Eterna Plc reported a consolidated pre-tax profit of N10.28 billion for the nine months ended September 30, 2026, representing an increase of 635.80% from N1.40 billion recorded in the corresponding period of 2025.
In the third quarter, pre-tax profit reached N2.61 billion, reversing the N198.43 million pre-tax loss recorded in Q3 2025.
The company’s standalone Q3 pre-tax profit of N2.54 billion also exceeded its forecast of N1.18 billion by 115.97%, while profit after tax of N1.57 billion surpassed the projected N1.00 billion by 57.29%.
For the nine-month period, consolidated revenue increased by 71.75% to N365.56 billion from N212.84 billion, while profit after tax surged to N7.34 billion from N325.88 million.
The strong earnings performance was supported by substantial growth in fuel revenue and improved gross profitability, despite higher administrative expenses.
Eterna’s nine-month performance was largely driven by a significant increase in fuel revenue, which remained the group’s largest source of income.
The figures indicate that the group’s revenue expansion was predominantly driven by its fuel business, which more than offset the decline in lubricants sales.
On the cost side, the cost of sales increased by 68.66% to N342.23 billion from N202.91 billion, slower than the growth in revenue.
Consequently, gross profit rose by 134.79% to N23.33 billion, with gross profit margin improving to 6.38% from 4.67% in the corresponding period of 2025.
However, operating expenses also increased significantly.
The group also recorded a net foreign exchange loss of N66.06 million, compared with a gain of N149.85 million in the corresponding period of 2025.
The third-quarter results were similarly strong, with consolidated revenue increasing by 168.61% to N148.24 billion from N55.19 billion in Q3 2025.
On the balance sheet, Eterna’s consolidated total assets increased by 23.86% to N114.19 billion as of September 2026, from N92.19 billion in December 2025, largely driven by higher inventories and cash balances.
The cash flow statement showed net cash generated from operating activities of N22.89 billion for the nine months, compared with a net operating cash outflow of N20.10 billion reported for the full year ended December 2025.
The improvement in operating cash generation, alongside reduced borrowings and higher cash balances, indicates a stronger liquidity position at the end of September 2026.
Eterna Plc closed at N42.75 per share on Tuesday, November 3, 2026, unchanged from its previous closing price on November 2.
Over the past three months, Eterna’s share price has gained 29.60%, while its six-month return stood at 18.80%. However, the stock declined by 7.07% over the preceding four weeks.
