Eterna Plc’s chairman, Gabriel Ogbechie, revealed that the foreign exchange crisis of 2023 cost the business N9.4 billion.
He revealed this in a statement provided to The PUNCH at the company’s 31st Annual General Meeting, which took place in Lagos State.
A variety of energy products are available from Eterna, such as diesel, petrol, aviation fuel, and lubricants.
“Eterna reported an operating profit of N7.8bn, a remarkable 143 per cent increase from N3.2bn in 2022. Although the company ended the year with an N9.4bn loss, this was primarily due to FX losses,” he said.
Ogbechie listed a number of difficulties that had an impact on the business’s financial performance, such as the elimination of the oil subsidy, the floating of the naira, changes in oil prices, pipeline sabotage, theft of crude oil, interruptions in supply, and idle refineries.
“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,” he said.
He underlined the company’s dedication to advancing the business for the benefit of stakeholders and shareholders while maintaining its competitiveness.
Ogbechie emphasised that despite recent economic challenges, the foundation of Eterna’s operations remained strong.
“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.
Abiola Lawal, the CEO of Eterna, gave the shareholders assurances about the board’s dedication to bringing the business back to profitability and strengthening its position in the energy industry.
Lawal reaffirmed that the business would keep up its active involvement in all aspects of the energy value chain, including the creation, production, and distribution of energy solutions that are essential to the expansion and prosperity of the economy.
“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.
According to a PUNCH story, Eterna, a Nigerian integrated energy provider, said that it had been authorised to distribute the new Dangote Petroleum Refinery goods domestically.
