Eterna Lost 15% of Its Market Value, Investors Take Profit Amidst Forecast
Downstream oil and gas company Eterna Plc saw its market value dropping by more than 15% in the local bourse as investors took profit ahead of Q4 earnings and the latest forecast.
The sell pressure reflects investors’ negative sentiment about the petroleum retail company earnings outlook amidst a shift in Nigeria’s oil import narrative.
Like its other rivals, Eterna faces crude oil importation challenge after Dangote Refinery comes upstream. The operation of a major Refinery from Lagos has affected downstream oil players, causing earnings losses.
In the stock market, Eterna’s share price fell by 15.05% as investors exited their positions in the oil company. Eterna closed at N30.2 per share on Friday, down from N35.5 at the beginning of the week.
The oil-linked stock now trades near 40% below its highest valuation in the last 52 weeks, according to its trading data obtained from the Nigerian Exchange.
Eterna has seen its earnings fluctuate amidst uncertainties in the global commodity market, and now that Dangote Refinery has sent all importers packing.
The oil retailer projected Fourth-quarter net income of N130.38 million, representing a 32.13 percent decline from its earlier third-quarter forecast of N192.12 million, according to its filings on the Nigerian Exchange.
The petrol retailing company sets its first quarter of 2026 net profit at N485 million amidst oil importation pressures facing downstream operators. The company anticipates its Q1 revenue to settle at N60.849 billion, according to the earnings forecast disclosure in the stock market.
Reflecting a tight margin operation, the company estimated that its costs of sales would settle at N57.138 billion in the period. This is projected to result in N3.711 billion in gross margin.
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