Table of Contents
Key Points
- Eterna posted $103.9 million revenue in H1 2025, up 6.87%, driven by stronger fuel sales and an expanded distribution network.
- Net profit hit $376,231, reversing a $3.17 million loss last year due to improved FX performance and better cost control.
- Total assets dropped to $40.92 million as the company tightened working capital and cut inventories to ease pressure on its balance sheet.
Eterna Plc, the downstream energy company backed by Nigerian oil magnate Gabriel Ogbochie, posted a revenue of N157.65 billion ($103.9 million) in the first half of 2025, lifted by stronger petroleum product sales and an expanded distribution network.
That marked a 6.87 percent rise compared to N147.53 billion ($97.2 million) during the same period last year. But while sales improved, rising costs continued to weigh on margins. The company’s cost of sales jumped nearly 16 percent to N150.75 billion ($98.81 million), which significantly squeezed gross profit. Operating profit dropped to N2.34 billion ($1.53 million), down 81.9 percent from a year ago, as administrative expenses rose and margins tightened.
Eterna returns to profit on FX gains
Even so, Eterna managed to swing back into profit, helped by the absence of last year’s large foreign exchange losses. Net profit came in at N573.81 million ($376,231), a sharp reversal from a net loss of N4.84 billion ($3.17 million) recorded in the first half of 2024. A modest FX gain of N13 million ($8,528) this year stood in stark contrast to the N14.46 billion ($9.49 million) FX loss booked during the same period last year.
Reflecting on the results, Eterna CEO Olumide Adeosun said the company remained focused despite a tough operating environment. “We’ve stayed agile in responding to changes in the market, and we believe we’re on the right path with the right people to deliver long-term value to our shareholders,” he said.
Focus on broader energy plays
Founded in 1989 as Eterna Oil & Gas Limited, Eterna Plc has steadily grown beyond its core fuel operations. Today, it’s active in lubricant production, chemicals, crude oil trading, and runs a growing retail network. It is now exploring opportunities across the entire energy value chain, including possible moves into midstream and upstream segments.
Under the direction of Ogbochie, who holds a controlling 62.82 percent stake, Eterna secured the exclusive license in 2017 to manufacture and distribute BP-Castrol lubricants in Nigeria—a deal that remains a key part of its non-fuel strategy.
Asset pressure eases as losses narrow
As of mid-2025, Eterna’s total assets stood at N62.49 billion ($40.92 million), down from N67.42 billion ($44.22 million) at the end of June 2024. The drop reflects tighter working capital management and a drawdown in inventories.
Still, the company made headway in reducing its accumulated loss, which fell to N1.02 billion ($0.67 million) from N1.6 billion ($1.05 million) a year earlier. The improvement was fueled by better cost control, lower finance charges, and this year’s reversal of currency-related losses.
Looking ahead, Eterna plans to sharpen its downstream operations by embracing digital tools, improving operational efficiency, and forming new strategic partnerships to support growth.
