At the just concluded Eterna Plc’s 31st Annual General Meeting held in Lagos State, the Chairman of the company, Gabriel Ogbechie, disclosed that the company lost N9.4bn due to the foreign exchange crisis in 2023.
In his statement, “Although the compay reported an operating profit of N7.8bn, a remarkable 143 per cent increase from N3.2bn in 2022, the company ended the year with a N9.4bn loss, this was primarily due to FX losses,” he said.
Ogbechie attributed some challenges that affected the company’s financial performance to “The company experienced several difficulties in 2023, including the removal of the oil subsidy by the current administration, the floating of the naira, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries”.
“These factors contributed to a volatile economic landscape, affecting the company’s financial performance. However, Ogbechie noted that Eterna achieved significant progress, with a consolidated operating revenue of N183.3bn, a 57.4 per cent increase from N116.4bn in 2022, primarily driven by retail expansion efforts,”.
Still, Ogbechie highlighted that the fundamentals of Eterna’s business remained robust amid recent economic difficulties.
“I want to assure shareholders that the future however remains bright, with promising prospects ahead. Eterna now operates over 84 filling stations, and we have reviewed our retail operations to enhance profitability,” he added.
The Chief Executive Officer of Eterna, Abiola Lawal, assured the shareholders of the board’s commitment to steering the company back to profitability and enhancing its position in the energy sector.
Lawal reiterated that the company would 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.
“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 said.
