Nigerian Oil Magnate Gabriel Ogbochie's Eterna Posts 103 Million In Half-year Revenue

Eterna posted 103.9 million revenue in H1 2025, up 6.87, driven by stronger fuel sales and an expanded distribution network.

Net profit hit 376,231, reversing a 3.17 million loss last year due to improved FX performance and better cost control.

Total assets dropped to 40.92 million as the company tightened working capital and cut inventories to ease pressure on its balance sheet.

Eterna Plc, the downstream energy company backed by Nigerian oil magnate Gabriel Ogbochie, posted a revenue of N157.65 billion 103.9 million in the first half of 2025, lifted by stronger petroleum product sales and an expanded distribution network.

That marked a 6.87 percent rise compared to N147.53 billion 97.2 million during the same period last year. But while sales improved, rising costs continued to weigh on margins. The companys cost of sales jumped nearly 16 percent to N150.75 billion 98.81 million, which significantly squeezed gross profit. Operating profit dropped to N2.34 billion 1.53 million, down 81.9 percent from a year ago, as administrative expenses rose and margins tightened.

Even so, Eterna managed to swing back into profit, helped by the absence of last years large foreign exchange losses. Net profit came in at N573.81 million 376,231, a sharp reversal from a net loss of N4.84 billion 3.17 million recorded in the first half of 2024. A modest FX gain of N13 million 8,528 this year stood in stark contrast to the N14.46 billion 9.49 million FX loss booked during the same period last year.

Reflecting on the results, Eterna CEO Olumide Adeosun said the company remained focused despite a tough operating environment. Weve stayed agile in responding to changes in the market, and we believe were on the right path with the right people to deliver long-term value to our shareholders, he said.

Founded in 1989 as Eterna Oil Gas Limited, Eterna Plc has steadily grown beyond its core fuel operations. Today, its active in lubricant production, chemicals, crude oil trading, and runs a growing retail network. It is now exploring opportunities across the entire energy value chain, including possible moves into midstream and upstream segments.