Eterna Plc reports 57.9% half year profit rise

An integrated energy provider, Eterna Plc, said it recorded N4.1bn gross profit for the half year ended June 30, 2022.

It said in a statement on its half-year financial statements released on the floor of the Nigerian Exchange Limited, that this was 57.9per cent increase against from N2.6bn gross profit recorded in the corresponding period of 2021.

The statement said it recorded an operating profit of N1.9bn, the group’s profit before tax increased by 200 per cent from N525m recorded in 2021 to N1.5bn.
It added that the Group’s total assets for the period under review stood at N58bn, while the total liabilities stood at N45bn.

According to the statement, it manufactures, markets, and distributes lubricants and chemicals, and operates a network of filling stations. Its plan is to further increase its retail network across the country.

The statement said, “Also, it plans to actively play across the energy value chain covering the production, transportation, and distribution of energy solutions vital for economic growth and development.