…reverses ₦11.9bn loss with 136% gross profit surge

…shareholders ratify appointment of Olumide Adeosun as CEO, Agagu-Adu, Ashiegbu as EDs

Oredola Adeola

Eterna Plc has posted a pre-tax profit of ₦4.48 billion for the fiscal year ended December 31, 2024, rebounding strongly from a ₦11.9 billion loss the previous year, as gross profit surged by 136% to ₦39.9 billion, showcasing a major financial turnaround for the period in view.

The leading integrated energy company disclosed these results during its 32nd Annual General Meeting (AGM) held on July 24, 2025.

The company’s shareholders during the event, also ratified important board appointments and strategic resolutions to support future growth.

Based on the results obtained by Advisors Reports, the company recorded a 71% increase in revenue, growing from ₦183.3 billion in 2023 to ₦313.6 billion in 2024.

Its gross profit rose by 136% to ₦39.9 billion, while profit before tax stood at ₦4.48 billion, marking a significant recovery from the ₦11.9 billion pre-tax loss recorded in the previous year.

Shareholders at the AGM commended the company’s resilience and strategic direction, expressing confidence in the leadership team and its ability to drive sustainable growth in the evolving energy landscape.

Dr. Gabriel Ogbechie, Chairman of the Board, in his comment during the AGM highlighted Eterna’s performance as evidence of its operational discipline and strategic focus.

He said, “Our 2024 performance is a direct result of decisive leadership, strong execution, and the unwavering commitment of our people.

“As we deepen our footprint across energy value chains, we remain guided by a strategy that prioritizes growth, resilience, and innovation,” he said.

In addition to approving the 2024 audited financial statements, shareholders ratified the appointment of Mr. Olumide Adeosun as Managing Director and Chief Executive Officer, alongside the appointments of Mrs. Bunmi Agagu-Adu and Mr. Okechukwu Ashiegbu as Executive Directors.

Dr. Ogbechie and Dr. Akinwande Ademosu were also re-elected as Directors of the Company.

Shareholders also approved a ₦50 billion capital raise to enhance the company’s capacity to pursue growth opportunities across its business lines.

Other key resolutions passed included the appointment of PricewaterhouseCoopers as new external auditors and the election of shareholder representatives to the Statutory Audit Committee.

With its presence in retail marketing, aviation fueling, lubricants, LPG, and commercial fuel sales, Eterna continues to expand its reach, enhance operational efficiency, and support Nigeria’s energy transition goals.

Eterna Plc is a fully integrated energy company engaged in the production, trading, and distribution of high-quality petroleum products.

With over three decades of industry experience, the company is strategically positioned to deliver value to customers and stakeholders across Nigeria and beyond.