Eterna grows revenue N313bn, returns to profitability

Eterna Plc, a sustainable integrated energy company, has demonstrated remarkable resilience, posting a 71 per cent increase in revenue to N313.6bn for the year ended December 31, 2024.

In a statement, the company said the performance marked a significant turnaround, returning it to profitability after navigating a challenging economic landscape.

The audited consolidated financial statements revealed a year of transformation for Eterna, as the company capitalised on emerging opportunities, optimised operations, and strengthened its market position.

Despite headwinds such as fluctuating oil prices, foreign exchange volatility, and intense competition, Eterna delivered robust financial results, underscoring its adaptability and operational excellence.

Eterna’s revenue surged to N313.6bn in 2024, up from N183.2bn in 2023, driven by the increased price of petroleum products, strategic partnerships, and enhanced operational efficiencies.

This growth, it was stated, reflects the company’s ability to expand its market share and leverage opportunities in Nigeria’s dynamic energy sector.

The statement disclosed that Eterna’s focus on cost management played a critical role in its return to profitability.

While the cost of sales rose to N273.6bn in 2024, in line with increased revenue, the group achieved a gross profit of N39.9bn—up from N16.8bn in 2023. This represents a remarkable 237 per cent year-on-year increase. Additionally, the group improved its gross profit margin to 12.7 per cent, compared to 9.2 per cent in the previous year.

Operating profit soared to N27.9bn in 2024, a fourfold increase from N7.8bn in 2023, highlighting the company’s ability to generate higher returns from its core operations. This improvement was achieved through supply chain optimisation, operational efficiencies, and prudent cost control.

“Eterna faced significant challenges in 2024, including a net foreign exchange loss of N15.7bn, primarily due to the settlement of foreign currency-denominated obligations as part of the board’s strategy to strengthen the company’s balance sheet.

“However, the company’s strategic decision-making and effective risk management enabled it to mitigate these impacts. Profit before tax stood at N4.48bn, a remarkable turnaround from a loss of N11.97bn in 2023. Profit after tax also improved to N1.34bn, compared to a loss of N9.43bn in the previous year,” the statement added.

The Chairman of Eterna PLC, Dr Gabriel Ogbechie, commenting on the company’s performance, said, “Eterna’s performance in 2024 sets a solid foundation for future growth. The company remains committed to driving innovation, expanding its market presence, and delivering value to shareholders. Eterna Plc’s remarkable turnaround in 2024 is a testament to its strategic vision, operational excellence, and unwavering commitment to growth in Nigeria’s dynamic energy landscape.”

The Managing Director of Eterna PLC, Olumide Adeosun, added, “Our results for 2024 reflect the resilience and determination of our team. We have navigated challenges, seized opportunities, and emerged stronger. As we look to the future, we remain focused on delivering sustainable growth and creating value for all stakeholders.”

He added that as Nigeria’s energy sector continues to evolve, Eterna is well-positioned to capitalise on emerging opportunities and sustain its upward trajectory.