The Chairman, Eterna Plc, Dr Gabriel Ogbechie, has said that Eterna achieved significant progress, with a consolidated operating revenue of N183.3 billion in 2023, a 57.4% increase from N116.4 billion in 2022.
Speaking at the company’s 31st Annual General Meeting (AGM) in Lagos on Thursday, the Chairman also said the increase was primarily driven by retail expansion efforts, adding that Eterna recorded an operating profit of N7.8 billion, a remarkable 143% increase from N3.2 billion in 2022.
According to him, the company ended the year with a N9.4 billion loss. He said this was primarily due to foreign exchange losses.
Ogbechie assured shareholders that the future however remains bright, with promising prospects ahead.
He also reassured stakeholders of its commitment to remaining competitive despite the challenging economic environment.
He said: “Eterna now operates over 84 filling stations, and we have reviewed our retail operations to enhance profitability.”
The Chairman highlighted several difficulties faced in 2023, including the removal of the oil subsidy by the current administration of President Bola Tinubu; the floating of the Naira; fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries.
According to him, these factors contributed to a volatile economic landscape, affecting the company’s financial performance.
The shareholders also elected Mr Abiola Lukman Lawal as a Director, thereby ratifying his appointment as the new Managing Director & Chief Executive Officer.
Lawal, while addressing the shareholders, expressed gratitude for their historical support, contributions and perspectives.
He assured them that the Board is committed to steering the company back to profitability and of its commitment to remaining competitive despite the challenging economic environment.
He said: “To grow the company, we will continue to play an active role across the energy value chain, covering the production, transportation, and distribution of energy solutions vital for economic growth and development.”
Lawal further reiterated the company’s vision to establish Eterna as Africa’s preferred energy provider.
“Eterna Plc offers a range of energy products, including petrol, aviation fuel, Diesel and lubricants. It operates a world-class Lubricant Plant at Sagamu and is the authorized distributor of Castrol lubricants, greases, and engine oil in Nigeria.
“The company also have an exclusive chemical distribution franchise for the Transaqua drilling chemicals to the upstream industry through its Castro/BP relationship,” the statement added.