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Eterna Plc Records N4.1 billion gross profit for half year 2022

Eterna to distribute Dangote refinery products in Nigeria

Eterna Plc, an integrated energy provider posted a gross profit of N4.1 billion for the half year ended 30th June 2022, recording a 57.9 percent increase against the N2.6 billion gross profit recorded in the corresponding period of 2021. The company also recorded an operating profit of N1.9 billion.

In its half-year financial statements released on the floor of the Nigerian Exchange Limited (NGX), the group said its Profit Before Tax (PBT) increased by 200 percent from N525 million recorded in 2021 to N1.5 billion.

The Group’s total assets for the period under review stood at N58 billion while the total liabilities stood at N45 billion.

Read also: A look at the energy crisis (Part 2)

Eterna Plc manufactures, markets and distributes lubricants and chemicals and operates a network of filling stations. Its plan is to further increase its retail network across the country.

The company said it plans to actively play across the energy value chain covering the production, transportation and distribution of energy solutions vital for economic growth and development.

It hopes to be the first choice for its customers as it seeks to dominate the African Energy industry by strategically expanding operations and growing market share.