Business

Eterna Plc posts unaudited loss of N7.9 billion in 2023 due to naira devaluation

Eterna Plc released its unaudited financial statements for FY 2023, posting a pre-tax loss of N7.9 billion, which reflects a 476% decline from the N2.1 billion pre-tax profit posted in 2022.


The company which operates in the downstream petroleum sector recorded a revenue of N183.4 billion in 2023, marking a 57% increase from the N116.5 billion recorded in 2022.


This revenue growth was driven by a rise in fuel prices in 2023, due to the removal of petroleum subsidy.