Eterna Plc, in its IFRS Financial Statements for the half-year ended June 30, 2023, reported a revenue growth of 21.2 per cent, amounting to N69.34 billion compared to N57.22 billion in the corresponding period of 2022. The revenue figure was derived from its main business lines, including fuels, lubricants, and other product distribution (LPG). Fuel sales revenue saw a significant increase of 35 per cent in H1 2023 compared to the same period in 2022, while lubricants revenue grew by 1.5 per cent.
The company’s gross profit also appreciated by 107 per cent, reaching N8.57 billion in June 2023 from N4.14 billion in H1 2022. Eterna’s operating income rose to N4.85 billion in H1 2023 from N1.98 billion in H1 2022.
However, Eterna recorded a foreign exchange loss of N9.8 billion in H1 2023, mainly due to the Central Bank of Nigeria’s move to unify the foreign exchange market, as opposed to the N76.15 million foreign exchange loss in the prior year. This led to a loss before tax of N5.5 billion in H1 2023, compared to a profit before tax of N1.58 billion reported in H1 2022.
In the 2022 financial year, Eterna had previously reported a profit before tax of N2.09 billion, a significant improvement from a loss of N0.9 billion in 2021, and declared a dividend of 15 kobo per ordinary share of 50 kobo.