 2021 and declared a dividend of 15 kobo per ordinary share of 50 kobo.

Analysts are closely watching to see how companies that were impacted by the CBN’s policy on the foreign exchange market will adapt in a post-unification exchange rate market.