By Waliat Musa
Eterna Plc has reported a 71 per cent year-on-year surge in revenue to N313.6 billion for the year ended December 31, 2024, up from N183.2 billion in 2023, marking a strong rebound and return to profitability.

The company attributed the impressive performance to increased petroleum product prices, strategic partnerships, and enhanced operational efficiency, which collectively bolstered market share and positioned the firm for sustainable growth despite prevailing macroeconomic headwinds.

According to the company’s audited financial results, Eterna achieved a gross profit of N39.9 billion, more than double the N16.8 billion recorded in the previous year. The gross profit margin also improved significantly from 9.2 per cent in 2023 to 12.7 per cent in 2024, reflecting improved cost management and operational discipline.

Operating profit stood at N27.9 billion, up from N7.8 billion in 2023, a more than threefold increase. The performance came amid a sharp rise in the cost of sales to N273.6billion, consistent with the higher revenue base. The firm said its results were driven by supply chain optimisation, disciplined cost control, and strategic execution.

Despite a net foreign exchange loss of N15.7 billion, stemming from the settlement of foreign currency-denominated liabilities, Eterna’s profit before tax recovered strongly to N4.48 billion, compared to a loss of N11.97 billion in 2023. Profit after tax closed at N1.34 billion, reversing a previous year’s loss of N9.43 billion.

“Eterna faced significant challenges in 2024, including a net foreign exchange loss, primarily due to the settlement of foreign currency-denominated obligations as part of the Board’s strategy to strengthen the company’s balance sheet. However, the company’s strategic decision-making and effective risk management enabled it to mitigate these impacts,” it stated.

Commenting on the performance, the Chairman of Eterna, Dr Gabriel Ogbechie, described the 2024 performance as a foundation for future growth.
“The company remains committed to driving innovation, expanding its market presence, and delivering value to shareholders. Eterna’s remarkable turnaround in 2024 is a testament to its strategic vision, operational excellence, and unwavering commitment to growth in Nigeria’s dynamic energy landscape,” he said.

Managing Director, Olumide Adeosun, noted that the company’s performance underscores the resilience and determination of its team.