The shareholders of integrated energy provider, Eterna Plc, have hailed the company for growing its operating profit by 1,207 per cent in the 2022 financial year.

This was disclosed at the company’s 30th annual general meeting held in Lagos.

In his address to shareholders and other stakeholders during the AGM, the Chairman of Eterna Plc, Dr. Gabriel Ogbechie, who was represented by an independent Non-Executive Director, Okechukwu Omezi, said for the 2022 full year, the company had a “Consolidated revenue of N116bn, representing a 14.2 per cent improvement on the N82.2bn revenue of 2021.

“Eterna’s gross profit grew by 110 per cent, from N4.3bn in 2021 to N8.9bn, while its net operating profit grew by 1,207 per cent” from N233.115m in 2021 to N3.047bn in 2022.

Eterna’s board of directors recommended that a dividend of 15 kobo per ordinary share of 50 kobo each should be paid to shareholders, a proposal which was approved by the shareholders at the AGM.

One of the shareholders at the AGM, Matthew Akinlade, appreciated Eterna’s board for the management of the company for the recorded growth. Another shareholder, Mrs Bisi Bakare, encouraged more publicity for the company’s products to boost the bottom line.

The chairman of Eterna also noted that the board had devised a five-year strategic plan that captures the company’s aim to be Africa’s preferred energy company.

According to him, the plan would run from 2023 through 2027 and would position Eterna to play within all aspects of the downstream sector.

He noted that the company would make significant investments in trucking both through direct truck acquisition and strategic partnerships with third-party transporters to improve product supply.