Eterna Increases Revenue by 50%, Eyes Stronger in 2023
Eterna Plc, an integrated energy provider, increased its revenue to N91.9 billion in the third quarter of 2022 from N61.37 billion in the corresponding period of 2021, this which represents 50% revenue growth recorded over the period period.
The company said the turnaround in performance was due to prudent cost management, which pushed operating costs below the level of inflation.
The company's financial statements show that it recorded a pre-tax profit of N1.9 billion at the end of the third quarter of 2022, compared to N566.9 million at the end of of the third quarter of 2021. After-tax profit increased by 246 percent. cent to N1.44 billion in Q3 2022 from N416 million in Q3 2021.
Eterna benefited from the increased supply of petroleum products during the period, with the price of PMS (petrol) rising to an average price of 179.42 naira per liter in during the first nine months of 2022 compared to an average price of N166.29 during the corresponding period of 2021, according to the National Bureau of Statistics.
The group reported revenue of N75.01 billion from the sale of white goods in the third quarter of 2022 compared to N47.5 billion in the third quarter of 2021. Sales of lubricants increased to N11.76 billion in Q3 2022 from N11.66 billion in Q3 2021.
The company closed Q3 2022 with earnings per share of N1.10 versus N0.32 in Q3 2021 amid improving earnings.
Eterna plc recorded gross profit of N4.1 billion for the six months ended June 30, 2022.
Commenting on the performance, Managing Director/Chief Executive Officer of Eterna PLC, Mr. Benjamin Nwaezeigwe, said the growth trajectory was driven by increased operational activities, improved efficiency, staff dedication and new energy in the organization created by the vision of the new management.
According to him, the company was always committed to achieving its goal of being Africa's preferred energy company providing efficient energy solutions.
"We will continue to focus on creating value for our shareholders while continuing to drive the growth and profitability of our business," he said.
He noted that the company will continue to play actively throughout the energy value chain covering the generation, transmission and distribution of energy solutions vital to economic growth and development.< /p>
Eterna Plc manufactures, markets and distributes lubricants and chemicals, and operates a network of service stations across the country. It plans to aggressively increase its retail network nationwide. It will be the first choice of its customers as it seeks to dominate the African energy industry by strategically expanding its operations and increasing its market share, the company said in a statement.
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Eterna Plc, an integrated energy provider, increased its revenue to N91.9 billion in the third quarter of 2022 from N61.37 billion in the corresponding period of 2021, this which represents 50% revenue growth recorded over the period period.
The company said the turnaround in performance was due to prudent cost management, which pushed operating costs below the level of inflation.
The company's financial statements show that it recorded a pre-tax profit of N1.9 billion at the end of the third quarter of 2022, compared to N566.9 million at the end of of the third quarter of 2021. After-tax profit increased by 246 percent. cent to N1.44 billion in Q3 2022 from N416 million in Q3 2021.
Eterna benefited from the increased supply of petroleum products during the period, with the price of PMS (petrol) rising to an average price of 179.42 naira per liter in during the first nine months of 2022 compared to an average price of N166.29 during the corresponding period of 2021, according to the National Bureau of Statistics.
The group reported revenue of N75.01 billion from the sale of white goods in the third quarter of 2022 compared to N47.5 billion in the third quarter of 2021. Sales of lubricants increased to N11.76 billion in Q3 2022 from N11.66 billion in Q3 2021.
The company closed Q3 2022 with earnings per share of N1.10 versus N0.32 in Q3 2021 amid improving earnings.
Eterna plc recorded gross profit of N4.1 billion for the six months ended June 30, 2022.
Commenting on the performance, Managing Director/Chief Executive Officer of Eterna PLC, Mr. Benjamin Nwaezeigwe, said the growth trajectory was driven by increased operational activities, improved efficiency, staff dedication and new energy in the organization created by the vision of the new management.
According to him, the company was always committed to achieving its goal of being Africa's preferred energy company providing efficient energy solutions.
"We will continue to focus on creating value for our shareholders while continuing to drive the growth and profitability of our business," he said.
He noted that the company will continue to play actively throughout the energy value chain covering the generation, transmission and distribution of energy solutions vital to economic growth and development.< /p>
Eterna Plc manufactures, markets and distributes lubricants and chemicals, and operates a network of service stations across the country. It plans to aggressively increase its retail network nationwide. It will be the first choice of its customers as it seeks to dominate the African energy industry by strategically expanding its operations and increasing its market share, the company said in a statement.
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