Eterna Plc, a leading integrated energy provider in Nigeria, is targeting a bigger market share despite the challenging Nigerian economic environment.
This was stated by Gabriel Ogbechie, chairman of Eterna Plc, during the company’s 31st annual general meeting (AGM) held in Lagos recently.
The shareholders also elected Abiola Lukman Lawal as a director, ratifying his appointment as the new managing director and chief executive officer.
According to Ogbechie, the fundamentals of Eterna’s business remain robust.
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“Despite recent challenges, we are focused on elevating the business to new heights for the benefit of our shareholders and stakeholders,” he stated.
The chairman said there were several difficulties faced 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 issues, he said, 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 N183.3 billion, a 57.4 percent increase from N116.4 billion reported in 2022, primarily driven by retail expansion efforts.
Although the company ended the year with N9.4 billion loss, this was primarily due to foreign exchange (FX) losses.
Ogbechie assured shareholders that the future remains bright, with promising prospects ahead.
“Eterna now operates over 84 filling stations, and we have reviewed our retail operations to enhance profitability.”
The new Managing Director / CEO, Mr. Abiola Lukman Lawal, also addressed the shareholders, expressing gratitude for their historical support, contributions and perspectives. He assured them that the board is committed to steering the company back to profitability.
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“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,” he said.
Eterna Plc offers a range of energy products, including petrol, aviation fuel, Diesel and lubricants. It operates a lubricant plant at Sagamu and is the authorized distributor of Castrol lubricants, greases, and engine oil in Nigeria.