Eterna Plc, an integrated energy firm, has posted a 71 per cent increase in revenue, rising from ₦183.3 billion in 2023 to ₦313.6 billion in 2024.
The company announced this in a statement issued on Monday in Lagos, noting that gross profit climbed by 136 per cent to ₦39.9 billion. Profit before tax reached ₦4.48 billion, marking a turnaround from the ₦11.9 billion pre-tax loss reported in 2023.
Dr Gabriel Ogbechie, Chairman of the Board, attributed the positive results to disciplined operations and a clear strategic direction.
“Our 2024 performance reflects decisive leadership, strong execution, and the steadfast dedication of our team. As we strengthen our presence across the energy value chain, we are guided by a strategy that places growth, resilience, and innovation at its core,” he said.
During the company’s recent meeting, shareholders approved the 2024 audited financial statements and ratified the appointment of Mr Olumide Adeosun as Managing Director and Chief Executive Officer. They also endorsed the appointments of Mrs Bunmi Agagu-Adu and Mr Okechukwu Ashiegbu as executive directors, while Dr Ogbechie and Dr Akinwande Ademosu were re-elected to the board.
A ₦50 billion capital raise was also approved to boost Eterna’s ability to pursue expansion opportunities across its business operations.
Additional resolutions included the appointment of PricewaterhouseCoopers as the company’s new external auditors and the election of shareholder representatives to the Statutory Audit Committee.
Eterna, active in retail marketing, aviation fuelling, lubricants, LPG, and commercial fuel sales, reaffirmed its commitment to expanding its footprint, improving operational efficiency, and supporting Nigeria’s energy transition objectives.