Eterna Plc increased its revenue for the first half of 2023 by 21.2 percent. This increase amounts to N69.34 billion, up from N57.22 billion in 2022.
This was declared in the IFRS Financial Statements for the half-year period ending June 30, 2023, which were submitted with the Nigerian Exchange Limited.
The income number was generated from the organization’s primary business lines, which include fuels, lubricants, and other product distribution (LPG), according to the group. The revenue from fuel sales increased by 35% in the first half of 2023 when compared to the same period in 2022, while revenue from lubricants increased by 1.5%.
As of June 2023, the group reported a gross profit of N8.57 billion, a 107 percent increase from N4.14bn reported in half year 2022 in the previous year. Eterna reported N4.85 billion in operational income in H1 2023, up from N1.98 billion in H1 2022.
Eterna reported a foreign exchange loss of N9.8 billion, compared to a loss of N76.15 million the previous year, as a result of the Central Bank of Nigeria’s move to unify the foreign exchange market.
This had an effect on Eterna’s bottom line, as it recorded a N5.5bn loss before tax in H1 2023, compared to a N1.58bn profit before tax in H1 2022.
Eterna had previously recorded a N2.09 billion profit before tax for the fiscal year 2022, up from a loss of N0.9 billion in 2021, and paid a dividend of 15 kobo per ordinary share of 50 kobo.
