Eterna Plc has said it plans to invest in LPG and set up infrastructure for market penetration.
The company stated this at its 29th annual general meeting in Lagos, while assuring its shareholders of improved performance and returns on their investment in the years ahead as it sought to consolidate the gains from recent initiatives by the new board and management.
Eterna, an indigenous integrated energy company, has reiterated its commitment to making solid investment in Liquefied Petroleum Gas space and incrementally set up necessary infrastructure for market penetration.
The company also plans to grow its retail footprints in the country as part of its efforts to provide energy solutions in efficient and innovative ways, while continuing the trajectory of its five-year strategic plans.
The Annual General Meeting was the first after the emergence of the new majority core investor, Preline Limited. Preline Limited acquired 60.98 per cent stake in the company, making it the largest and majority shareholder.
With the emergence of the new majority core investor, the board and management of Eterna Plc has assured shareholders that despite the global challenges faced by the industry, there is hope for growth and a better future outlook for the company.
Addressing shareholders at the AGM, Eterna Plc’s Chairman, Dr. Gabriel Ogbechie, noted the company’s goal to be Africa’s preferred Energy Company while providing energy solutions that is efficient is still in full course.
“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” Ogbechie stated.
According to him, the company would actively continue to play across the energy value chain covering the production, transportation, and distribution of energy solutions vital for economic growth and development.
“We will be the first choice for our customers as we seek to dominate the African energy industry by strategically expanding our operations and growing market share.”
Eterna PLC achieved consolidated operating revenue of N82 billion compared with N58.7 billion in 2020. This was largely attributable to the improved economic activities as against the previous period. It recorded a decline in its gross profit from N5.5bn in 2020 to N4.2bn in 2021.
The company also recorded a decline in its operating profit from N1.5bn in 2020 to N236m in 2021. It recorded a loss before taxation of (N936m) in 2021, a decline from the N548m profit recorded in the previous year.