Eterna posts N5.88bn half-year profit

Eterna Plc has announced a substantial rise in its financial performance for the first half of 2026, driven by robust operating results across its business segments. The company's unaudited financial statements reveal a 38% increase in revenue, reaching N217.31 billion compared to N157.65 billion in the corresponding period of 2025.

The profitability metrics saw even more dramatic improvements. Gross profit more than doubled, while operating profit climbed to N8.78 billion. Profit before tax experienced a nearly fivefold increase, soaring to N7.67 billion from N1.57 billion. Consequently, profit after tax rose to N5.88 billion, a significant jump from N573.81 million in the prior year, with earnings per share improving to N2.69.

Eterna Plc also reported a strengthened financial position, with total assets valued at N82.75 billion as of June 30, 2026. The company noted a substantial increase in cash and bank balances and a decrease in total liabilities, leading to a rise in total equity to N31.53 billion. Managing Director/CEO Dr. Jude Nwaulune stated that these results validate the company's business strength and disciplined execution, providing a solid foundation for future growth priorities. He added that the successful Rights Issue has enhanced the company's leverage and capitalisation, enabling a focus on expanding retail, aviation, lubricants, and gas businesses.

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These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities. The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.