Eterna reports N1.38 billion Q1 2026 profits

 

Eterna Plc reported a profit after tax of N1.38 billion for the first quarter of 2026, as improved operational efficiency and steady growth across its core segments bolstered earnings despite a challenging macroeconomic environment.

The Lagos-based downstream energy firm posted revenue of N70.45 billion for the three months ended March 31, according to its unaudited financial statement released on Friday. Profit before tax came in at N1.65 billion, reflecting what the company described as sustained momentum in its operations and cost discipline initiatives.

Earnings per share stood at N1.06, signaling continued returns to shareholders even as Nigerian energy companies navigate currency volatility, inflationary pressures and supply chain constraints.

The results highlight Eterna’s efforts to stabilise performance following a period of industry-wide disruption tied to deregulation and fluctuating fuel import costs.

The company said its balance sheet remained “robust,” supported by strategic investments in inventory that are expected to enhance product availability and improve service delivery across its nationwide retail network.

Total assets were strengthened during the quarter, underpinned by higher working capital allocation to petroleum products. This positioning, the firm said, would enable it to capture demand and improve operational efficiency in subsequent quarters.

Olumide Adeosun, the company’s chief executive officer said the performance underscores the company’s focus on execution and long-term growth. “The performance reflects the Company’s continued focus on operational excellence, cost discipline, and strategic expansion initiatives,” he said in a statement. “We will continue to build on this momentum through targeted investments in our retail network and growth across our aviation, lubricants and gas segments.”

Eterna has increasingly leaned on diversification beyond traditional fuel retailing, expanding into higher-margin segments such as aviation fuel supply and lubricant distribution. The company also continues to deepen its presence in Nigeria’s gas market, aligning with broader industry shifts toward cleaner energy sources.

Analysts say the company’s ability to maintain profitability in the first quarter reflects improved internal efficiencies and a more disciplined approach to cost management, even as input costs remain elevated. The downstream sector has undergone significant changes since the removal of fuel subsidies in 2023, forcing operators to adopt leaner business models.