Eterna’s Improving Fundamentals Lift Profit Eterna Plc surpassed five-year profit generation and migrated from 2021 audited financial year loss to impressive performance in its unaudited financi
Eterna Plc surpassed five-year profit generation and migrated from 2021 audited financial year loss to impressive performance in its unaudited financial statement for year ended December 31, 2022.
The group benefited from the increasing demand for petroleum products as foreign and domestic business activities expanded in 2022. In addition, revenue from “Trading” dropped by 83 per cent to N183million in 2022 from N1.08billion inn 2021 as “Others” revenue rose significantly by 233 per cent to N4.5billion from N1.35billion reported in 2021.
Despite double-digit inflation rate, the management in the year under review was prudential in managing operating expenses. Furthermore, the group reported N41.05billion interest income on short-term bank deposits in 2022 from N9.09billion in 2021 and reported N1150.65million foreign exchange loss in 2022 from N210.01million foreign exchange gain in 2022.
The group’s total assets increased to N54.27 billion in 2022 from N46.08billion in 2021, representing an increase of 17.77 per cent. As non-current assets dropped to N14.97billion in 2022 from N15.16billion in 2021 as current assets grew by 27.1 per cent to N39.3billion in 2022 from N30.93billion in 2021.
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