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

Integrated energy provider firm, Eterna Plc, says it recorded a N4.1 billion gross profit in the first half of 2022 and an operating profit of N1.9bn in the same period.

The gross profit recorded represents a 57.9 per cent increase when compared to N2.6 billion recorded in the corresponding period of 2021.

According to the half-year financial statements released on the Nigerian Exchange Limited (NGX) floor, the group said its Profit Before Tax (PBT) increased by 200 per cent 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.

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.