Eterna Plc has reported a profit before tax of N7.2 billion in its audited 2025 financial statements, marking a 62.22% increase from N4.4 billion recorded in 2024.
A closer look shows the performance was driven by a stable revenue base, higher contributions from other income, foreign exchange gains, and lower finance costs.
For the full year, revenue stood at N302.3 billion, representing a 3.59% decline compared to N313.6 billion reported in the prior year.
Fuel sales remained the dominant revenue source at N261 billion, followed by lubricants at N38.5 billion, while other segments contributed N2.7 billion.
Key highlights (2025 vs. 2024)
- Revenue: N302.3 billion vs. N313.6 billion
- Cost of sales: N286.8 billion, up 4.83% YoY
- Gross profit: N15.4 billion vs. N39.9 billion
- Other income: N9.4 billion vs. N99.6 million
- Net FX gain: N599.1 million vs. (N15.7 billion loss)
- Operating profit: N12.5 billion, up 3.34% YoY
- Profit before tax: N7.2 billion, up 62.22% YoY
- Total assets: N92.1 billion, up 36.74% YoY
Driving the numbers:
A closer look at the income statement shows cost of sales rose to N286.8 billion in 2025, up from N273.6 billion recorded in the previous year.
- Of this total, fuel sales accounted for the largest share at N254.1 billion, followed by lubricants at N29.6 billion, while other segments contributed N3.1 billion in costs.
After accounting for these expenses, gross profit declined sharply to N15.4 billion, compared to N39.9 billion recorded in the prior year.
Despite top-line pressures, a 9,370% surge in other income, alongside reduced impairment charges and a swing to foreign exchange gains, helped preserve the company’s overall profitability.
Even with a 36.32% increase in administrative expenses, operating profit rose slightly to N12.5 billion, up from N12.1 billion in the previous year.
More positively, finance costs declined by 30.8% to N5.3 billion, lifting profit before tax to N7.2 billion, compared to N4.4 billion recorded in 2024.
- After accounting for a tax expense of N4.3 billion, profit after tax settled at N2.9 billion.
On the balance sheet, total assets expanded significantly to N92.1 billion from N67.4 billion, driven largely by inventories, which stood at N57.9 billion as the company’s largest asset class.
On the liabilities side, total obligations rose to N84.4 billion from N62.5 billion, while the company reversed a N1.5 billion retained loss to a N1.3 billion profit in FY2025, lifting total equity to N7.7 billion from N4.8 billion.
Market reaction
Following the publication of its audited results on April 3, 2026—a Friday that coincided with the Easter holiday—the market has yet to react, with trading set to resume on Tuesday after the Monday public holiday.
However, with a year-to-date gain of 22.46%, the stock trades at N34.90, a level that may attract investors anticipating a potential move toward the N50 range.
