Eterna Plc has assured shareholders that company will remain competitive even in the face of an imminent fuel-subsidy removal.
At the company’s 30th yearly general meeting held in Lagos, the Chairman of the company, Dr Gabriel Ogbechie said the board has devised a five -year strategic plan that captures the firm’s collective vision of being Africa’s preferred energy company.
Also at the meeting, shareholders endorsed a dividend of 15 kobo per ordinary share of 50 kobo due to every investor of the firm for the 2022 financial year.
According to Ogbechie, who was represented by an Independent Non-Executive Director of the company, Barrister Okechukwu Omezi, the plan will run from 2023 through 2027, and will 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 both through direct truck acquisition and strategic partnership with third-party transporters with a view to improving product supply.
He said the company posted consolidated revenue of N116 billion, representing 14.2 percent rise over N82.2 billion achieved in the corresponding period in 2021.
Ogbechie added that the firm’s gross profit also rose by 110 per cent, from N4.3 billion in 2021 to N8.9 billion.
A shareholder, Chief Matthew Akinlade, lauded the board for the smooth running of the affairs of the company and improved performance and harsh operating environment.
He urged them to do everything within their powers to consolidate on the performance.
National Cordinayor of Pragmatic Shareholders Association, Mrs. Bisi Bakare stressed the need for the company to step up publicity of its products, especially the Eterna gas cylinder and engine oil.
She urged the management to ensure that they position the company as a frontline energy firm in the industry.
