‘Eterna Oil’s revenue rose to N106 billion in 2016’
The Eterna Oil’s revenue from 2016 operations increased from N92.06 billion it recorded in 2015 to N106.9 billion.The company’s gross profit also increased from N3 billion in 2015 to N8.6 billion in 2016.
Its profit before taxation rose by 84 per cent in 2016 to N2.4 billion from N1.3 billion in 2015. The Chairman, Lamis Shehu Dikko, who disclosed this on Wednesday during the company’s yearly general meeting, said: “We achieved 221 per cent increase in operating profits despite 16 per cent increase in our turnover and 178 per cent increase in gross profit.”
Dikko, who attributed the company’s performance to the adoption of efficient process in delivering its products and services and ability to control costs despite the high levels of inflation prevalent in the country, said the firm’s net assets had continued to grow year-on-year as a result of shareholders’ funds, which he said, increased from N9.68 billion in 2015 to N10.82 billion in 2016.
He hinted that its lubricant blending plant located in Sagamu, Ogun State, witnessed a tremendous upgrade in the year under review. “We have also executed toll blending agreements with reputable companies to improve our capacity utilisation and reduce operating costs.
“Our after sales services and other quality control measures improved tremendously in the year under review. We invested in cutting-edge technology to provide assurance to our end-users and align our production and after sales services with international best practices.
“Eterna Oil places significant emphasis on optimising its assets and efficient management of available resources. In the year under review, we embarked on meaningful maintenance and asset upgrade.”
The firm’s boss disclosed that the company had deployed state-of-the-art equipment at its petroleum products’ retail outlets and conducting general renovation to ensure that its customers receive value for their money in a conducive and safe environment.
He said: “We are confident that the future ahead of us is bright. This is because we have established tested processes and procedures across our activities. We have put adequate control in place and we measure our performance constantly.
“I want to assure you that our company did not receive any illegal benefits from subsidy claims and we remain resolute in our defence of the company’s actions and those of select members of our members of staff in this regard.”
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