Eterna Plc (“Eterna”), a leading sustainable integrated energy company in Nigeria, has reported a strong financial performance for the full year that ended December 31, 2024. Eterna recorded a profit after tax of ₦1.34 billion, marking a significant turnaround from the ₦9.43 billion loss reported in 2023.
Eterna’s revenue grew by an impressive 71% to ₦313.6 billion, reflecting the company’s strategic market positioning, operational resilience, and improved sales performance across its petroleum products and lubricants business segments. Gross profit more than doubled to ₦39.9 billion, supported by increased product price, stronger margins and enhanced operational efficiency. Gross margin ratio improved to 12.72% from 9.17% in 2023.
Commenting on the performance, Mr. Olumide Adeosun, Managing Director & CEO of Eterna Plc: “FY 2024 was a pivotal year in our journey of transformation. Despite external headwinds such as forex volatility and tight supply conditions, the management executed with discipline, strengthened the balance sheet, and returned to profitability. These results demonstrate our ability to deliver sustainable value to all stakeholders.”
Key Financial Highlights
• Revenue: FY 2024 – ₦313.6 billion; FY 2023 – ₦183.2 billion.
• Gross Profits: FY 2024 – ₦39.9 billion; FY 2023 – ₦16.8 billion.
• Operating profit stood at ₦27.9 billion, up 254% from ₦7.9 billion in the prior year.
• Profit/(Loss) After Tax: FY 2024 – ₦1.34 billion; FY 2023 – (₦9.43 billion).

Commenting on the outlook for Eterna, Dr. Gabriel Ogbechie OON, Chairman, Eterna Plc, said: “We are building a stronger, smarter, and more agile Eterna to adapt to the emerging changes in the industry. With our strategy firmly on track and a capable management in place, we are confident in our ability to deliver sustainable performance in the years ahead.”
Eterna Plc remains focused on delivering superior value to shareholders. The company’s medium-term strategy includes driving efficiency, expansion in sales touchpoints, vertical integration of its value chain and enhanced customer engagement.