Eterna Plc |
Unaudited Financial Statements for Fourth Quarter |
and Year Ended 31st December 2025 |
2025 |
N'000 |
2024 |
N'000 |
2025 |
N'000 |
2024 |
N'000 |
Revenue | 1 |
Cost of sales | 2.1 (290,069,027) |
Gross Profit | 12,447,857 |
Selling and distribution expenses | 2.2 |
General and administrative expenses | 2.3 |
Other income | 6 |
Impairment (charge)/reversal on credit loss | 7.1 |
Consolidated statement of profit or loss and other comprehensive income for the year ended 31st December 2025
Group 31 December | 31 December | Company 31 December | 31 December | |||
Note | ||||||
302,516,884 | 313,615,914 | 302,516,884 | 313,615,914 | |||
(273,671,389) | (290,321,438) | (273,803,316) | ||||
39,944,525 | 12,195,446 | 39,812,598 | ||||
(156,850) | (327,161) | (142,626) | (327,099) | |||
(12,520,887) | (9,365,177) | (11,858,797) | (8,847,223) | |||
9,416,505 | 99,623 | 9,382,716 | 74,755 | |||
- | (2,387,682) | - | (2,387,682) | |||
Operating profit | 9,186,624 | 27,964,128 | 9,576,739 | 28,325,349 | ||
13,061 | 5,012 | 13,061 | 5,012 | |||
107,666 | (15,794,585) | 107,666 | (15,828,105) | |||
(2,448,915) | (7,690,710) | (2,442,201) | (7,686,983) | |||
Profit before tax | 6,858,435 | 4,483,846 | 7,255,265 | 4,815,275 | ||
(4,575,115) | (3,135,222) | (4,575,115) | (3,131,915) | |||
Profit for the year | 2,283,320 | 1,348,624 | 2,680,150 | 1,683,359 |
Attributable to: |
- Owners of the parent |
- Non-controlling interests |
2,283,320 |
- |
2,283,320 |
1,348,624 |
- |
1,348,624 |
2,680,150 |
- |
2,680,150 |
1,683,359 |
- |
1,683,359 |
Finance income | 7 |
Net foreign exchange Gain/(loss) | 7.2 |
Finance cost | 8 |
Taxation | 9 |
Attributable to: |
- Owners of the parent |
- Non-controlling interests |
Total comprehensive Income for the year |
2,283,320 |
- |
2,283,320 |
1,348,626 |
(2) |
1,348,624 |
2,680,150 |
- |
2,680,150 |
1,683,359 |
- |
1,683,359 |
Earnings per share: | |
Basic | 30 |
Diluted | 30 |
1.75 |
1.75 |
1.03 |
1.03 |
2.06 |
2.06 |
1.29 |
1.29 |
Consolidated statement of profit or loss and other comprehensive income for Fourth quarter ended 31st December 2025
Group | |
Q4 2025 | Q4 2024 |
Revenue | 10 |
89,673,488 79,904,007 89,673,488 79,861,648
Cost of sales | 11.1 |
(87,161,370) (70,363,301) (87,276,940) (70,354,263)
Gross Profit 2,512,118 9,540,706 2,396,548 9,507,384Selling and distribution expenses | 11.2 |
(20,307) (41,588) (15,502) (41,588)
General and administrative expenses | 11.3 |
(4,918,112) (2,873,923) (4,760,669) (2,740,633)
Other income | 15 |
8,791,620 30,135 8,785,081 27,890
Impairment (charge)/reversal on credit loss | 16.1 |
- (2,259,161) - (2,259,392)
Operating profit 6,365,319 4,396,169 6,405,458 4,493,662Finance income | 16 |
811 1,488 811 4,914
Net foreign exchange (Loss)/gain | 16.2 |
(42,186) (2,447) (42,186) (2,447)
Net finance cost | 17 |
(839,792) (1,216,336) (839,119) (1,215,578)
Profit before tax 5,484,152 3,178,874 5,524,964 3,280,550Taxation | 18 |
(1,143,779) (826,941) (1,143,779) (826,941)
Profit for the quarter 4,340,373 2,351,932 4,381,185 2,453,610Attributable to: |
- Owners of the parent |
- Non-controlling interests |
4,340,373 |
- |
4,340,373 |
2,351,932 |
- |
2,351,932 |
4,381,185 |
- |
4,381,185 |
2,453,610 |
- |
2,453,610 |
Attributable to: |
- Owners of the parent |
- Non-controlling interests |
Total comprehensive Income for the quarter |
4,340,373 |
- |
4,340,373 |
2,351,932 |
- |
2,351,932 |
4,381,185 |
- |
4,381,185 |
2,453,610 |
- |
2,453,610 |
Earnings per share: | |
Basic | 30 |
Diluted | 30 |
3.33 |
3.33 |
1.80 |
1.80 |
3.36 |
3.36 |
1.88 |
1.88 |
Consolidated statement of financial position
Group | Company | ||
Note 31 December | 31 December | 31 December | 31 December |
2025 | 2024 | 2025 | 2024 |
N'000 | N'000 | N'000 | N'000 |
Non-current assets | |||||
Property, plant and equipment | 19 | 14,410,213 | 15,034,790 | 13,079,921 | 13,843,727 |
Intangible assets | 19 | - | 124 | - | 124 |
Right of Use Assets | 20 | 1,343,687 | 1,584,044 | 1,343,687 | 1,584,044 |
Other investments | 22 | 575,382 | 575,382 | 575,382 | 575,382 |
Investment in subsidiaries | 22 | - | - | 50,990 | 50,990 |
Deferred Tax Asset | 23 | - | 808,358 | - | 728,039 |
16,329,282 | 18,002,697 | 15,049,980 | 16,782,305 | ||
Current assets | |||||
Inventory | 23 | 59,144,932 | 23,669,496 | 59,087,774 | 23,599,463 |
Trade and other receivables | 24 | 12,926,664 | 19,546,784 | 15,469,906 | 21,422,722 |
Prepayments | 20 | 331,066 | 265,295 | 315,334 | 251,146 |
Cash and bank balances | 25 | 4,744,597 | 5,938,512 | 4,667,259 | 5,874,667 |
77,147,258 | 49,420,087 | 79,540,273 | 51,147,998 | ||
Borrowings | 26 9,456,898 11,733,093 |
Deferred tax liability | 23 2,003,560 - |
Decomissioning liability | 27 299,053 250,032 11,759,511 11,983,125 |
9,456,898 | 11,733,093 |
2,095,824 | - |
252,631 | 227,608 |
11,805,352 | 11,960,701 |
Current liabilities | |||||
Trade and other payables | 28 | 12,717,367 | 7,275,582 | 12,724,473 | 7,151,813 |
Borrowings | 26 | 60,058,052 | 41,641,686 | 60,058,052 | 41,641,686 |
Tax payable | 9 | 1,807,816 | 1,671,917 | 1,811,312 | 1,665,189 |
74,583,235 | 50,589,186 | 74,593,837 | 50,458,689 | ||
Equity attributable to shareholders | |||||
Share capital | 29 | 652,072 | 652,072 | 652,072 | 652,072 |
Share premium | 29 | 5,796,053 | 5,796,053 | 5,796,053 | 5,796,053 |
Retained earnings | 685,671 | (1,597,650) | 1,742,938 | (937,212) | |
7,133,796 | 4,850,475 | 8,191,063 | 5,510,913 | ||||
Non -controlling interest | (4) | (2) | - | - | |||
Total equity | 7,133,792 | 4,850,472 | 8,191,063 | 5,510,912 | |||
