Eterna posts strong Q1 results as profit hits ₦1.38bn

Eterna Plc has reported a strong start to 2026, posting first-quarter results that highlight resilience and strategic focus in Nigeria’s competitive downstream oil and gas sector.

In its unaudited results for the period ended March 31, 2026, the company recorded revenue of ₦70.45 billion, driven by improved performance across core segments.

Managing Director and Chief Executive Officer, Olumide Adeosun, disclosed the results in Lagos on Friday, attributing the performance to efficiency, cost discipline and targeted growth strategies.

Adeosun said profitability remained solid, with profit before tax rising to ₦1.65 billion, while profit after tax stood at ₦1.38 billion.

He added that earnings per share closed at ₦1.06, reinforcing investor confidence and reflecting a disciplined approach to value creation.

According to him, the company’s balance sheet remains strong, supported by strategic inventory investments to enhance efficiency and ensure seamless service delivery nationwide.

“The performance reflects our continued focus on operational excellence, cost discipline, and strategic expansion initiatives,” Adeosun said.

He added that Eterna was positioned to sustain growth through targeted investments in its retail network and expansion across aviation, lubricants and gas segments.

Adeosun said industry analysts viewed the results as signalling a positive outlook for the downstream sector amid evolving market conditions and regulatory reforms.

“With a clear focus on efficiency and expansion, Eterna Plc is well-positioned to consolidate gains and deliver sustainable value to stakeholders,” he said.

The company’s full unaudited consolidated financial statements for the period are available on its official website.