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Eterna suffers ₦9.4bn in 2023

Eterna

Eterna Plc suffered a loss of ₦9.4 billion in its 2023 financial period.

The Chairman of Eterna Plc, Gabriel Ogbechie, disclosed this at the company annual general meeting held in Lagos.

Ogechie explained during the meeting that the loss is as a result of foreign exchange crisis in the country.

He said Eterna reported an operating profit of ₦7.8bn, a remarkable 143 per cent increase from ₦3.2bn in 2022. Although the company ended the year with an ₦9.4bn loss, this was primarily due to FX losses.

He also added that some other challenges faced by the company including removing the oil subsidy, floating the naira, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries.

“The company experienced several difficulties 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.”

Eterna offers a range of energy products, including petrol, aviation fuel, diesel, and lubricants.

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