Petroleum company, Eterna Plc has recorded N1.58billion profit before tax in its half year ended June 30, 2022 unaudited result and accounts from N525.94million reported in the half year ended June 30, 2021.
The petroleum marketing company listed on the Nigerian Exchange Limited (NGX), yesterday also disclosed a profit after tax of N1.25billion in H1 2022 from N433.04million in H1 2021.
The company’s cost of sale grew significantly by 50.1 per cent from N35.37billion in H1 2022 from N53.08billion reported in H1 2021. Eterna in H1 2022 reported N76.15million foreign exchange loss and in the prior period did not witness any losses on foreign exchange transactions.
Eterna’s revenue was in a higher proportion, given the hike in the price of Premium Motor Spirit in H1 2022.
The company reported N57.22 billion in revenue in H1 2022, representing an increase of 50.6 per cent from N37.99billion in H1 2021.
Revenue breakdown revealed that sales on PMS grew by 57 per cent to N45.78billion in H1 2022 from N29.08billion reported in H1 2021, while sales from its lubricant grew marginally by 6.1 per cent to N7.44billion in H1 2022 from N7.01billion in H1 2021. In addition to revenue, the company reported N3.81billion from “Other” product sales in H1 2022 from N1.07billion reported in H1 2021.
Eterna had achieved consolidated operating revenue of N82 billion compared with N58.7 billion in 2020. This was largely attributable to the improved economic activities as against the previous period. It recorded a decline in its gross profit from N5.5billion in 2020 to N4.2billion in 2021.
Addressing shareholders at a the company recent Annual General Meeting (AGM), Eterna’s Chairman, Dr. Gabriel Ogbechie, noted the company’s goal to be Africa’s preferred Energy Company while providing energy solutions that is efficient is still in full course.