The Chairman of Eterna Plc, Gabriel Ogbechie, has disclosed that the company lost N9.4bn due to the foreign exchange crisis in 2023.
In a statement made available to The PUNCH, he disclosed that at the company’s 31st Annual General Meeting held in Lagos State.
Eterna offers a range of energy products, including petrol, aviation fuel, diesel, 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 attributed some challenges that affected the company’s financial performance, including removing the oil subsidy, floating the naira, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive 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 emphasised the company’s commitment to remaining competitive and elevating the business for the benefit of shareholders and stakeholders.
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.
The PUNCH had reported that Eterna, an integrated energy provider in Nigeria, said it had become an official domestic sales distributor of the new Dangote Petroleum Refinery products in Nigeria.