By Olawunmi.ashafa

The management of Eterna Plc on Wednesday said it recorded an operating profit of N5.83 billion in the 2016 financial year.

The Chairman, Board of Directors, Mr Lamis Dikko made this known at the company’s 24th Annual General Meeting (AGM) in Lagos, saying the figure represented an increase of 221 per cent from the N1.82 billion in 2015.

Dikko said that the company also recorded a turnover of N106.9 billion in 2016 compared to N92.06 billion recorded in 2015 representing an increase of 16 per cent.

He also said that the company’s gross profit grew to N8.6 billion in 2016 from N3.08 billion in 2015, making a growth of 178 per cent in the financial year under review.

The chairman also said that operating profit of the company stood at N5.83 billion in 2016 financial year compared to N1.82billion recorded in 2015.

This represents an increase of 221 per cent in gross profit for the year under review.

Also, the company’s profit before tax increased by 84 per cent in 2016 to N2.4 billion from the N1.3 billion recorded in 2015.

“This commendable performance is directly attributed to the adoption of efficient processes in delivering our products and services and our ability to control cost in spite of the high level of inflation prevalent in the country.

“I am pleased to inform you that our company’s net assets continue to grow year on year.

“As a result, our shareholders’ funds have increased from N9.68 billion in 2015 to N10.82billion in 2016,” Dikko said.

On future outlook, Dikko assured shareholders that the company’s performance would be better in the subsequent years.

According to him, 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.”

Also, the Managing Director of the company, Mr Mahmud Tukur assured shareholders and other stakeholders of a policy that would continually allow business activities that would ensure   sustainability and profitable growth.

Tukur said that the company would also provide products and services that meet and exceed the needs and expectations of customers in the field of petroleum products.