Eterna Plc, a Nigerian integrated energy company, recorded a 71 per cent increase in revenue, growing from N183.3 billion in 2023 to N313.6 billion in 2024.
The company disclosed this during its 32nd Annual General Meeting (AGM) held last Thursday.
The company said gross profit rose by 136 per cent to N39.9 billion.
It added that its profit before tax stood at N4.48 billion, marking a significant recovery from the N11.9 billion pre-tax loss recorded in the previous year.
At the meeting, shareholders ratified important board appointments and strategic resolutions to support future growth.
The shareholders commended the company’s resilience and strategic direction, expressing confidence in the leadership team and its ability to drive sustainable growth in the evolving energy landscape.
Speaking during the meeting, Gabriel Ogbechie, chairman of the board, highlighted Eterna’s performance as evidence of its operational discipline and strategic focus.
“Our 2024 performance is a direct result of decisive leadership, strong execution, and the unwavering commitment of our people. As we deepen our footprint across energy value chains, we remain guided by a strategy that prioritises growth, resilience, and innovation,” Mr Ogbechie was quoted as saying.
In addition to approving the 2024 audited financial statements, shareholders ratified the appointment of Olumide Adeosun as managing director/chief executive officer, alongside the appointments of Bunmi Agagu-Adu and Okechukwu Ashiegbu as executive directors.
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Shareholders also approved a N50 billion capital raise to enhance the company’s capacity to pursue growth opportunities across its business lines.
Other key resolutions passed included the appointment of PricewaterhouseCoopers as new external auditors and the election of shareholder representatives to the statutory audit committee.
With its presence in retail marketing, aviation fueling, lubricants, Liquefied Petroleum Gas (LPG), and commercial fuel sales, Eterna continues to expand its reach, enhance operational efficiency, and support Nigeria’s energy transition goals.
Eterna Plc is a fully integrated energy company engaged in the production, trading, and distribution of high-quality petroleum products.