Total equity and liabilities | 93,476,540 | 67,422,785 | 94,590,253 | 67,930,303 |
The financial statements were approved by the board of directors and authorised for issue on 30th January , 2026. They were signed on its behalf by:
Olumide Adeosun |
Managing Director/Chief Executive Officer |
FRC/2020/PRO/DIR/003/00000020356 |
Aliu Kamiyo |
Chief Financial Officer |
FRC/2022/PRO/ICAN/001/00000023899 |
Eterna Plc Consolidated Financial Statements for the year ended 31st December 2025
Balance at 1st January 2024 |
Comprehensive income/(loss) |
Profit for the year |
Other Comprehensive income |
Total comprehensive Income |
Transaction with owners |
Dividend paid |
At 31 December 2024 |
652,072 | 5,796,053 | (2,946,273) | - | 3,501,852 | (2) | 3,501,850 |
- | - | 1,348,624 | - | 1,348,624 | (2) | 1,348,622 |
- | - | 1,348,624 | - | 1,348,624 | (2) | 1,348,622 |
- | - | - | ||||
652,072 | 5,796,053 | - (1,597,650) | - | - 4,850,475 | - (4) | - 4,850,471 |
Consolidated statement of changes in equity
Attributable to equity holders | ||||||
of the parent | ||||||
Group | ||||||
Share Capital | Share premium | Retained Earnings | Other Reserves | Total amount attributable to equity holders | Non -controlling interest | Total Equity |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
Company | ||||
Share | Share | Retained | Other | Total |
capital | premium | earnings | Reserves | Equity |
N'000 | N'000 | N'000 | N'000 | N'000 |
Balance at 1 January 2024 |
Comprehensive income |
Profit for the year |
Other Comprehensive income |
Total comprehensive Income |
652,072 | 5,796,053 | (2,620,571) | - | 3,827,554 |
- | ||||
1,683,359 | 1,683,359 | |||
- | ||||
- | - | 1,683,359 | - | 1,683,359 |
Balance at 1 January 2025 |
Comprehensive income |
Profit for the period |
Other Comprehensive income |
Total comprehensive Income |
652,072 | 5,796,053 | (1,597,650) |
4,850,475 | (4) | 4,850,471 |
- | - | 2,283,320 |
2,283,320 | - | 2,283,320 |
- | - | 2,283,320 | - | 2,283,320 | - | 2,283,320 |
Transaction with owners |
Dividend Paid |
At 31st December 2025 |
- | - | - |
- |
- | - | - |
- | - | - |
652,072 | 5,796,053 | 685,671 | - | 7,133,796 | (4) | 7,133,792 |
Transaction with owners |
Dividend paid |
At 31 December 2024 |
- | - | - |
- |
-
-
652,072 | 5,796,053 | (937,212) | - 5,510,913 |
652,072 | 5,796,053 | (937,212) |
Balance at 1 January 2025 |
Comprehensive income |
Profit for the period |
Other Comprehensive Income |
5,510,913 |
- |
2,680,150 |
2,680,150
- Actuarial gains net of tax |
Total comprehensive Income |
- | - | - | - | - |
- | - | 2,680,150 | - | 2,680,150 |
Transaction with owners |
Dividend Paid |
At 31st December 2025 |
- | - | - |
- |
-
-
652,072 | 5,796,053 | 1,742,938 | - 8,191,063 |
Consolidated statement of cash flows
CASH FLOWS FROM OPERATING ACTIVITIES: |
Profit for the year |
Adjustments for non-cash items: |
Depreciation |
Amortisation of Intangible Assets |
Amortisation of prepayments |
Amortisation of right of use assets |
Reclassification of right of use assets |
Impairment Reversal on Credit loss |
Loss/(gain) on disposals of property, plant and equipment |
Property, plant & equipment and Intangible assets Written off |
Finance Cost on long and short term trading |
Finance Income |
Finance cost on Trading |
Exchange gain/(losses) on borrowings |
Allowance for impairment |
Income tax expense |
Change in the unwinding effects on Decommissioning cost |
Cash flows from operating activities |
Changes in working capital: |
(Increase)/decrease in inventory |
Decrease/(increase) in debtors |
(Increase) in prepayment |
Increase/(decrease) in payables |
Proceeds from sale of property, plant and equipment |
Purchase of property, plant and equipment |
Purchase of Intangible assets |
Payments for Right of use assets |
Loan to JUHI-2 |
Interest received |
Net cash used in investing activities |
25 | 4,744,597 | 1,635,936 | 4,667,259 | 1,572,091 |
Tax paid | 9 | (485,264) | (361,635) | (484,336) | (325,732) | |||
Net cash (used in)/generated from operating activities | (10,996,175) | 15,746,336 | (11,265,822) | 15,108,780 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
CASH FLOWS FROM FINANCING ACTIVITIES:
Consolidated Financial Statements for the year ended 31st December 2025
Note | Group | Company |
31 December |
2025 |
N'000 |
31 December |
2024 |
N'000 |
31 December |
2025 |
N'000 |
31 December |
2024 |
N'000 |
2,283,320 1,348,624 2,680,150 1,683,359
19 | 1,188,102 | 962,821 | 1,066,687 | 884,812 |
19 | - | 18,547 | - | 18,547 |
21 | 92,639 | 115,163 | 92,639 | 115,163 |
20 | 346,644 | 411,777 | 346,644 | 411,777 |
20 | - | 100,000 | - | 100,000 |
7.1 | - | (200,445) | - | (200,445) |
2.3 | 195,899 | 4,167 | 195,899 | 4,167 |
19 | 461,269 | 764 | 460,326 | 535 |
8 | 2,626,240 | 8,430,756 | 2,619,319 | 8,426,907 |
7 | (13,061) | (5,012) | (13,061) | (5,012) |
26 | 2,313,315 | 1,376,425 | 2,320,236 | 1,380,274 |
- | 12,546,181 | - | 12,546,181 | |
2.3 | - | 2,588,127 | - | 2,588,127 |
9 | 4,575,115 | 3,135,222 | 4,575,115 | 3,131,915 |
27 | 31,644 | 36,714 | 25,023 | 32,987 |
14,101,127 | 30,869,831 | 14,368,977 | 31,119,295 |
23 | (35,475,436) | 3,572,288 | (35,488,311) | 3,568,205 |
24 | 5,495,023 | (13,829,257) | 4,837,015 | (14,113,062) |
21 | (73,410) | (61,261) | (71,827) | (57,012) |
28 | 5,441,785 | (4,443,632) | 5,572,660 | (5,082,914) |
(24,612,038) | (14,761,861) | (25,150,463) | (15,684,783) |
19 | 74,582 | 50,926 | 74,582 | 50,926 |
19 | (1,231,796) | (3,887,742) | (972,943) | (3,304,303) |
19 | - | (124) | - | - |
20 | (191,288) | (439,456) | (191,288) | (439,456) |
24 | (4,992) | (120,301) | (4,992) | (120,301) |
