Eterna posts N313.6bn as revenue in 2024

Eterna Plc, an integrated energy company has recorded 71 per cent increase in its revenue, growing from N183.3 billion in 2023 to N313.6 billion in 2024.

The company said this in a statement on Monday in Lagos.

The gross profit rose by 136 per cent to N39.9 billion, while profit before tax stood at N4.48 billion., representing a recovery from the N11.9 billion pre-tax loss recorded in 2024.

Commenting on the performance, Dr Gabriel Ogbechie, Chairman of the Board, highlighted Eterna’s performance as evidence of its operational discipline and strategic focus.

“Our 2024 performance is a direct result of decisive leadership, strong execution, and the unwavering commitment of our people.

“As we deepen our footprint across energy value chains, we remain guided by a strategy that prioritises growth, resilience, and innovation,” he said.

Ogbechie said in addition to the shareholders approving the 2024 audited financial statements, shareholders ratified the appointment of Mr Olumide Adeosun as Managing Director and Chief Executive Officer.

They also confirmed the appointments of Mrs Bunmi Agagu-Adu and Mr Okechukwu Ashiegbu as executive directors while Ogbechie and Dr Akinwande Ademosu were also re-elected as directors of the company.

Shareholders also approved a N50 billion capital raise to enhance the company’s capacity to pursue growth opportunities across its business lines.

Other key resolutions passed included the appointment of PricewaterhouseCoopers as new external auditors and the election of shareholder representatives to the Statutory Audit Committee.

Eterna with its presence in retail marketing, aviation fueling, lubricants, LPG, and commercial fuel sales has continued to expand its reach, enhance operational efficiency, and support Nigeria’s energy transition goals.