LAGOS, Nigeria — Eterna Plc, a leading Nigerian downstream energy company, posted strong financial performance for the first half of 2026, reporting a 389% year-on-year increase in profit before tax and a 38% rise in revenue, supported by improved operational efficiency and a stronger balance sheet.

The company’s unaudited consolidated financial results for the six months ended 30 June 2026 highlight accelerating growth across its fuel marketing, aviation, lubricants and gas businesses, positioning Eterna for sustained expansion in Nigeria’s evolving energy market.

Eterna generated ₦217.31 billion in revenue during the first half of 2026, up from ₦157.65 billion recorded in the corresponding period of 2025.

The company also recorded a significant improvement in profitability:

• Gross profit more than doubled to ₦15.99 billion
• Operating profit increased to ₦8.78 billion, compared with ₦2.34 billion a year earlier
• Profit before tax (PBT) surged 389% to ₦7.67 billion, from ₦1.57 billion
• Profit after tax (PAT) rose to ₦5.88 billion, compared with ₦573.81 million in H1 2025

Earnings per share also strengthened significantly, increasing to ₦2.69 from ₦0.44, reflecting improved profitability and enhanced shareholder value.

Eterna said its financial position improved considerably during the reporting period following the successful completion of its Rights Issue.

As of 30 June 2026:

• Total assets stood at ₦82.75 billion
• Cash and bank balances increased to ₦20.36 billion, from ₦4.79 billion at the end of December 2025
• Total liabilities declined sharply to ₦51.22 billion, from ₦84.43 billion
• Shareholders’ equity rose to ₦31.53 billion, compared with ₦7.77 billion six months earlier

The stronger capital structure has significantly improved the company’s liquidity, leverage profile and capacity to fund future growth.

Commenting on the results, Managing Director and Chief Executive Officer, Dr. Jude Nwaulune, said the performance reflects disciplined execution across the business and validates the company’s long-term growth strategy.

“These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities,” he said.

According to Nwaulune, proceeds from the successful Rights Issue have strengthened Eterna’s balance sheet, improved its net asset position and reduced financial leverage.

He added that the company remains focused on expanding its operations across key growth segments, including:

• Retail fuel distribution
• Aviation fuel services
• Lubricants
• Liquefied Petroleum Gas (LPG) and gas businesses

The company also plans to continue improving operational efficiency, customer experience and long-term shareholder returns.

Outlook

With a stronger capital base, improved liquidity and robust earnings momentum, Eterna said it is well positioned to capitalise on opportunities in Nigeria’s downstream petroleum sector as the industry continues to adjust to market-driven pricing and ongoing energy sector reforms.

The company believes continued investment in operational excellence and business expansion will support sustainable growth through the second half of 2026.

Eterna’s unaudited consolidated financial statements for the half-year ended 30 June 2026 have been published on the company’s website.