Despite the headwinds facing Nigeria’s downstream oil sector, Eterna Plc has posted a resilient financial performance for the first half of 2025, reporting a profit before tax of ₦1.57 billion. This marks a significant turnaround from the ₦3.57 billion pre-tax loss recorded in the corresponding period of 2024, signaling continued operational resilience and improved cost management.
According to the company’s unaudited H1 2025 financial results, Eterna recorded a revenue of ₦157.7 billion — a 7% increase compared to the ₦147.5 billion reported in the first half of 2024. The growth, which management attributes to enhanced operational execution and strategic market positioning, underscores the company’s ability to adapt in a deregulated and increasingly competitive market.
Eterna’s gross profit stood at ₦6.9 billion, maintaining a steady 4% gross margin. This stability, despite the full implementation of post-deregulation policies, reflects the company’s deliberate focus on operational efficiency and value-added services. Operating profit reached ₦2.34 billion, boosted in part by other income totaling ₦575 million — a notable shift from the previous year’s foreign exchange losses of ₦14.5 billion.
After accounting for a tax expense of ₦995 million, net profit for the period came in at ₦574 million, marking a return to positive earnings. This improvement was mirrored in the company’s earnings per share (EPS), which rose to ₦0.44 from a loss per share of ₦3.71 in the same period last year.
Commenting on the results, Olumide Adeosun, Managing Director and Chief Executive Officer of Eterna Plc, noted:
“The company has sustained its ability to remain agile and flexible in pivoting effectively in the face of an evolving downstream sector. It also highlights our efforts to drive new sources of revenue, competitiveness in the lubricant segment, underpinned by cost discipline. We believe we have the right team focused on the right priorities to deliver ample returns for our investors.”
Looking forward, Eterna Plc reiterated its strategic commitment to consolidating its position in Nigeria’s downstream energy market. Key priorities for the remainder of the year include expanding its presence across the fuel retail, lubricants, and LPG value chains, advancing digital transformation initiatives, and deepening partnerships that support the country’s broader energy transition goals.
With over 30 years of industry experience, Eterna Plc operates as a fully integrated energy company, delivering petroleum products and services across retail marketing, aviation fueling, lubricants, LPG distribution, and commercial fuel sales. The company’s continued profitability in a volatile macroeconomic environment reflects not only sound strategic leadership but also its ability to navigate industry shifts while creating long-term value for shareholders.