7 | 13,061 | 5,012 | 13,061 | 5,012 |
(1,340,432) | (4,391,685) | (1,081,580) | (3,808,123) |
Proceeds from borrowings |
Repayment of borrowings |
Repayment of Interest |
Dividend Paid |
26 | 143,759,634 |
26 | (123,316,887) |
26 | (4,939,555) |
- |
192,627,084 |
(199,330,985) |
(9,807,181) |
- |
143,759,634 |
(123,316,887) |
(4,939,555) |
- |
192,627,084 |
(199,330,985) |
(9,807,181) |
- |
Net cash generated from/(used in) financing activities | 15,503,192 | (16,511,082) | 15,503,193 | (16,511,082) | |||
Net Change in Cash and Cash Equivalents | 3,166,585 | (5,156,431) | 3,155,791 | (5,210,425) | |||
Cash & Cash Equivalents at the beginning of the year | 1,635,936 | 6,895,233 | 1,572,091 | 6,885,278 | |||
Effect of foreign exchange rate changes | (57,924) | (102,866) | (60,623) | (102,762) | |||
Cash & Cash Equivalents as at 31st December 2025 |
Company | |
2025 | 2024 |
261,847,576 | 272,405,971 |
38,534,206 | 39,194,962 |
2,135,103 | 2,014,981 |
302,516,884 | 313,615,914 |
261,847,576 | 272,405,971 |
38,534,206 | 39,194,962 |
2,135,103 | 2,014,981 |
302,516,884 | 313,615,914 |
2 | Expenses by nature |
Group | |
2025 | 2024 |
Company | |
2025 | 2024 |
2.1 | Cost of sales |
Fuel | |
Lubricants | |
Others |
257,846,104 | 240,898,153 |
29,595,116 | 30,576,723 |
2,627,807 | 2,196,513 |
290,069,027 | 273,671,389 |
257,846,104 | 240,898,153 |
29,847,526 | 30,708,650 |
2,627,807 | 2,196,513 |
290,321,438 | 273,803,316 |
Group | |
2025 | 2024 |
Company | |
2025 | 2024 |
2.2 | Selling and Distribution expenses |
Marketing and sales commission | |
Sampling and analysis |
142,282 | 326,862 | 142,282 | 326,848 | |
14,569 | 299 | 344.28 | 251 | |
156,850 | 327,161 | 142,626 | 327,099 |
Company | |
2025 | 2024 |
Notes to the consolidated financial statements
N'000 | N'000 N'000 N'000 |
1 | Revenue |
Fuel | |
Lubricants | |
Others |
Group | |
2025 | 2024 |
2.3 | General and Administration expenses |
Staff costs | |
Legal and Professional fees | |
Depreciation | |
Employee welfare | |
Travelling & Entertainment | |
Rental Expenses | |
Technical Supports Service fees | |
Amortisation of right of use assets | |
Repairs and Maintenance | |
Business Development | |
Other expenses | |
Stationery and communication | |
Bank Charges | |
Insurance, medical and security | |
Licence fees | |
Directors remuneration | |
Amortisation on Prepayments | |
Pension costs | |
Auditors' remuneration | |
Amortisation of Intangible assets | |
Loss on disposal of property, plant and equipment | |
Board Expenses | |
Donations and gifts | |
Training and staff Development |
Group | |
2025 | 2024 |
2,771,261 | 1,936,595 |
164,418 | 1,546,397 |
1,185,435 | 962,821 |
156,615 | 14,826 |
573,666 | 214,816 |
95,677 | 126,448 |
2,439,443 | - |
346,644 | 411,777 |
1,700,631 | 1,408,724 |
343,335 | 152,953 |
230,217 | 181,805 |
72,080 | 60,322 |
177,324 | 740,046 |
734,017 | 509,963 |
731,198 | 517,809 |
196,667 | 141,667 |
92,639 | 115,163 |
90,603 | 70,460 |
60,000 | 71,000 |
- | 18,547 |
195,899 | 4,167 |
75,885 | 72,715 |
3,000 | 650 |
84,232 | 85,506 |
12,520,887 | 9,365,177 |
2,599,399 | 1,795,743 |
138,362 | 1,546,350 |
1,066,687 | 884,812 |
155,177 | 13,532 |
555,929 | 185,592 |
95,677 | 126,448 |
2,439,443 | - |
346,644 | 411,777 |
1,464,673 | 1,199,458 |
337,091 | 152,673 |
215,566 | 166,672 |
68,481 | 59,744 |
177,118 | 739,924 |
718,776 | 497,076 |
707,233 | 513,302 |
196,667 | 141,667 |
92,639 | 115,163 |
82,875 | 64,245 |
50,000 | 55,000 |
- | 18,547 |
195,899 | 4,167 |
75,885 | 72,715 |
3,000 | 650 |
75,577 | 81,966 |
11,858,797 | 8,847,223 |
Company | |
2025 | 2024 |
290,321,438 | 24,522,367 |
142,626 | 33,491 |
11,858,797 | 1,035,953 |
302,322,861 | 25,591,811 |
3 | Cost of sales |
Selling and Distribution expenses | |
General and Administration expenses |
Group | |
2025 | 2024 |
290,069,027 | 24,522,387 |
156,850 | 33,491 |
12,520,887 | 1,103,056 |
302,746,765 | 25,658,934 |
4 | Employees' remuneration and numbers |
Group | |
2025 | 2024 |
Number | Number |
Company | |
2025 | 2024 |
Number | Number |
Administration |
Operations |
Sales and marketing |
47 | 15 |
40 | 68 |
58 | 25 |
145 | 108 |
46 | 15 |
25 | 54 |
56 | 25 |
127 | 94 |
N'000 | N'000 N'000 N'000 |
Senior Management |
Management |
Senior staff |
13 | 11 |
12 | 9 |
120 | 88 |
145 | 108 |
12 | 10 |
12 | 9 |
103 | 75 |
127 | 94 |
The number of employees, other than directors, who earned over N3,000,000 in the year: | ||
Group | ||
2025 | 2024 | |
Number | Number | |
N3,000,001 - N4,000,000 | - | 32 |
N4,000,001 - N5,000,000 | 82 | 19 |
Above 5,000,000 | 63 | 57 |
145 | 108 | |
Company | |
2025 | 2024 |
Number | Number |
- | 26 |
73 | 14 |
54 | 54 |
127 | 94 |
The total employee benefits expense in the year comprise the following: | ||
Group | ||
2025 | 2024 | |
N'000 | N'000 | |
Salaries and wages | 2,771,261 | 1,936,595 |
Employee welfare | 156,615 | 14,826 |
Pension Costs | 90,603 | 70,460 |
3,018,479 | 2,021,881 | |
Company | |
2025 | 2024 |
N'000 | N'000 |
2,599,399 | 1,795,743 |
155,177 | 13,532 |
82,875 | 64,245 |
2,837,450 | 1,873,520 |
5 | Directors' remuneration |
Fees for services as a director |
Other emoluments as management |
Group | |
2025 | 2024 |
196,667 | 106,498 |
54,464 | 50,705 |
251,131 | 157,203 |
Company | |
2025 | 2024 |
196,667 | 106,498 |
54,464 | 50,705 |
251,131 | 157,203 |
18,000 | 18,000 |
18,000 | 18,000 |
The emoluments of the chairman of the board (excluding pension contributions)
The table below shows the numbers of directors of the company whose remuneration excluding pension contributions fell within the bands stated.
