Energy Firm Strengthens Growth Trajectory With Strong H1 2026 Results

Indigenous downstream oil and gas firm, Eterna Plc has announced its unaudited consolidated financial results for the second quarter and half-year ended 30 June 2026, delivering significant growth in revenue and profitability across its operations.

The company recorded revenue of ₦217.31 billion for the period, representing a 38 per cent increase from ₦157.65 billion in the corresponding period of 2025. Gross profit more than doubled to ₦15.99 billion, while operating profit rose to ₦8.78 billion from ₦2.34 billion.

Profits before tax increased by 389 per cent to ₦7.67 billion, compared with ₦1.57 billion in the previous year period. Profit after tax rose to ₦5.88 billion from ₦573.81 million, while earnings per share increased to ₦2.69 from ₦0.44, reinforcing the Company’s commitment to delivering sustainable value to shareholders.

The company also maintained a stronger financial position, with total assets of ₦82.75 billion as of 30 June 2026. Cash and bank balances rose to ₦20.36 billion from ₦4.79 billion on 31 December 2025, while total liabilities declined to ₦51.22 billion from ₦84.43 billion. Total equity increased to ₦31.53 billion from ₦7.77 billion, strengthening the company’s liquidity and capital base.
Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Jude Nwaulune, stated that:
“These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities. The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.”