Eterna Plc, an indigenous integrated energy company, has pledged to make solid investments in Liquefied Petroleum Gas space and set up the necessary infrastructure for market penetration.
The company also plans to grow its retail footprints in the country as part of its effort to provide energy solutions in efficient and innovative ways, while continuing the trajectory of its 5-year strategic plans.
The company stated this at its 29th annual general meeting (AGM) in Lagos while assuring its shareholders of improving performance and returns on their investment in the years ahead as the company seeks to consolidate the gains from recent initiatives by the new board and management.
The AGM is the first after the emergence of the new majority core investor; Preline Limited.
Preline Limited acquired a 60.98 percent stake in the Company, making it the largest and majority shareholder.
With the emergence of the new majority core investor, the board and management of Eterna Plc have assured shareholders that despite the global challenges faced by the industry, there is hope for growth and a better future outlook for the company.
Addressing shareholders at the AGM, Eterna PLC’s Chairman, Gabriel Ogbechie, noted that the company’s goal to be Africa’s preferred Energy Company while providing energy solutions that is efficient is still in full course.
“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” Ogbechie stated.
According to him the company will actively continue to play across the energy value chain covering production, transportation and distribution of energy solutions vital for economic growth and development.
“We will be the first choice for our customers as we seek to dominate the African energy industry by strategically expanding our operations and growing market share.
‘’With the addition of the new investor, the prospects have continued to look up for our Company, considering the track record, resolute commitment to stakeholder value addition and the industry experience the new investor brings.
“The investment demonstrates the belief in the potential of our company,” he emphasized.
Ogbechie affirmed that the company will begin to incrementally improve its involvement in the aviation space with the retail of Aviation Turbine Kerosene.
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He said that the company has also introduced various initiatives targeted at enhancing market presence, growing volumes and local brand equity for its lubricants.
Eterna PLC is the sole distributor of Castrol products in Nigeria and subsequently other West African countries.
“In relation to new businesses, we have commenced discussions with some potential strategic partners with a view to exploring opportunities in identified growth areas within the energy space.
“We are grateful to all the stakeholders that have stayed committed to our Company and helped us achieve our goals thus far,” the chairman said.
Eterna PLC achieved a consolidated operating revenue of N82 billion compared with N58.7 billion in 2020.
This was largely attributable to the improved economic activities as against the previous period.
It recorded a decline in its gross profit from N5.5 billion in 2020 to N4.2 billion in 2021.
The Company also recorded a decline in its Operating Profit from N1.5 billion in 2020 to N236 million in 2021.
It recorded a Loss before Taxation of (N936 million) in 2021, a decline from the N548 million Profit recorded in the previous year.
Speaking at the event, Adeleke Oladimeji, a shareholder, called on the new board to continue to work hard in ensuring that they take the company to greater height.
He commended the quality of experience and skill set of the new directors whom he charged to develop better strategies in expanding the business for profitability, especially the lubricants.
On his own part, Okezie Boniface, the chairman of Progressive shareholders called on the management to consolidate on the gains of the past and ensure the company remains a top brand in the market.
The following directors were ratified and elected by the Shareholders at the AGM; Akinwande Ademosu, Benjamin Nwaezeigwe, Phoebean Ifeadi, Godrey Ogbechie, Anibor Kragha, Emmanuel Omuojine, Okechukwu Omezi and Gabriel Ogbechie.
Eterna Plc is an integrated energy company that distributes petroleum products across the country to Retail, Industrial, Automotive, Marine and Energy customers.
The Company has a retail footprint of over 70 active petroleum products retail outlets, world-class lubricants, manufacturing plant and petroleum storage terminals.
