Eterna revenue rises by N69.3bn

Eterna Plc grew its revenue for the half-year 2023 by 21.2 per cent to N69.34bn compared to N57.22bn reported in the corresponding period of 2022.

It disclosed this in the IFRS Financial Statements for half-year ended June 30, 2023, which was filed with the Nigerian Exchange Limited.

The group said the revenue figure was derived from its main business lines, which include fuels, lubricants and other product distribution (LPG).

The revenue from fuel sales in the first half of 2023 increased by 35 per cent when compared to the same period in 2022, while revenue from lubricants grew by 1.5 per cent compared to the prior period.

The group reported a gross profit of N8.57bn as of June  2023, a 107 per cent appreciation from N4.14bn reported in half year 2022.

For its operating income,  Eterna declared N4.85bn in H1 2023 from N1.98bn in H1 2022.

Eterna posted a foreign exchange loss of N9.8bn as against N76.15m foreign exchange loss in the prior year, on the back of the Central Bank of Nigeria’s move to unify the foreign exchange market.

This impacted Eterna’s bottom line, as it reported a N5.5bn loss before tax in H1 2023 from N1.58bn profit before tax reported in H1 2022.

Eterna had earlier reported N2.09bn profit before tax for the 2022 financial year, from a loss of N0.9bn in 2021, and declared a dividend of 15 kobo per ordinary share of 50 kobo..

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