Shares of Eterna Plc have soared more than 60% month-to-date as of the trading day on February 11, 2025, shattering the N40 barrier.
The group recently released its results for the full year ending December 31, 2024, reporting a pre-tax profit of N3.1 billion, which represents a significant recovery from a loss of N4.2 billion reported the prior year.
Eterna’s full-year revenue also climbed by 33% from N60 billion to N79.9 billion, with fuel sales accounting for 86.8% of full-year revenue, followed by lubricant sales at 13.2%.
Beginning February at N26.40, the company’s shares have already soared by over 60% month-to-date in the second week, riding a monthly market volume of 35.5 million shares.
This comes after a series of positive developments, including the October 2024 opening of Nigeria’s largest aviation fuel depot, the Joint User Hydrant Installation 2 (JUHI-2), at Murtala Muhammed International Airport, and the release of solid FY 2024 results in late January 2025.
Eterna Plc posted a strong year-to-date performance in the Nigerian stock market, achieving a 75.45% increase in 2024.
This upward trajectory has continued into 2025, with January closing positively and a market volume of 19.8 million shares traded.
In the first week of February 2025, Eterna’s stock experienced a significant leap, surpassing N35 and closing at N36.65.
In mid-October 2024, Eterna PLC announced the opening of Nigeria’s largest aviation fuel depot, the Joint User Hydrant Installation 2 (JUHI-2), at Murtala Muhammed International Airport in Lagos.
In its latest full-year results, Eterna reported a strong recovery, moving from a pre-tax loss of N4.2 billion in 2023 to a pre-tax profit of N2.3 billion for 2024.
While the specific factors influencing stock prices in February are not entirely clear, the recent fundamental developments, particularly the earnings report for FY 2024, likely played a role in fuelling investor sentiment.
The board of Eterna PLC recently announced the appointment of Mr. Olumide Adeosun as the Managing Director/Chief Executive Officer of Eterna PLC, effective 3rd February 2025.
In a January 16th NGX disclosure signed by Secretary David Edet, the group announced that Mr. Adeosun will succeed Mr. Abiola Lawal, who resigned effective January 31, 2025.
According to the report, the board extended its profound appreciation to Mr. Lawal for his significant contributions and expressed optimism regarding the appointment of Mr. Olumide Adeosun and the wealth of experience he will bring to Eterna Plc.