The Chairman of Eterna Plc, Gabriel Ogbechie, has disclosed that the corporate misplaced N9.4bn because of the international trade disaster in 2023.
In a press release made obtainable to The PUNCH, he disclosed that on the firm’s thirty first Annual Common Assembly held in Lagos State.
Eterna provides a spread of power merchandise, together with petrol, aviation gas, diesel, and lubricants.
“Eterna reported an working revenue of N7.8bn, a exceptional 143 per cent improve from N3.2bn in 2022. Though the corporate ended the yr with an N9.4bn loss, this was primarily attributable to FX losses,” he stated.
Ogbechie attributed some challenges that affected the corporate’s monetary efficiency, together with eradicating the oil subsidy, floating the naira, fluctuating oil costs, pipeline sabotage, crude oil theft, provide disruptions, and inactive refineries.
“The corporate skilled a number of difficulties in 2023, together with the removing of the oil subsidy by the present administration, the floating of the naira, fluctuating oil costs, pipeline sabotage, crude oil theft, provide disruptions, and inactive refineries.
“These components contributed to a unstable financial panorama, affecting the corporate’s monetary efficiency. Nonetheless, Ogbechie famous that Eterna achieved important progress, with a consolidated working income of N183.3bn, a 57.4 per cent improve from N116.4bn in 2022, primarily pushed by retail growth efforts,” he stated.
He emphasised the corporate’s dedication to remaining aggressive and elevating the enterprise for the advantage of shareholders and stakeholders.
Ogbechie highlighted that the basics of Eterna’s enterprise remained strong amid latest financial difficulties.
“I wish to guarantee shareholders that the long run nonetheless stays brilliant, with promising prospects forward. Eterna now operates over 84 filling stations, and we’ve got reviewed our retail operations to boost profitability,” he added.
The Chief Govt Officer of Eterna, Abiola Lawal, assured the shareholders of the board’s dedication to steering the corporate again to profitability and enhancing its place within the power sector.
Lawal reiterated that the corporate would proceed to play an energetic position throughout the power worth chain, protecting the manufacturing, transportation, and distribution of power options very important for financial development and growth.
“To develop the corporate, we’ll proceed to play an energetic position throughout the power worth chain, protecting the manufacturing, transportation, and distribution of power options very important for financial development and growth,” Lawal stated.
The PUNCH had reported that Eterna, an built-in power supplier in Nigeria, stated it had turn out to be an official home gross sales distributor of the brand new Dangote Petroleum Refinery merchandise in Nigeria.