Less than N500,001 |
N500,001 - N3,000,000 |
N8,000,001 - N12,000,000 |
More than N12,000,000 |
Number | Number |
2025 | 2024 |
- | - |
- | - |
6 | 5 |
4 | 3 |
10 | 8 |
Number | Number |
2025 | 2024 |
- | - |
- | - |
6 | 5 |
4 | 3 |
10 | 8 |
6 | Other income |
Other income |
Rent income |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
9,261,068 | 42,149 | 9,227,278 | 17,281 | |
155,438 | 57,474 | 155,438 | 57,474 | |
9,416,505 | 99,623 | 9,382,716 | 74,755 |
Included in Other Income is a one-time gain on debt extinguishment of N8.7 billion. This was treated In accordance with IFRS 9 - Financial
Instruments, the difference between the carrying amount of the financial liabilities extinguished and the consideration paid.
7 | Finance income |
Group | |
2025 | 2024 |
Company | |
2025 | 2024 |
13,061 | 5,012 |
13,061 | 5,012 |
13,061 | 5,012 |
13,060.67 | 5,012 |
Interest income on short-term bank deposits
Group | |
2025 | 2024 |
Company | |
2025 | 2024 |
7.1 Impairement (charge)/reversal on credit loss
Impairment reversal (note 21.1) |
Impairment charge (note 21) |
- | 200,445 |
- | (2,588,127) |
- | (2,387,682) |
- | 200,445 |
- | (2,588,127) |
- | (2,387,682) |
N'000 | N'000 N'000 N'000 |
7.2 | Net Foreign Exchange (Loss)/Gain |
Foreign exchange (loss)/gain |
107,666 | (15,794,585) |
107,666 | (15,794,585) |
107,665.86 | (15,828,105) |
107,666 | (15,828,105) |
8 | Finance cost |
Group | |
2025 | 2024 |
Company | |
2025 | 2024 |
Interest on Loan |
Interest on bank overdrafts |
Accretion charge |
2,721,201 | 659,160 |
(303,929) | 6,994,836 |
31,644 | 36,714 |
2,448,915 | 7,690,710 |
2,721,107 | 659,160 |
(303,929) | 6,994,836 |
25,023 | 32,987 |
2,442,201 | 7,686,983 |
This amount represents interest charges on various short term loans, overdrafts and trade finances.
9 | Taxation |
Group | |
2025 | 2024 |
Company | |
2025 | 2024 |
Current taxes on income for the year |
Education tax levy for the year |
Tax expense on Income statement |
Deferred Tax |
Total tax expense |
1,578,603 | 1,580,757 |
172,650 | 26,377 |
1,751,252 | 1,647,752 |
2,823,862 | 1,487,470 |
4,575,115 | 3,135,222 |
1,578,603 | 1,580,757 |
172,650 | 24,373 |
1,751,252 | 1,605,130 |
2,823,862 | 1,526,785 |
4,575,115 | 3,131,915 |
Opening balance |
Tax paid |
WHT utilised |
Income tax charge |
Closing balance |
Group | |
2025 | Dec'2024 |
1,671,917 | 977,483 |
(485,264) | (361,635) |
(1,130,089) | (591,683) |
1,751,252 | 1,647,752 |
1,807,816 | 1,671,917 |
Company | |
2025 | Dec'2024 |
1,665,189 | 977,475 |
(484,336) | (325,732) |
(1,120,794) | (591,683) |
1,751,252 | 1,605,130 |
1,811,312 | 1,665,189 |
Current |
Non-current |
1,807,816 | 1,671,917 |
- | - |
1,807,816 | 1,671,917 |
1,811,312 | 1,665,189 |
- | - |
1,811,312 | 1,665,189 |
Corporation tax is calculated at 30 percent of the taxable profit for the year. The charge for taxation on these financial statements is based on the provisions of the Companies Income Tax Act CAP C21 LFN 2004 and Finance Act 2022. The Tertiary Education tax of 3 per cent is based on the provisions of the Tertiary Education Trust Fund Act 2011 and Finance Act 2022.
Notes to the consolidated financial statementsGroup Company
N'000
11 | Expenses |
Group | |
Q4 2025 | Q4 2024 |
Company | |
Q4 2025 | Q4 2024 |
11.1 | Cost of sales |
Fuel. | |
Lubricants. | |
Others. |
82,304,597 | 61,606,896 |
4,856,773 | 8,650,823 |
- | 105,582 |
87,161,370 | 70,363,301 |
82,304,597 | 61,606,896 |
4,972,343 | 8,641,785 |
- | 105,582 |
87,276,940 | 70,354,263 |
Group | |
Q4 2025 | Q4 2024 |
Company | |
Q4 2025 | Q4 2024 |
11.2 | Selling and Distribution expenses |
Marketing and sales commission | |
Sampling and analysis |
15,166 | 41,588 | 15,166 | 41,588 | |
5,141 | - | 336.00 | - | |
20,307 | 41,588 | 15,502 | 41,588 |
Company | |
Q4 2025 | Q4 2024 |
786,711 | 584,299 |
(112,738) | 591,931 |
307,006 | 265,142 |
4,657 | 3,764 |
253,038 | 109,349 |
82,405 | 210,310 |
382,296 | 365,814 |
93,456 | 88,828 |
63,753 | 58,709 |
21,916 | 18,433 |
38,406 | 123,529 |
189,677 | 174,060 |
210,012 | 150,467 |
49,167 | 35,169 |
46,319 | - |
23,010 | 21,372 |
15,000 | 21,000 |
- | 3,202 |
6,555 | 17,429 |
27,318 | 30,235 |
4,918,112 | 2,873,923 |
734,546 | 544,830 |
(115,102) | 590,216 |
274,343 | 236,977 |
4,280 | 3,592 |
248,865 | 85,991 |
82,405 | 210,310 |
333,040 | 330,936 |
88,002 | 88,548 |
61,284 | 56,393 |
21,518 | 18,105 |
38,352 | 123,477 |
185,561 | 170,472 |
204,863 | 146,010 |
