Eterna net profit grew by 134% in Q1

Triple Gee

Within the first quarter of the year, Eterna plc saw 134%  growth in its net profit which came in at NGN681.5 million against NGN291.1 million recorded in the fiscal year 2016.

Eterna plc ended the first quarter 2017 with NGN 51.9 billion revenue compared to NGN18.3 billion recorded same period 2016.

After deducting its tax expenses for the period, it profit for the period grew by 134% to NGN681.5 million against NGN291.1 million recorded in the fiscal year 2016.

The company’s cost of sales for the period was NGN50.3 billion against NGN17.5 billion reported in the previous year.

The company said its gross profit for the period under review increased to NGN1.5 billion in contrast toNGN 775.1 million recorded in the financial year 2016.Meanwhile, its operating profit jumped to NGN 1.1 billion against NGN515.1 million reported in the year 2016.

Eterna plc in its report said its profit before tax in the period in review was NGN1.0 billion against NGN428.1 million recorded in the year before.

Furthermore, the company acquired NGN24.5 billion total assets in q1 2017 compared to NGN31.6 billion recorded in the previous year while its total liabilities was NGN13.0 billion versus NGN20.8 billion recorded in 2016.

For more details on the report, click here>>>

Company Information

Eterna Plc, a quoted public limited integrated energy company engages in the manufacturing and sale of lubricating oils, importation and bulk/retail sale of petroleum products including PMS, AGO, LPFO, base oils, bitumen and export of lubricants/fuels, bunkering, Gas distribution and marketing (LPG and NG), Offshore and Onshore oil services, Gas Processing, equipment supply services and other engineering and technical services for the energy industry.

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