The prospects are getting brighter for Eterna Plc ,a leading integrated energy provider in the country, as the company has reported a profit after tax of N1.9billion against N566.9million reported in Q3 2021, while profit after tax grew significantly by 246 per cent to N1.44billion in Q3 2022 from N416million in Q3 2021.
In the company’s unaudited financial statement for third quarter (Q3) ended September 30, 2022,The growth in profits was driven by a significant increase in revenue to N91.9billion in Q3 2022 from N61.37billion reported in Q3 2021.
Eterna benefited from the increase in petroleum products in the period as price of PMS or petrol increased to an average price of N179.42 in nine months of 2022 against an average price of N166.29 in the corresponding year of 2021, according to the National Bureau of Statistics (NBS).
The group reported N75.01billion in revenue from sales of PMS in Q3 2022 from N47.5billion in Q3 2021 as sales from Lubricants moved to N11.76billion in Q3 2022 from N11.66billion in Q3 2021.
Also contributing to the revenue drive was revenue from “Other” to N4.86billion in Q3 2022, representing an increase of 305per cent from N1.2billion reported in Q3 2021.
In the Q3 2022 under review, Eterna reported N85.7billion cost of sales, representing an increase of 50.25per cent from N57.05billion in Q3 2021 also driven by material cost and delivery cost.
The company closed Q3 2022 with N1.10 basis earnings per share from N0.32 in Q3 2021 on the backdrop of improved profit.
It could be recalled that Eterna plc recorded N4.1bn gross profit for the half year which ended June 30, 2022.
Commenting about the growth, the Managing Director/Chief Executive Director of Eterna PLC, Mr Benjamin Nwaezeigwe said the growth trajectory was on the back of increased operating activities, improved efficiency, staff dedication and a new energy in the organisation brought about by the new leadership vision.
According to him ,the goal of the company was to be Africa’s preferred Energy Company while providing energy solutions that is efficient is still in full course.
“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” he stated
He noted that the company would actively continue to play across the energy value chain covering the production, transportation, and distribution of energy solutions vital for economic growth and development.
Eterna Plc 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.
Also, Eterna Plc plans to actively play across the energy value chain covering the production, transportation and distribution of energy solutions vital for economic growth and development. It will be the first choice for its customers as it seeks to dominate the African Energy industry by strategically expanding operations and growing market share.