Olusola Bello
Eterna plc is aggressively making investment in the retail business as it plans to push up the number of its retail outlets it has across the country to 100 by the end of this year.
Currently, the total number of its retail outlets is about 72, but the managing director and chief operating officer of the company; Nnamdi Obiagwu, said the company is not resting on its oars as it is determined to have a fair share of the downstream market of the petroleum industry.
He said: “We have grown in the last four years from 15 to 72 and hope to get to over 100 by the end of the year.”
Nnamdi Obiagwu who spoke to Business Standards at the company’s 2020 Annual General Meeting (AGM) held in Lagos on Thursday said, growth would be the focus of the company as it needs to expand and increase its network.
He said the company is also looking at participating in other areas of the downstream.
However, the chairman of the company, Lamisu Shehu Dikko said the company achieved consolidated operating revenue of N58.7 billion compared to N299.2 billion in 2019. This according to him was due to revision in the reporting framework of some of the company’s trading activities. “Our gross profit increased to N5.5 billion as against N4.9 billion recorded in 2019.”
He said the company’ operating profit also increased from N1.3 billion to N1.5 billion in 2020 despite reduction in revenue.
Profit before tax increased from the N111million in 2019 to N548 million in 2020, indicating a recovery of from the meager results recorded in the previous year.
The chairman promised the shareholders that the board would continue to work tirelessly to improve on these results with a view to delivering exceptional value to them.
He said the board has recommended a dividend of 10 kobo per share, to all shareholders whose names appear on the register as at April 30, 2021 at the 28th Annual General Meeting.
On the company’s 5 year strategic plans, the chairman said s part of executing the plan the board has continued to grow it retail outlets across the country and have also introduced more initiatives targeted at establishing more market presence, growing volumes and local brands equity for it lubricant brands.
Also speaking regarding the company’s community development, the chairman stated that the company is committed to cordial relationship with all it host communities including youth groups, women groups, community development groups and paramount rulers of the communities where it carry out its operations.
“We ensure that our operations positively impact the communities. Our operations are devoid of any form of youth restiveness and we continue to maintain a very peaceful and enabling environment for our staff and contractors”
Commenting at the event, Suuny Nwosu, one of the chairmen of the groups representing shareholders associations, he thanked the board of the company for the way the company has been run so far.
He appeal to them that all hands must be on deck to achieve the dreams of the company servicing the entire Nigeria. While the company is doing this, he said, it must also take care of its employees and make sure they are comfortable.
On dividend, he stated that the shareholders should have benefitted more that what they are given as dividend, even if it means taking from the retain earnings of the company.
