Eterna Plc has said it recorded a profit before tax of N1.54 billion for the second quarter financial result for the period ended June 30, 2017.
According to the result released by the company on the Nigerian Stock Exchange (NSE), this is a slight improvement over N1.44 billion reported second quarter, 2016.
Total revenue for the quarter rose by 98 per cent to N79.64 billion compared N40.13 billion disclosed last year.
Cost of sales went up by 105 per cent to N77.28 billion from N37.78 billion in the corresponding period, while earnings per share went up to 80 kobo from 75 kobo.
The company recently unveiled expansion plans in the nation’s lubricant market, which will enhance its bottom line for improved shareholder value.
The chairman of the company, Mr Lamis Dikko, said that all is set by the company to deliver improved result for its shareholder.
His words: “We recently executed an expanded manufacturing and distribution agreement with Castrol for the automotive and industrial sectors.
“This means an enhanced portfolio of Castrol lubricants will now be blended locally, therefore substantially reducing our imports of finished products. This is not only good for the company, but also great for the Nigerian economy in line with the federal government’s renewed drive to expand the manufacturing sector.”
He added that the company was recently awarded a contract by NNPC retail to blend NNPC’s brand of lubricants at our lubricants blending plant in Ogun State, saying this is a testament to the company’s world class blending plant.
He stated that despite the harsh economic environment, international trading counter parties continue to do extend open lines of credit to the company for the supply of petroleum products.
He added that the company has fully migrated to an ERP platform for seamless and efficient operations.
He said, “We are reviewing investment opportunities in the power and modular refining space, whilst finalising plans for a nationwide rollout of LPG plants.
“As part of our retail expansion drive, we have obtained requisite approvals to construct mega stations in Abuja, Calabar and Kaduna which are planned for completion before the end of the year.
According to him, JUHI 2 is expected to commerce business operations, which are the supply of aviation fuels before the end of the year.
Managing director of the company, Mr Mahmud Tukur said, the substantial increase in lubricant production, is projected to boost the company’s bottom-line while also increasing significantly its industry share in the lubricant segment.
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