Eterna Plc, an integrated energy provider, grew revenue to N91.9bn in the third quarter of 2022 from N61.37bn reported in the corresponding period of 2021, representing a 50 per cent revenue growth recorded over the period.
The firm said the turnaround in its performance was driven by prudent cost management, which pushed operating cost below the inflation level.
The firm’s financial statement said it recorded a profit before tax of N1.9bn at the end of Q3 2022 as against N566.9m reported by the end of Q3, 2021. Profit after tax grew by 246 per cent to N1.44bn in Q3 2022, from N416m in Q3 2021.
Eterna benefited from the increase in petroleum products supply in the period as price of PMS (petrol) increased to an average price of N179.42 per litre in the first nine months of 2022 as against an average price of N166.29 in the corresponding period of 2021, according to the National Bureau of Statistics.
The group reported N75.01bn in revenue from sale of white products in Q3 2022 from N47.5bn in Q3 2021. Sales from lubricants moved to N11.76bn in Q3 2022 from N11.66bn in Q3 2021.
The company closed Q3 2022 with N1.10 earnings per share from N0.32 in Q3 2021 on the backdrop of improved profit.
Eterna plc recorded N4.1bn gross profit for the half year which ended June 30, 2022.
Commenting on the performance, the Managing Director/Chief Executive Officer of Eterna PLC, Mr Benjamin Nwaezeigwe, said the growth trajectory was driven by increased operating activities, improved efficiency, staff dedication and a new energy in the organisation brought about by the vision of the new leadership.
According to him, the firm was still committed to actualising its goal to be Africa’s preferred energy company providing efficient energy solutions.
“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” he said.
He noted that the company would actively continue to play across the energy value chain covering the production, transportation, and distribution of energy solutions vital for economic growth and development.
Eterna Plc manufactures, markets and distributes lubricants and chemicals, and operates a network of filling stations across the country. It plans to aggressively increase its retail network nationwide. It will be the first choice for its customers as it seeks to dominate the African Energy industry by strategically expanding operations and growing market share, the firm said in a statement.
