Eterna Plc Reports 71% Revenue Growth in FY2024

Eterna Plc has announced a significant 71% growth in revenue for the financial year ended December 31, 2024, marking a strong recovery from previous losses and demonstrating strategic execution and operational efficiency.

At its 32nd Annual General Meeting held on July 24, 2025, the company reported a revenue increase from ₦183.3 billion in 2023 to ₦313.6 billion in 2024. Gross profit surged by 136% to ₦39.9 billion, and profit before tax stood at ₦4.48 billion, reversing a ₦11.9 billion loss from the prior year.

Chairman of the Board, Dr. Gabriel Ogbechie, attributed the performance to disciplined leadership and a clear focus on growth. He highlighted that the company is well-positioned to explore new frontiers in Nigeria’s energy space.

Read Also:

• Equity Market Surges by N1.18tn on Oil, Insurance Rally
• FG to Diversify Revenue Streams Beyond Oil – Edun

Shareholders approved a ₦50 billion capital raise to expand business operations. They also ratified the appointments of Olumide Adeosun as Managing Director/CEO, Bunmi Agagu-Adu and Okechukwu Ashiegbu as Executive Directors, and re-elected Gabriel Ogbechie and Akinwande Ademosu to the board.

The AGM also saw the appointment of PricewaterhouseCoopers as Eterna’s new external auditors, and new members were elected to the company’s Statutory Audit Committee.

Eterna operates across retail, commercial fuel, lubricants, LPG, and aviation fueling and continues to pursue sustainable energy solutions that support Nigeria’s energy transition goals.