49,167 | 35,169 |
46,319 | - |
21,118 | 19,658 |
12,500 | 17,500 |
- | 3,202 |
6,555 | 17,429 |
23,609 | 30,069 |
4,760,669 | 2,740,633 |
Q4 2025 Q4 2024 Q4 2025 Q4 2024
10 | Revenue |
Fuel | |
Lubricants | |
Others |
83,667,633 | 69,229,786 |
6,005,855 | 10,565,995 |
- | 108,226 |
89,673,488 | 79,904,007 |
83,667,633 | 69,229,786 |
6,005,855 | 10,523,636 |
- | 108,226 |
89,673,488 | 79,861,648 |
11.3 | General and Administration expenses |
Staff costs | |
Legal and Professional fees | |
Depreciation | |
Employee welfare | |
Travelling & Entertainment | |
Rental Expenses | |
Repairs and Maintenance | |
Business Development | |
Other expenses | |
Stationery and communication | |
Bank Charges | |
Insurance, medical and security | |
Licence fees | |
Directors remuneration | |
Amortisation on Prepayments | |
Pension costs | |
Auditors' remuneration | |
Amortisation of Intangible assets | |
Board Expenses | |
Training and staff Development |
Group | |
Q4 2025 | Q4 2024 |
Group | |
Q4 2025 | Q4 2024 |
87,161,370 | 70,363,301 |
20,307 | 41,588 |
4,918,112 | 2,873,923 |
92,099,789 | 73,278,812 |
Group | |
Q4 2025 | Q4 2024 |
Number | Number |
Expenses by function
12 | Cost of sales |
Selling and Distribution expenses | |
General and Administration expenses |
13 | Employees' remuneration and numbers |
Administration |
Operations |
Sales and marketing |
Senior Management |
Management |
Senior staff |
15 | 28 |
68 | 37 |
25 | 18 |
108 | 83 |
11 | 12 |
9 | 9 |
88 | 62 |
108 | 83 |
The number of employees, other than directors, who earned over N3,000,000 in the year:
N'000
Company | |
Q4 2025 | Q4 2024 |
87,276,940 | 70,354,263 |
15,502 | 41,588 |
4,760,669 | 2,740,633 |
92,053,111 | 73,136,484 |
Company | |
Q4 2025 | Q4 2024 |
Number | Number |
15 | 27 |
54 | 30 |
25 | 18 |
94 | 75 |
10 | 11 |
9 | 8 |
75 | 56 |
94 | 75 |
Group Q4 2025 | Q4 2024 | Company Q4 2025 | Q4 2024 | ||
Number | Number | Number | Number | ||
N3,000,001 - N4,000,000 | 32 | 25 | 26 | 22 | |
N4,000,001 - N5,000,000 | 19 | 10 | 14 | 6 | |
Above 5,000,000 | 57 | 48 | 54 | 47 |
108 | 83 |
94 | 75 |
The total employee benefits expense in the year comprise the following:
Salaries and wages |
Employee welfare |
Pension Costs |
Group | |
Q4 2025 | Q4 2024 |
N'000 | N'000 |
786,711 | 584,299 |
4,657 | 3,764 |
23,010 | 21,372 |
814,378 | 609,435 |
Company | |
Q4 2025 | Q4 2024 |
N'000 | N'000 |
734,546 | 544,830 |
4,280 | 3,592 |
21,118 | 19,658 |
759,944 | 568,080 |
14 | Directors' remuneration |
Fees for services as a director |
Other emoluments as management |
Group | |
Q4 2025 | Q4 2024 |
210,012 | 150,467 |
27,232 | 54,464 |
237,244 | 204,931 |
Company | |
Q4 2025 | Q4 2024 |
204,863 | 146,010 |
27,232 | 54,464 |
232,095 | 200,474 |
18,000 | 18,000 |
18,000 | 18,000 |
The emoluments of the chairman of the board (excluding pension contributions)
The table below shows the numbers of directors of the company whose remuneration excluding pension contributions fell within the bands stated.
Number | Number |
Q4 2025 | Q4 2024 |
Number | Number |
Q4 2025 | Q4 2024 |
Less than N500,001 |
N500,001 - N3,000,000 |
N8,000,001 - N12,000,000 |
More than N12,000,000 |
- | - |
- | - |
6 | 6 |
4 | 2 |
10 | 8 |
- | - |
- | - |
6 | 6 |
4 | 2 |
10 | 8 |
Group | |
Q4 2025 | Q4 2024 |
8,751,557 | 16,916 |
40,063 | 13,219 |
8,791,620 | 30,135 |
Group | |
Q4 2025 | Q4 2024 |
Company | |
Q4 2025 | Q4 2024 |
8,745,017 | 14,670 |
40,063 | 13,219 |
8,785,081 | 27,890 |
Company | |
Q4 2025 | Q4 2024 |
Other income |
Rent income |
N'000
15 | Other income |
16.1 | Impairement (charge)/reversal on credit loss |
Group | |
Q2 2025 | Q2 2024 |
Company | |
Q2 2025 | Q2 2024 |
16 | Finance income |
Interest income on short-term bank deposits |
811 | 1,488 |
811 | 1,488 |
811 | 4,914 |
811 | 4,914 |
- | (2,259,161) |
- | (2,259,161) |
- | (2,259,392) |
- | (2,259,392) |
Impairment charge (note 21)
16.2 | Net Foreign Exchange Gain/(Loss) |
(42,186) | (2,447) |
(42,186) | (2,447) |
(42,186) | (2,447) |
(42,186) | (2,447) |
Foreign exchange gain/Loss
17 | Finance cost |
Group | |
Q4 2025 | Q4 2024 |
Company | |
Q4 2025 | Q4 2024 |
Interest on Loan |
Interest on bank overdrafts |
Accretion charge |
1,138,902 | 809,402 |
(303,929) | 399,053 |
4,819 | 7,881 |
839,792 | 1,216,336 |
1,138,900 | 809,402 |
(303,929) | 399,053 |
4,148 | 7,123 |
839,119 | 1,215,578 |
This amount represents interest charges on various short term loans, overdrafts and trade finances.
