Eterna posts N1.9 bn profits in Q3

ETERNA Plc, an integrated energy provider in the country has reported an impressive performance in 2022, recording a profit before tax of N1.9 billion by the end of the third quarter (Q3) of 2022 against N566.9 million reported by the end of the third quarter (Q3) of 2021.

Its profit after tax grew significantly by 246 percent to N1.44 billion in Q3 2022 from N416 million in Q3 2021.

The turnaround in the company performance was driven by a significant increase in revenue to N91.9 billion in Q3 2022 from N61.37 billion reported in Q3 2021 and prudent cost management, pushing operating cost below current inflation levels at 13 percent year-on-year growth within 2022.

Eterna benefited from the increase in petroleum products supply in the period as the price of PMS (petrol) increased to an average price of N179.42 per liter in the first nine months of 2022 against an average price of N166.29 in the corresponding period of 2021, according to the National Bureau of Statistics (NBS).

The group reported N75.01 billion in revenue from sales of white products in Q3 2022 from N47.5 billion in Q3 2021. Sales from Lubricants moved to N11.76 billion in Q3 2022 from N11.66 billion in Q3 2021.

In the third quarter financial results under review, Eterna reported N85.7 billion cost of sales, representing an increase of 50.25 percent from N57.05 billion in Q3 2021 also driven by material cost and delivery cost.

The company closed Q3 2022 with N1.10 earnings per share from N0.32 in Q3 2021 on the backdrop of improved profit.

It would be recalled that Eterna plc recorded N4.1 billion gross profit for the half year which ended June 30, 2022.

Commenting on the performance, Benjamin Nwaezeigwe, the Managing Director/chief Executive Officer of Eterna PLC, said the growth trajectory was on the back of increased operating activities, improved efficiency, staff dedication, and new energy in the organisation brought about by the vision of the new leadership.

According to him, the company is still committed to actualizing its goal to be Africa’s preferred Energy Company while providing efficient energy solutions.

“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” he stated

He noted that the company would actively continue to play across the energy value chain covering the production, transportation, and distribution of energy solutions vital for economic growth and development.