Eterna Plc has assured shareholders that the company would remain competitive even in the face of the imminent removal of the fuel subsidy.
At the company’s 30th annual general meeting held in Lagos, the company’s chairman, Dr. Gabriel Ogbechie, said the board has come up with a five-year strategic plan that captures the company’s collective vision of to be Africa’s preferred energy company.
Also at the meeting, shareholders endorsed a dividend of 15 kobo per ordinary share of 50 kobo for each investor in the company for the 2022 financial year.
According to Ogbechie, who was represented by an independent non-executive director of the company, Okechukwu Omezi, the plan would run from 2023 to 2027 and position Eterna to play within all aspects of the downstream sector.
He assured that the company will continue to grow its retail footprint across the country, adding that the company will make significant investments in trucking through both direct acquisition of trucks and strategic partnership with third-party carriers to improve supply of products.
He said the company recorded a consolidated revenue of N116 billion, representing an increase of 14.2% from N82.2 billion achieved in the corresponding period in 2021.
Ogbechie added that the company’s gross profit also increased by 110 percent from N4.3 billion in 2021 to N8.9 billion.
A shareholder, Chief Matthew Akinlade, commended the board for the smooth running of the company’s affairs and improved performance in a tough operating environment.
He urged them to do everything in their power to consolidate the performance.
The National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, stressed the need for the company to increase publicity for its products, especially the Eterna gas cylinder and motor oil.
He urged the management to ensure that they position the company as a leading energy company in the sector.