18 | Taxation |
Group | |
Q4 2025 | Q4 2024 |
Company | |
Q4 2025 | Q4 2024 |
Current taxes on income for the quarter |
Education tax levy for the quarter |
Deferred Tax |
Tax expense on Income statement |
Tax on Other Comprehensive Income |
Total tax expense |
1,143,779 | 399,678 |
- | 92,263 |
- | 335,000 |
1,143,779 | 826,941 |
- | - |
1,143,779 | 826,941 |
1,143,779 | 399,678 |
- | 92,263 |
- | 335,000 |
1,143,779 | 826,941 |
- | - |
1,143,779 | 826,941 |
Corporation tax is calculated at 30 percent of the taxable profit for the year. The charge for taxation on these financial statements is based on the
Property, plant and equipment and intangible assets
Group
Property Plant and Equipment
Intangible Assets
Land
Buildings
Plant and Machinery
Capital Work-In-Progress
Office Equipment
Furniture & Fittings
Motor Vehicles
Total PPE
Computer Software
Total Intangible
Assets
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
Naira
Cost
At 1 January 2024
2,478,160
4,606,393
8,139,296
915,135
450,410
396,734
1,387,480
15,895,448
150,981
150,981
Additions in the year
61,367
563,374
2,256,775
69,192
21,850
915,184
3,887,742
-
-
Transfers (Note 19.4)
-
151,188
144,375
(594,846)
7,510
12,316
279,455
-
-
Asset Writen off (Note 19.3)
(200)
(11,578)
(84)
(480)
(12,342)
-
-
CWIP Writeoff
-
-
-
-
(104,610)
(104,610)
At 31 December 2024
2,478,160
4,818,949
8,846,846
2,565,485
527,028
430,420
2,477,510
19,666,238
150,981
150,981
Additions in the year
1,469
143,158
175,293
742,899
117,951
51,026
-
1,231,796
-
-
Transfers (Note 19.4)
283,278
758,723
447,183
(2,010,181)
33,333
43,252
444,413
-
-
Reclassification
-
-
-
-
Asset Writen off (Note 19.3)
(2,314)
(12,669)
(240,557)
(463)
(5,436)
(199,829)
(461,269)
Asset Disposed
(313,341)
(23,949)
-
(1,260)
-
(19,135)
(357,685)
-
-
At 31st December 2025
2,762,906
5,405,175
9,432,704
1,057,646
676,589
519,261
2,702,959
22,557,240
150,981
150,981
Accumulated Depreciation, Amortisation and Impairment
At 1 January 2024
-
(1,054,371)
(3,629,089)
-
(326,270)
(304,290)
(883,049)
(6,197,069)
(132,434)
(132,434)
Charge for the year
(225,575)
(333,136)
-
(61,333)
(42,703)
(300,074)
(962,821)
(18,547)
(18,547)
Asset Writen off (Note 19.3)
200
84
480
764
-
-
Asset Disposed
-
-
49,517
49,517
-
At 31 December 2024
-
(1,279,946)
(3,962,025)
-
(387,520)
(346,513)
(1,133,606)
(7,109,609)
(150,981)
(150,981)
Charge for the year
(276,976)
(363,358)
-
(81,632)
(39,990)
(426,146)
(1,188,102)
-
-
Asset Writen off (Note 19.3)
2,314
12,768
463
5,436
42,496
63,478
-
Asset Disposed
42,198
4,004
1,260
-
39,742
87,204
-
-
At 31st December 2025
-
(1,512,410)
(4,308,611)
-
(467,428)
(381,067)
(1,477,513)
(8,147,029)
(150,981)
(150,981)
Net Book Value
At 31 December 2024
2,478,160
3,539,003
4,884,821
2,565,485
139,508
83,907
1,343,904
15,034,790
0
0
At 31st December 2025
2,762,906
3,892,765
5,124,093
1,057,646
209,161
138,194
1,225,446
14,410,213
0
-
Capital WIP - Assets categorized as Capital Work-In-Progress are the cost of land and building, survey, cost of processing land documentation and various stations upgrades costs.
Assets pledged as security - The assets pledged as security in relation to loans held by the Company are primarily the storage tank farms held by the Company in Ibru Jetty, Ibafon, Apapa and the owned stations across the country. The value of security is N16.8billion.
Write off - Following the review of the Company's fixed Asset position at half year, assets which do not meet the capitalisation policy of the company were written off.
Transfers - These represent the movement of capital work in progress to the appropriate asset classes upon completion.
19 (Continued)
Other intangible assets | ||
Group/Company | ||
Intangible Assets | ||
Computer Software | Total Intangible Assets | |
N'000 | N'000 | |
Cost | ||
At 1 January 2024 | 150,981 | 150,981 |
Additions in the year | 124 | 124 |
Written off (Note 15.3) | - | - |
At 31 December 2024 | 151,105 | 151,105 |
Additions in the year | - | - |
At 31st December 2025 | 151,105 | 151,105 |
Amortisation | ||
At 1 January 2024 | (132,433) | (132,433) |
Charge for the year | (18,548) | (18,548) |
Asset Disposed | - | - |
At 31 December 2024 | (150,981) | (150,981) |
Charge for the year | - | - |
Asset Disposed | - | - |
At 31st December 2025 | (150,981) | (150,981) |
Carrying amount | ||
At 1 January 2024 | 18,547 | 18,547 |
At 31 December 2024 | 124 | 124 |
At 31st December 2025 | 124 | - |
19
Company
Property Plant and Equipment | |||||||||
Land | Buildings | Plant and Machinery | Capital Work-In-Progress | Office Equipment | Furniture & Fittings | Motor Vehicles | Total PPE | ||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
Naira | |||||||||
Cost | |||||||||
At 1 January 2024 | 2,457,578 | 4,372,042 | 7,337,083 | 847,365 | 376,666 | 357,669 | 1,360,412 | 17,108,815 | |
Additions in the year | 44,207 | 38,771 | 2,222,956 | 61,334 | 21,850 | 915,184 | 3,304,303 | ||
Transfers (Note 19.4) | - | 151,188 | 113,446 | (563,916) | 7,510 | 12,316 | 279,455 | - | |
Asset Writen off (Note 19.3) | - | (11,578) | (55) | (480) | (12,113) | ||||
CWIP Writeoff | - | - | - | (104,610) | (104,610) | ||||
At 31 December 2024 | 2,457,578 | 4,567,438 | 7,489,300 | 2,494,827 | 445,456 | 391,355 | 2,450,442 | 20,296,395 | |
Additions in the year | 1,469 | 71,966 | 58,710 | 727,594 | 69,535 | 43,670 | - | 972,943 | |
Transfers (Note 19.4) | 283,278 | 758,723 | 385,440 | (1,934,998) | 21,562 | 41,582 | 444,413 | - | |
Asset Writen off (Note 19.3) | - | (2,314) | (12,669) | (239,679) | (399) | (5,436) | (199,829) | (460,326) | |
Asset Disposed | - | (313,341) | (23,949) | - | (19,135) | (356,425) | |||
At 31st December 2025 | 2,742,324 | 5,082,472 | 7,896,832 | 1,047,744 | 536,154 | 471,171 | 2,675,891 | 20,452,587 | |
Accumulated Depreciation, | |||||||||
Amortisation and Impairment | |||||||||
At 1 January 2024 | - | (980,656) | (3,232,276) | - | (269,981) | (270,188) | (864,809) | (5,617,910) | |
Charge for the year | - | (210,855) | (281,340) | - | (56,855) | (40,167) | (295,594) | (884,812) | |
