L-R: Managing director /Chief Executive Officer, Eterna Plc, Mr. Mahmud Tukur; Chairman, Mr. Lamis Shehu Dikko and Company Secretary/Legal adviser, Bunmi Agagu, during the 25th Annual general meeting of Eterna Plc held in Lagos recently
Eterna Plc’s consolidated operating revenue has increased from N106.9 billion in 2016 to N173 billion in 2017, representing an increase of 61.8 per cent. The company’s Shareholders’ funds also increased from N10.82 billion in 2016 to N12.41 billion in 2017.
Though, the company recorded a decrease in gross profit during the period under review, its profit before tax increased by 17 per cent as a result of prudent utilisation of resources and the company’s ability to deploy efficient financial management strategies in the year under review.
Chairman of the company, Lamis Shehu Dikko stated that the company has embarked on the development of a five-year strategic plan, designed to take the company to higher levels of success.
“We believe that our strategic plans are achievable and measurable. We have also linked our strategic plans to the company’s performance management system, in line with global best practices. The resources needed to achieve these plans have also been articulated and we are confident that we will be able to deliver on our strategic objectives over the next five years,” he added.
In the year under review, Dikko disclosed that the company achieved a significant milestone at its lubricant blending plant, located in Sagamu, Ogun State with the successful manufacturing and local filling of Castrol’s GTX Essential lubricants.
He noted that Nigeria was the first country in the world to manufacture Castrol’s GTX Essential range of Lubricants. “The GTX Essential is a bespoke lubricant manufactured to address the challenges associated with operating high-performance engines in tropical environments such as Nigeria.
“We also expanded our third party blending portfolio. Following on from a rigorous evaluation and assessment of blending plants across Nigeria, NNPC Retail, a subsidiary of the Nigerian National Petroleum Corporation issued a letter of intent to our Company to provide toll blending services for its brand of lubricants”.