Key Takeaways:
- Forex Crisis Impact: Eterna Plc's Chairman, Gabriel Ogbechie, revealed that the company incurred a N9.4 billion loss due to the foreign exchange crisis in 2023.
- Operating Profit Increase: Despite the loss, Eterna reported an operating profit of N7.8 billion, marking a 143% increase from N3.2 billion in 2022.
- Revenue Growth: The company achieved a consolidated operating revenue of N183.3 billion, a 57.4% rise from N116.4 billion in 2022, largely driven by retail expansion.
- Challenges Faced: Factors such as oil subsidy removal, naira flotation, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries affected Eterna’s financial performance.
- Future Outlook: Ogbechie assured shareholders of the company’s strong fundamentals and commitment to competitiveness, with over 84 filling stations operational and a focus on enhancing profitability.
- CEO’s Commitment: CEO Abiola Lawal reaffirmed the board's dedication to returning Eterna to profitability and its active role in the energy value chain, emphasizing production, transportation, and distribution of energy solutions.
Eterna continues to navigate a challenging economic landscape, focusing on maintaining robust business fundamentals and leveraging its position as a key player in Nigeria’s energy sector.
- Forex Crisis Impact: Eterna Plc's Chairman, Gabriel Ogbechie, revealed that the company incurred a N9.4 billion loss due to the foreign exchange crisis in 2023.
- Operating Profit Increase: Despite the loss, Eterna reported an operating profit of N7.8 billion, marking a 143% increase from N3.2 billion in 2022.
- Revenue Growth: The company achieved a consolidated operating revenue of N183.3 billion, a 57.4% rise from N116.4 billion in 2022, largely driven by retail expansion.
- Challenges Faced: Factors such as oil subsidy removal, naira flotation, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries affected Eterna’s financial performance.
- Future Outlook: Ogbechie assured shareholders of the company’s strong fundamentals and commitment to competitiveness, with over 84 filling stations operational and a focus on enhancing profitability.
- CEO’s Commitment: CEO Abiola Lawal reaffirmed the board's dedication to returning Eterna to profitability and its active role in the energy value chain, emphasizing production, transportation, and distribution of energy solutions.
Eterna continues to navigate a challenging economic landscape, focusing on maintaining robust business fundamentals and leveraging its position as a key player in Nigeria’s energy sector.