Eterna Plc has reaffirmed its dedication to maintaining competitiveness amidst a challenging economic climate. Dr. Gabriel Ogbechie, Chairman of Eterna Plc, conveyed this commitment during the company’s 31st Annual General Meeting in Lagos. Shareholders elected Mr. Abiola Lawal as a Director, confirming his role as the new Managing Director and CEO, as stated in a release.
Ogbechie underscored Eterna’s robust business fundamentals despite 2023’s adversities, including the removal of oil subsidies, currency fluctuations, volatile oil prices, pipeline vandalism, crude theft, supply disruptions, and inactive refineries, all contributing to economic instability and impacting financial performance.
Nevertheless, Eterna made significant strides, achieving a consolidated operating revenue of N183.3bn, up 57.4% from N116.4bn in 2022, driven by retail expansion efforts. The company also reported an operating profit of N7.8bn, marking a notable 143% increase from N3.2bn in 2022. Despite ending the year with a loss of N9.4bn, largely due to foreign exchange losses, Ogbechie assured shareholders of a promising future ahead.
Eterna now operates more than 84 filling stations and has restructured its retail operations to boost profitability. New CEO Mr. Lawal expressed gratitude to shareholders for their longstanding support and insights, affirming the board’s commitment to restoring profitability.
“To expand our footprint, we will actively engage across the energy value chain, encompassing energy production, transportation, and distribution vital for economic growth,” Lawal stated optimistically.