Asset Writen off (Note 19.3) | - | 55 | 480 | 535 | |||||
Asset Disposed | - | - | - | 49,517 | 49,517 | ||||
At 31 December 2024 | - | (1,191,511) | (3,513,616) | - | (326,781) | (309,875) | (1,110,886) | (6,452,670) | |
Charge for the year | - | (255,937) | (283,054) | - | (70,818) | (37,413) | (419,465) | (1,066,687) | |
Asset Writen off (Note 19.3) | - | 2,314 | 12,768 | 399 | 5,436 | 39,829 | 60,746 | ||
Asset Disposed | - | 42,198 | 4,004 | - | 39,742 | 85,944 | |||
At 31st December 2025 | - | (1,402,935) | (3,779,898) | - | (397,200) | (341,851) | (1,450,780) | (7,372,667) | |
Net Book Value At 31 December 2024 | 2,457,578 | 3,375,927 | 3,975,684 | 2,494,827 | 118,675 | 81,480 | 1,339,556 | 13,843,727 | |
At 31st December 2025 | 2,742,324 | 3,679,537 | 4,116,934 | 1,047,744 | 138,954 | 129,320 | 1,225,111 | 13,079,921 | |
Group | |
31 Dec 2025 | 31 Dec 2024 |
64,305 | 54,065 |
85,000 | 125,403 |
(92,639) | (115,163) |
56,666 | 64,305 |
274,400 | 200,990 |
56,666 | 64,305 |
331,066 | 265,295 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
64,305 | 54,065 |
85,000 | 125,403 |
(92,639) | (115,163) |
56,666 | 64,305 |
258,668 | 186,841 |
56,666 | 64,305 |
315,334 | 251,146 |
Notes to the consolidated financial statements
N'000 | N'000 N'000 N'000 |
20 | Right of Use Assets |
Opening Balance |
Additional lease |
Reclassification |
Depreciation |
Group | |
31 Dec 2025 | 31 Dec 2024 |
1,584,044 | 1,656,365 |
106,288 | 439,456 |
- | (100,000) |
(346,644) | (411,777) |
1,343,687 | 1,584,044 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
1,584,044 | 1,656,365 |
106,288 | 439,456 |
- | (100,000) |
(346,644) | (411,777) |
1,343,687 | 1,584,044 |
21 | Prepayments |
22 | Investments |
Company | |
31 Dec 2025 | 31 Dec 2024 |
Prepaid rent |
Additions |
Amortisation |
Other short term prepayment |
Total prepaid rents |
Total prepayments |
99.98% in Eterna Industries Limited |
100% in Eterna Marine and Services Limited |
49,990 | 49,990 |
1,000 | 1,000 |
50,990 | 50,990 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
575,382 | 575,382 |
575,382 | 575,382 |
575,382 | 575,382 |
575,382 | 575,382 |
Group | |
31 Dec 2025 | 31 Dec 2024 |
2,171,140 | 2,205,199 |
56,855,647 | 21,326,553 |
118,145 | 137,744 |
59,144,932 | 23,669,496 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
Raw materials |
Finished goods |
Consumables |
2,171,140 | 2,205,199 |
56,854,942 | 21,326,388 |
61,692 | 67,876 |
59,087,774 | 23,599,463 |
These investments are ultimately consolidated at group level.
Other Investments |
JUHI 2 Project |
Group | |
31 Dec 2025 | 31 Dec 2024 |
23 | Inventory |
Inventory is carried at the lower of cost or net realisable value. Cost is determined using weighted average method. The cost of finished goods and work in progress comprises of raw materials, importation logistics cost, direct labour, other direct costs and other production overheads. |
Net realisable value is the estimated selling price in the ordinary course of business less applicable variable selling expenses. |
Notes to the consolidated financial statements
N'000 | N'000 N'000 N'000 |
24 | Trade and other receivables |
Group | |
31 Dec 2025 | 31 Dec 2024 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
Trade receivables |
Less: Impairment of trade receivables |
Trade receivables - net |
Due to Group Companies |
Due from related parties |
Bridging claims |
Foreign Exchange Purchase Deposit |
Other receivables |
Loan to Juhi 2 |
Financial asset |
6,596,703 | 8,970,565 |
(2,588,127) | (2,588,127) |
4,008,577 | 6,382,438 |
- | - |
- | 39,495 |
1,926,582 | 1,926,582 |
- | 196,830 |
200,948 | 28,559 |
245,563 | 240,571 |
6,381,670 | 8,814,475 |
6,583,110 | 8,905,870 |
(2,588,127) | (2,588,127) |
3,994,984 | 6,317,743 |
2,599,180 | 1,987,641 |
- | 39,495 |
1,926,582 | 1,926,582 |
- | 196,830 |
200,948 | 209 |
245,563 | 240,571 |
8,967,257 | 10,709,071 |
Advances |
WHT receivables |
VAT receivables |
Non-financial asset |
3,419,977 | 7,698,909 |
1,169,633 | 1,578,954 |
1,955,385 | 1,454,446 |
6,544,995 | 10,732,309 |
3,421,741 | 7,702,128 |
1,169,633 | 1,578,954 |
1,911,275 | 1,432,569 |
6,502,649 | 10,713,651 |
12,926,664 | 19,546,784 |
15,469,906 | 21,422,722 |
25 | Cash and Cash Equivalents |
Cash and bank |
Short term deposits with Financial institutions |
Bank overdrafts |
Cash and bank balances |
Group | |
31 Dec 2025 | 31 Dec 2024 |
4,716,021 | 5,909,936 |
28,576 | 28,576 |
- | |
4,744,597 | 5,938,512 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
4,638,683 | 5,846,091 |
28,576 | 28,576 |
- | |
4,667,259 | 5,874,667 |
Bank overdrafts |
Cash and Cash equivalents |
- | (4,302,576) |
4,744,597 | 1,635,936 |
- | (4,302,576) |
4,667,259 | 1,572,091 |
26 | Borrowings |
Current |
Opening balance |
Additions |
Interest on trading cost |
Foreign exchange loss on loan |
Repayment |
Group | |
31 Dec 2025 | 31 Dec 2024 |
49,072,203 | 43,229,923 |
143,759,634 | 192,627,084 |
4,939,555 | 5,504,605 |
- | 12,546,181 |
(128,256,442) | (204,835,590) |
69,514,950 | 49,072,203 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
49,072,203 | 43,229,923 |
143,759,634 | 192,627,084 |
4,939,555 | 5,504,605 |
- | 12,546,181 |
(128,256,442) | (204,835,590) |
69,514,950 | 49,072,203 |
- | 4,302,576 |
69,514,950 | 53,374,779 |
- | 4,302,576 |
69,514,950 | 53,374,779 |
Bank overdraft
60,058,052 | 41,641,686 |
60,058,052 | 41,641,686 |
9,456,898 | 11,733,093 |
9,456,898 | 11,733,093 |
27 | Decomissioning Liability |
Group | |
31 Dec 2025 | 31 Dec 2024 |
250,032 | 211,835 |
31,644 | 38,197 |
299,053 | 250,032 |
Company | |
31 Dec 2025 | 31 Dec 2024 |
227,608 | 193,138 |
25,023 | 34,470 |
252,631 | 227,608 |
Balance as at 1 January Accretion expenses
Notes to the consolidated financial statements | |||
N'000 | N'000 | N'000 | N'000 |
Group 31 Dec 2025 | 31 Dec 2024 | Company 31 Dec 2025 | 31 Dec 2024 |
Trade creditors |
Bridging Allowance |
Other payables |
Due to Related Parties |
Financial Liabilities |
3,642,593 | 851,442 |
