Eterna Plc has said it is targeting to achieve N70.427 billion turnover for the fourth quarter of 2021.
In its Q4 earning forecast obtained from the Nigerian Exchange Limited (NGX), the oil firm also projected to rake in N857.138 million for profit before tax and N582.854 million for profit after tax during the stipulated period. Its projection for cost of sales stood at N64.529 billion.
Eterna had targeted to achieve N53.790 billion turnover for the third quarter of 2021.
The oil firm also projected to rake in N446.795 million for profit before tax and N303.380 million for profit after tax during the stipulated period. Its projection for cost of sales stood at N49.439 billion.
According to reports, Eterna Oil’s Chairman, Shehu Dikko, recently announced to shareholders that the company was on course for a five-year strategic plan designed to take it to a higher level of success.
“As part of executing the plan, we acquired 14 additional retail outlets in 2018. We are consistently measuring our performance against set targets and the board is providing the oversight to ensure that management delivers on the plans,”
Dikko told shareholders at the last annual general meeting in Lagos. The chairman noted that the company remained committed to making sure its operations positively impact communities, which is the reason it keeps maintaining cordial relationships with all host communities including youth groups, women groups, community development groups and paramount rulers.
Mahmud Tukur, Managing Director of Eterna Plc, said the company was expanding downstream operations despite Nigeria’s challenging operating environment.
Making a case for the company’s downstream business, the company boss said Eterna Oil’s growth plan was based on a “longer-term vision” with the knowledge that actual profit margins are at the pumps or at the point of sale.
He said the company operated at high standards at par with the IOCs coupled with local knowledge of the operating environment, thereby giving it a competitive edge in its downstream operations.
“On this, let us first look at the rise of the super independents who have now become majors. We’ve seen new majors beyond the traditional Mobil, Total etc.
Now the divestment is the fact that the operating environment is challenging but as a local operator, we know how to operate in this environment,” he said.