Eterna Plc to invest in LPG infrastructure for market penetration
ETERNA Plc has reiterated its commitment to investing in Liquefied Petroleum Gas space and incrementally setting up necessary infrastructure for market penetration.
The company also plans to grow its retail footprints in the country as part of its effort to provide energy solutions in efficient and innovative ways, while continuing the trajectory of its five- year strategic plans.
The company stated this at its yearly general meeting in Lagos, while assuring its shareholders of improving performance and returns on their try, there is hope for growth investment in the years ahead and a better future outlook for as the company seeks to consolthe company. idate the gains from recent iniAddressing shareholders at tiatives by the ne w bo ard and the AGM, Eterna Plc Chairman, management. Dr. Gabriel Ogbechie, noted
The meeting was the first after that the company’s goal to be the emergence of the new Africa’s preferred energy commajority core in vestor; Preline pany while providing energy Limited. Preline Limited solutions that are efficient is acquired 60.98 per cent stake in still in full course. t he company, making it the “We will continue to focus on largest and majority shareholddelivering value to our shareer. holders as we continue to drive
With the emergence of the new the growth and profitability of majority core in vestor, the our business,” Dr Ogbechie statboard and manageme nt of ed.
Eterna Plc has assured share - According to him the company holders that despite the global will actively continue to play
challe nges faced by the indus- across the energy value chain covering production, transportation and distribution of energy solutions vital for economic growth and development.
"We will be the first choice for our customers as we seek to dominate the African energy industry by strategically expanding our operations and growing market share.
"With the addition of the new investor, the prospects have continued to look up for our Company, considering the track record, resolute commitment to stakeholder value addition and the industry experience the new investor brings. The investment demonstrates the belief in the potential of our company,” he emphasized.
He affirmed that the company will begin to incrementally improve its involvement in the aviation space with the retail of Aviation Turbine Kerosene.
He said that the company has also introduced various initiatives targeted at enhancing market presence, growing volumes and local brand equity for its lubricants. Eterna PLC is the sole distributor of Castrol products in Nigeria and subsequently other West African countries.
“In relation to new businesses, we have commenced discussions with some potential strategic partners with a view to exploring opportunities in identified growth areas within the energy space. We are grateful to all the stakeholders that have stayed committed to our Company and helped us achieve our goals thus far”, he added.
A look at the firm’s performance showed that Eterna Plc achieved a consolidated operating revenue of N82 billion compared with N58.7 billion in 2020. This was largely attributable to the improved economic activities as against the previous period. It recorded a decline in its gross profit from N5.5 billion in 2020 to N4.2 billion in 2021.