Eterna Plc. Shrinks by 10% as Investors Sentiments Dive
Eterna Plc market value declined by about 10% in the equities market due to sell pressure that lasted for three out of five trading sessions on the Nigerian Exchange. Huge shares were traded in the market, with moderate price fluctuations.
Data from the Nigerian Exchange showed the share price of Eterna Plc settled at N40.6 on Friday, from the opening price of N45 in the same week. Hence, its market value dropped to N52.948 billion.
Its earnings release revealed that Eterna returned to profitability in 2024 after negative earnings performance in 2023. The company posted N3.2 billion as net income in 2024 from more than N9.4 billion post-tax loss in 2023. Its improved bottom-line performance was aided by a significant revenue surge year on year.
Details from its unaudited financial statement showed that Eterna grew revenue by more than 71% to N313.615 billion in 2024, from N183.382 billion in 2023 amidst a petroleum price hike.
To reflect a shift in the downstream oil sectors, its costs of sales also witnessed a significant spike of 65% year on year, settling at N273.946 billion from N166.42 billion in 2023.
A large gross profit and low overhead kept operating income stronger, up by 287% year on year to N30.155 billion from N7.792 billion in 2023. Though net foreign exchange rate loss moderated year on year, its size constitutes a drag to the company’s earnings performance in 2024. #Eterna Plc. Shrinks by 10% as Investors Sentiments Dive SEC to Roll out Guidelines for Fintech in 2025 – Agama
