Eterna PLC successfully convened its 31st Annual General Meeting (AGM) on June 24, 2024, at the Muson Centre in Lagos. The AGM provided an invaluable opportunity to reflect on the company’s achievements over the past year, engage in discussions about its strategic direction, and reaffirm its commitment to creating long-term value for shareholders.
During the meeting, shareholders elected Mr. Abiola Lukman Lawal as a Director, thereby ratifying his appointment as the new Managing Director and Chief Executive Officer. Mr. Lawal expressed gratitude for the shareholders’ support and emphasized the Board’s commitment to steering the company back to profitability. He stated, “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.”
The Chairman of Eterna PLC, Dr. Gabriel Ogbechie, OON highlighted several challenges faced in 2023, including the removal of the oil subsidy, the floating of the Naira, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries. Despite these obstacles, Eterna achieved significant progress, with a consolidated operating revenue of ₦183.3 billion, a 57.4% increase from ₦116.4 billion in 2022, primarily driven by retail expansion efforts. Additionally, the company reported an operating profit of ₦7.8 billion, a remarkable 143% increase from ₦3.2 billion in 2022. However, the year ended with a ₦9.4 billion loss, primarily due to foreign exchange losses.
Dr. Ogbechie reassured shareholders of the company’s commitment to remaining competitive despite the challenging economic environment. He stated, “Despite recent challenges, we are focused on elevating the business to new heights for the benefit of our shareholders and stakeholders.” He also noted that Eterna now operates over 84 filling stations and has reviewed its retail operations to enhance profitability.
At Eterna PLC, we are dedicated to ongoing stakeholder engagement and committed to driving sustained profitability for the benefit of all our shareholders. Our focus remains on delivering innovative energy solutions, maintaining operational excellence, and exploring new growth opportunities. Together, we will continue to propel Eterna PLC forward, ensuring that we remain leaders in the energy sector and a source of sustainable value for our shareholders.