Adebayo Obajemu

The audited report of Eternal Plc for the year ended 31 December 2019 shows decline the top line and bottom line figures of the oil firm.

In the audited financial statement published on Thursday, the Group achieved consolidated revenue of N229.27 billion representing overall percentage decrease of 8.97% compared with N251.88 billion revenue achieved in 2018.

However, gross profit increased by 7% in 2019 to N4.95 billion compared to gross profit of N4.64 billion achieved in 2018.

Profit before tax (PBT) of N111.4 million was reported, down by 94.40% when compared to the PBT of N1.99 billion reported in 2018.

The oil firm incurred a loss after tax of N144Million for the year 2019 as against the profit of N1 billion made in 2018.

The earnings per share of the oil firm in 2019 is -11kobo from the earnings per share of 77kobo reported in 2018.

The Board of Directors did not recommend any dividend payment for the financial year ended 31 December, 2019.

With reference to share price of N2.67, the P.E ratio of Eterna Plc is calculated as –24.13x with earnings yield of -4.14%.

Eterna Plc manufactures and sells lubricating oils and petrochemicals; the Company imports and sells bulk petroleum products including Premium Motor Spirit (“PMS”), Automotive Gas Oil (“AGO”), Low Pour Fuel Oil (“LPFO”), Base Oils and Bitumen. The Company’s activities also include Bunkering, Gas Distribution and Marketing Liquefied Petroleum Gas (“LPG”) and Natural Gas (“NG”), Offshore and Onshore Oil Services, Gas Processing, Trading in Crude Oil and other refined petroleum products.