85 total views, no views today
Despite a plethora of challenges bedevilling the industry, Eterna Plc, is aiming to embark on a five-year plan which will reposition the company and scale up its presence in Nigeria’s downstream oil and gas sector.
Just like the last three years which have seen International Oil Companies (IOCs) and independent operators in Nigeria’s oil industry divest their assets either party or fully in the downstream sector; 2018 was another challenging year for listed companies in Nigeria’s downstream oil and gas sector.
In view of these challenges, Eterna’s chairman Shehu Dikko, announced to shareholders that the company is on course for a five-year strategic plan designed to take the company to higher levels of success.
“As part of executing the plan, we acquired 14 additional retail outlets in 2018. We are consistently measuring our performance against set targets and the board is providing the oversight to ensure that management delivers on the plans,” Dikko told shareholders at the last Annual General Meeting in Lagos.
The chairman noted that the company remains committed to making sure its operations positively impact communities which is why it keeps maintaining cordial relationships with all host communities including youth groups, women groups’ community development groups and paramount rulers of the communities.
Despite challenges, Eterna was able to pay a dividend of 25 kobo per ordinary share while the company also recorded a 45.57 per cent increase in revenue of N251.8 million in 2018 compared to N173 billion in 2017.
Also, due to high cost of doing business in Nigeria, unprecedented high cost of landing petroleum products and thinning margins on our product lines, gross profit declined by 27 per cent while Profit before Tax declined by 29 per cent to N1.9 million from N2.8 million reflective of the reduced margins and … Read More...