Eterna Plc has delivered a resilient 2025 fiscal performance, navigating a sharp decline in its core marketing margins through a dramatic turnaround in foreign exchange (FX) positions.
Despite a 61% slump in Gross Profit, the company managed to boost its bottom line by 123%, leading the Board to propose its first dividend in two years, according to its 2025 annual report.
The Earnings Bridge: From Gross Slump to Net Gain
The 2025 results highlight a “tale of two halves” within the balance sheet: a struggling operational front rescued by a stabilized currency environment.
| Metric | FY 2024 (Actual) | FY 2025 (Actual) | % Change |
| Gross Profit | ₦39.94 Billion | ₦15.48 Billion | -61.2% |
| FX Gain/(Loss) | (₦15.79 Billion) | ₦599.0 Million | +103.8% |
| Operating Profit | ₦12.16 Billion | ₦12.57 Billion | +3.4% |
| Profit After Tax (PAT) | ₦1.30 Billion | ₦2.90 Billion | +123.1% |
| Revenue | ₦313.6 Billion | ₦302.3 Billion | -3.6% |
Source: Eterna Plc, MoneyCentral
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Margin Compression: The 61% gross profit crash indicates that rising landing costs for imported PMS (Petrol) and raw materials for lubricants significantly outpaced Eterna’s ability to raise pump prices.
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The FX Swing: In 2024, Eterna was hammered by a ₦15.8bn currency loss. The shift to a ₦599m gain in 2025 acted as a “synthetic hedge,” effectively neutralizing the operational losses and keeping operating profit flat.
Dividend Return: 50 Kobo for Shareholders
After a “Nil” payout in 2024, the Board has signaled its confidence in the company’s liquidity position by returning to the dividend register.
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Proposed Dividend: 50 Kobo per ordinary share.
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Total Payout Impact: This marks a significant pivot toward shareholder value, especially as the company simultaneously manages its ₦21.52 billion Rights Issue (which closed in February 2026).
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Strategic Reinvestment: The 50-kobo payout is balanced against a need to fund the expansion of its LPG retail network and the upgrading of its lubricant blending plant, both of which are high-margin segments compared to bulk PMS trading.
The Group achieved consolidated revenue of N302.3 billion in 2025 down 4% compared to N313.6 billion revenue in 2024.
Eterna Oil manufactures and sells lubricating oils and petrochemicals, imports and sells bulk petroleum products including Premium Motor Spirit (PMS), Automotive Gas Oil, Aviation Turbine Fuel (ATK) and Base Oils.
The Group activates also include Bunkering, Gas Distribution and Marketing (Liquified Petroleum Gas (LPG) and Natural Gas Offshore and Onshore Oil Services, Gas Processing, trading in Crude Oil and other refined petroleum products.
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