Eterna Plc Reports N5.88 Billion H1 Profit as Revenue Surges 38%

Eterna Plc posted a remarkable turnaround in its half-year financial performance as strong revenue growth, improved margins and higher operating profit lifted earnings for the six months ended June 30, 2026.

According to the company’s unaudited consolidated financial statements, revenue increased by 37.8 percent to N217.31 billion, compared with N157.65 billion recorded in the corresponding period of 2025.

Although the cost of sales also increased during the period to N201.32 billion from N150.75 billion, the growth in revenue outpaced production costs, resulting in a significant improvement in profitability.

Gross profit more than doubled to N15.99 billion, compared with N6.90 billion recorded in the first half of 2025, representing a 131.6 percent increase.

Operating performance strengthened despite higher overheads. General and administrative expenses rose to N7.24 billion from N5.03 billion, while selling and distribution expenses declined to N67.15 million from N107.22 million recorded in the corresponding period of last year.

The company reported operating profit of N8.78 billion, a sharp increase from N2.34 billion in the first half of 2025, representing a growth of more than 275 percent.

Finance income rose to N577.15 million, while finance costs increased to N1.49 billion, reflecting higher borrowing costs during the period.

Eterna also recorded a net foreign exchange loss of N203.16 million, compared with a foreign exchange gain of N13.03 million in the corresponding period of 2025.

Despite the higher finance costs and foreign exchange loss, profit before tax increased to N7.67 billion from N1.57 billion a year earlier.

After a tax expense of N1.78 billion, profit after tax climbed to N5.88 billion, representing a more than tenfold increase from N573.81 million reported in the corresponding period of 2025.

The improved earnings significantly enhanced shareholder returns with basic earnings per share rising to N2.69, compared with N0.44 recorded in the same period of last year.

The company’s standalone financial statements also reflected improved performance with profit after tax increasing to N5.88 billion, compared with N801.15 million recorded in the first half of 2025.

The strong first-half performance underscores Eterna’s successful execution of its growth strategy amid improving market conditions in Nigeria’s downstream petroleum sector.

With stronger revenue generation, expanding margins and a substantial improvement in operating profitability, Eterna appears well positioned to sustain its recovery and deliver improved shareholder value through the remainder of the financial year.