Eterna Plc Posts N5.88 Billion H1 Profit Amid 38% Revenue Surge

Eterna Plc has delivered a strong financial performance for the six months ended June 30, 2026, posting a remarkable turnaround with a 37.8 percent surge in revenue to N217.31 billion, up from N157.65 billion in the same period of 2025. This significant growth reflects improved operational efficiency and robust market demand in Nigeria’s downstream petroleum sector. The company’s unaudited consolidated financial statements reveal that despite a rise in the cost of sales to N201.32 billion from N150.75 billion, the revenue growth outpaced production costs, leading to a substantial boost in profitability.

Gross profit more than doubled to N15.99 billion, marking a 131.6 percent increase from N6.90 billion in the first half of 2025. Operating profit also saw a dramatic rise, climbing to N8.78 billion from N2.34 billion, representing a growth of over 275 percent. This improvement was driven by better margins and effective cost management, even as general and administrative expenses increased to N7.24 billion from N5.03 billion. Meanwhile, selling and distribution expenses decreased to N67.15 million from N107.22 million, indicating tighter control over operational costs.

Finance income rose to N577.15 million, while finance costs increased to N1.49 billion, reflecting higher borrowing costs during the period. Eterna also recorded a net foreign exchange loss of N203.16 million, contrasting with a gain of N13.03 million in the same period last year. Despite these challenges, profit before tax jumped to N7.67 billion from N1.57 billion, showcasing the company’s resilience. After accounting for a tax expense of N1.78 billion, profit after tax soared to N5.88 billion, a more than tenfold increase from N573.81 million in the corresponding period of 2025.

Shareholder returns were significantly enhanced, with basic earnings per share rising to N2.69 from N0.44. The standalone financial statements mirrored this success, with profit after tax increasing to N5.88 billion from N801.15 million in the first half of 2025. The strong performance underscores Eterna’s effective execution of its growth strategy amid improving market conditions. With stronger revenue generation, expanding margins, and a substantial improvement in operating profitability, Eterna is well-positioned to sustain its recovery and deliver continued value to shareholders in the remainder of the financial year.