Eterna Plc reported a profit after tax of ₦573.8 million for the half year ended June 30, 2025, reversing a ₦4.8 billion loss recorded in the same period of 2024.
The company posted revenue grew by 6.9 percent year-on-year to ₦157.7 billion from ₦147.5 billion in H1 2024.
Despite higher sales, cost pressures persisted as cost of sales rose to ₦150.8 billion compared to ₦130.1 billion a year earlier. Gross profit came in at ₦6.9 billion, significantly below the ₦17.5 billion recorded in H1 2024.
However, a ₦13.0 million net foreign exchange gain, compared to a ₦14.5 billion FX loss in the previous year and disciplined expense management supported the company’s return to profitability.
Operating profit stood at ₦2.34 billion, down from ₦12.9 billion in the same period of 2024. Finance costs also eased to ₦782.7 million from ₦2.0 billion while general and administrative expenses increased to ₦5.03 billion, compared with ₦4.40 billion a year ago.
Key Highlights (Group Results)
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Revenue: ₦157.7 billion (H1 2024: ₦147.5 billion)
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Gross Profit: ₦6.9 billion (H1 2024: ₦17.5 billion)
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Operating Profit: ₦2.34 billion (H1 2024: ₦12.9 billion)
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Profit Before Tax: ₦1.57 billion (H1 2024: -₦3.57 billion)
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Profit After Tax: ₦573.8 million (H1 2024: -₦4.84 billion)
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Earnings Per Share: ₦0.44 (H1 2024: -₦3.71)
The company said the rebound in earnings was largely driven by improved forex stability and lower finance costs, which offset rising administrative and distribution expenses.
Looking ahead, Eterna Plc noted that it remains focused on sustaining profitability by strengthening operational efficiency, managing costs, and leveraging its position in the downstream oil and gas sector to deliver long-term value for shareholders.