423,377 | 423,377 |
2,032,495 | 2,455,714 |
2,361,439 | 1,492,041 |
8,459,904 | 5,222,574 |
3,642,593 | 838,565 |
423,377 | 423,377 |
2,093,883 | 2,375,502 |
2,361,439 | 1,492,041 |
8,521,292 | 5,129,485 |
Advance received |
VAT payables |
Tax related liabilities |
Accrued payables |
Non-financial liabilities |
762,578 | 976,459 |
50,317 | - |
856,414 | 107,320 |
2,588,154 | 969,229 |
4,257,463 | 2,053,008 |
762,578 | 976,459 |
- | - |
852,449 | 78,939 |
2,588,154 | 966,930 |
4,203,181 | 2,022,328 |
12,717,367 | 7,275,582 |
12,724,473 | 7,151,813 |
29 | Share Capital |
Issued, alloted and fully paid: |
1,304,145 thousand Ordinary shares of 50k each |
652,072 | 652,072 |
Issued and fully alloted: |
1,304,145 thousand Ordinary shares of 50k each |
652,072 | 652,072 |
28 | Trade and other payables |
31 Dec 2025 | 31 Dec 2024 |
Authorised: |
1,600,000 thousands Ordinary shares of 50k each |
800,000 | 800,000 |
Number of shares | Ordinary shares | Share premium | Total |
At 1 January 2024 |
Capitalised during the period |
Issue of new shares |
At 31 December 2025 |
1,304,145 | 652,072 | 5,796,053 | 6,448,125 |
- | - | - | - |
- | - | - | - |
1,304,145 | 652,072 | 5,796,053 | 6,448,125 |
30 | Earnings per share |
(a) | Basic |
Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year. |
31 Dec 2025 | 31 Dec 2024 |
31 Dec 2025 | 31 Dec 2024 |
Profit/(loss) for the year attributable to shareholders (in N'000) |
Weighted average number of ordinary shares in issue |
Basic earnings per share (in N'000) |
2,283,320 | 3,228,052 |
1,304,145 | 1,304,145 |
1.75 | 2.48 |
2,680,150 | 3,228,052 |
1,304,145 | 1,304,145 |
2.06 | 2.48 |
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
Group | Company | ||
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
1,157,705 | 3,228,052 |
1,304,145 | 1,304,145 |
Profit/(loss) for the year attributable to shareholders (in N'000) | 2,283,320 | 3,228,052 |
Weighted average number of ordinary shares in issue | 1,304,145 | 1,304,145 |
Adjustments for : | ||
- Share options | - |
-
Weighted average number of ordinary shares for diluted earnings per share (thousands) | 1,304,145 | 1,304,145 |
1,304,145 | 1,304,145 |
1.75 | 2.48 |
0.89 | 2.48 |
Basic earnings per share (in N'000)
Profit/(loss) before tax |
Taxation |
1,348,624 | (9,332,123) | 1,012,252 | (1,100,132) |
1,348,624 | (9,332,123) | 1,012,252 | (1,100,132) |
The five-year financial summary is included for the purposes of the Companies and Allied Matters Act. | |||||
Group | |||||
Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | |
Financial performance | |||||
Revenue | 302,516,884 | 313,615,914 | 183,375,434 | 116,472,441 | 82,197,987 |
6,858,435 | 4,483,846 | (7,878,667) | 2,097,874 | (936,415) | |||||
(4,575,115) | (3,135,222) | (1,453,456) | (1,085,622) | (163,717) | |||||
Profit/(loss) for the year | 2,283,320 | ||||||||
Non - controlling interest | - | (2) | - | 44 | 4 | ||||
Total comprehensive Income/(loss) for the year | 2,283,320 | ||||||||
Basic earnings per share (kobo) | 1.75 | 2.48 | (7.16) | 0.78 | (0.84) | ||||
Diluted earnings per share (kobo) | 1.75 | 2.48 | (7.16) | 0.78 | (0.84) |
Financial position |
Share capital |
Share premium |
Non -controlling interest |
Retained Earnings |
Total equity |
652,072 | 652,072 | 652,072 | 652,072 | 652,072 | |
5,796,053 | 5,796,053 | 5,796,053 | 5,796,053 | 5,796,053 | |
(4) | (4) | (2) | (2) | 42 | |
685,671 | (1,597,649) | (2,845,284) | 6,682,461 | 5,670,208 | |
7,133,792 | 4,850,472 3,602,839 13,130,584 12,118,375 | ||||
Property, plant and equipment |
Other non-current assets |
Net Current Assets/(liabilities) |
Non-current liabilities |
Net assets |
14,410,213 | 15,034,790 | 12,195,086 | 12,241,840 | 12,465,742 |
1,919,069 | 2,967,907 | 2,131,747 | 2,400,278 | 2,690,470 |
2,564,023 | (1,169,099) | (9,136,226) | 48,668 | (707,721) |
(11,759,511) | (11,983,125) | (1,587,768) | (1,560,203) | (2,330,115) |
7,133,792 4,850,472 3,602,839 13,130,584 12,118,375 | ||||
Net assets per share (Naira) 5.47 2.69 2.76 10.07 9.29
Earnings per share is based on the profit attributable to shareholders computed on the basis of the number of issued ordinary shares as at the end of each financial years.
Net assets per share is based on the net assets as the number of issued ordinary shares as at the end of each financial years.
Eterna Plc Consolidated Financial Statements for the year ended 31st December 2025FREE FLOAT COMPUTATION
Company Name: Eterna Plc Reporting Period December 31, 2025 Issued Share Capital 1,304,144,647 Share Capital (N) 652,072,324 Shareholding Structure/ Free Float StatusDescription | 31-Dec-25 | 31-Dec-24 | ||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 1,304,144,647 | 100 | 1,304,144,647 | 100 |
Substantial Shareholding (5% and above) | ||||
Preline Limited | 819,319,923 | 62.82 | 819,319,923 | 62.82 |
Total Substantial Shareholding | 819,319,923 | 62.82 | 819,319,923 | 62.82 |
Director's Shareholdings (Direct and indirect) excluding directors with substantial interests | ||||
Dr. Gabriel Ogbechie | - | - | - | - |
Mrs. Godrey Ogbechie | 150,000 | 0.01 | 150,000 | 0.01 |
Mr Olumide Adeosun | - | - | - | - |
Mrs. Phoebean Ifeadi | 175,000 | 0.01 | 162,000 | 0.01 |
Mr. Anibor Kragha | - | - | - | - |
Mr. Emmanuel Omuojine | 58,382 | 0.00 | 131,776 | 0.01 |
Barr. Okechukwu Omezi | - | - | - | - |
Dr. Akinwande Ademosu | - | - | - | - |
Agagu Olubunmi Olayemi | 43,500 | 0.00 | 43,500 | 0.00 |
Ashiegbu Okechukwu | - | - | - | - |
Total Directors' Shareholding | 426,882 | 0.03 | 487,276 | 0.04 |
Other Influential Shareholding | ||||
Norsworthy Investment Limited | 20,115,273 | 1.54 | 20,115,273 | 1.54 |
Government Shareholding | 1,000,089 | 0.08 | 2,050 | 0.00 |
Free Float in Units and Percentage | 463,282,480 | 35.52 | 464,220,125 | 35.60 |
Total | 1,304,144,647 | 100 | 1,304,144,647 | 100 |
Declaration: |
Eterna Plc with a free float percentage of 35.52% as at December 31, 2025, is compliant with the exchange's free float requirements for companies listed on the main board |