Eterna posts 389% profit jump: oil marketer rakes In ₦217.3B revenue
Nigerian energy firm *Eterna Plc* has delivered a blockbuster half-year performance, with profits surging nearly 4x and revenue climbing to over ₦217 billion. Geographic Reference
The company released its unaudited consolidated financial results for the second quarter and half-year ended *30 June 2026*, showing strong growth across revenue, profitability, and balance sheet strength.
For the period, Eterna recorded *revenue of ₦217.31 billion*. That is a *38% increase* from ₦157.65 billion posted in the same period in 2025. The jump was driven by improved volumes and pricing across its core businesses.
Profitability improved even faster. *Gross profit more than doubled* to ₦15.99 billion, while *operating profit surged to ₦8.78 billion* from just ₦2.34 billion a year earlier.
The biggest highlight was at the bottom line. *Profit before tax jumped 389% to ₦7.67 billion*, compared to ₦1.57 billion in H1 2025. *Profit after tax rose to ₦5.88 billion* from ₦573.81 million — over a 10x increase.
Shareholders also had reason to cheer. *Earnings per share climbed to ₦2.69* from ₦0.44 in the previous year, reinforcing Eterna’s push to deliver sustainable returns.
The company’s balance sheet got a major boost too. *Total assets stood at ₦82.75 billion* as of June 30, 2026. *Cash and bank balances rose sharply to ₦20.36 billion* from ₦4.79 billion as of December 31, 2025.
At the same time, *total liabilities dropped to ₦51.22 billion* from ₦84.43 billion, while *total equity grew to ₦31.53 billion* from ₦7.77 billion. The result: stronger liquidity, lower leverage, and a more solid capital base.
The turnaround was partly credited to the *successful Rights Issue* completed during the period, which injected fresh equity and strengthened the company’s financial foundation.
Commenting on the results, *Managing Director/CEO Dr. Jude Nwaulune* said the numbers reflect “the strength of our business and the impact of disciplined execution across our operations.”
He added that the improved profitability and balance sheet “provide a solid foundation to advance our growth priorities.” Eterna said it will focus on expanding its *retail, aviation, lubricants and gas businesses*, while also improving operational efficiency and customer experience.
The full *Unaudited Consolidated Financial Statements for the Half-year Ended 30 June 2026* are now available on the Company’s website.
Analysts say if Eterna sustains this momentum, it could be one of the biggest comeback stories in Nigeria’s downstream oil sector this year.
