By Adaobi Rhema Oguejiofor
The shareholders of Eterna, an integrated energy Company, have commended the firm for growing its operating profit by 1,207 percent in the 2022 financial year.
This was disclosed at the Company’s 30th Annual General Meeting (AGM), which took place in Lagos.
The Chairman of Eterna, Dr. Gabriel Ogbechie, in his address to the Company’s shareholders and other stakeholders present at the AGM, said that for the 2022 full year, the firm had a consolidated revenue of N116 billion, which represents a 14.2 percent improvement on the N82.2 billion revenue obtained in 2021.
In his own words, “Eterna’s gross profit grew by 110 percent, from N4.3 billion in 2021 to N8.9 billion, while its net operating profit grew by 1,207 percent from N233.115 million in 2021 to N3.047 billion in 2022.”
The Board of Directors of Eterna recommended that a dividend of 15 kobo per ordinary share of 50 kobo each should be paid to shareholders and this proposal was approved by the shareholders at the AGM.
The shareholders, during the AGM, appreciated Eterna’s Board for the effective management of the Company, as well as for the growth that has been recorded. They also encouraged the firm to engage in more publicity for its products in order to boost the bottom line.
The Chairman of Eterna, who was represented by an independent Non-Executive Director, Okechukwu Omezi, also noted that the Board had developed a five-year strategic plan that captures the Company’s aim to be Africa’s most preferred energy company.
He said that the plan would run from 2023 through 2027. It would position Eterna to play within all aspects of the downstream sector. According to him, the Company would make significant investments in trucking, through both direct truck acquisition and strategic partnerships with third-party transporters to improve product supply.