Downstream marketing company, Eternal Plc, has recorded a spike in earnings as operating profit grew 221 per cent to N5.83 billion in the 2016 financial year.
Lamis Dikko, chairman of Eterna, disclosed the performance at the company’s 24th Annual General Meeting (AGM) in Lagos.
The company also recorded a turnover of N106.9 billion in 2016, 16 per cent increase from N92.06 billion recorded in 2015 as gross profit rose 178 per cent to N8.6 billion in 2016.
Also, the company’s profit before tax increased by 84 per cent in 2016 to N2.4 billion from the N1.3 billion recorded in 2015.
“This commendable performance is directly attributed to the adoption of efficient processes in delivering our products and services and our ability to control cost in spite of the high level of inflation prevalent in the country,” Dikko said. “As a result, our shareholders’ funds have increased from N9.68 billion in 2015 to N10.82billion in 2016.”
On future outlook, Dikko assured shareholders that the company’s performance would be better in the subsequent years.
According to him, we are confident that the future ahead of us is bright, this is because we have established tested processes and procedures across our activities.
“We have put adequate control in place and we measure our performance constantly.”
Also, the Managing Director of the company, Mahmud Tukur assured shareholders and other stakeholders of a policy that would continually allow business activities that would ensure sustainability and profitable growth.
Tukur said that the company would also provide products and services that meet and exceed the needs and expectations of customers in the field of petroleum products.
Eterna’s price stood at N3.71 when trading closed at the NSE on Wednesday, June 5 2017. Market capitalisation was N4.84 as at that date.
Ugochukwu Akobi, with agency report
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