About ETERNA

Founded: 1989
Employees: 145
CEO: Jude Nwaulune
WebsiteView website: www.eternaplc.com

Eterna Plc, an integrated energy company, manufactures and sells lubricating oils and petrochemicals in Nigeria. It operates through Retail and Industrial and Lubricants and Chemicals segments. The Retail and Industrial segment is involved in the sale and distribution of petroleum products, including white products in retail outlets, small units, and to industrial customers. The Lubricants and Chemicals segment distributes manufactured and imported lubricants and chemicals to marine and energy customers. The company also imports and sells bulk petroleum products, such as premium motor spirit, automotive gas oil, aviation turbine fuel, and base oils. In addition, it provides bunkering; gas distribution; liquefied petroleum gas and natural gas marketing; offshore and onshore oil; and gas processing services, as well as trades in crude oil and other refined petroleum products. Eterna Plc was incorporated in 1989 and is headquartered in Lagos, Nigeria. The company operates as a subsidiary of Preline Limited.

Recent ETERNA News & Updates

New Risk • May 25

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 68% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). High level of non-cash earnings (24% accrual ratio). Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₦75.3b market cap, or US$54.9m).

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About ETERNA

Recent ETERNA News & Updates

Eterna Plc to Report Q2, 2026 Results on Jul 27, 2026

Eterna Plc Intensifies Retail Expansion and Business Diversification Strategy

New major risk - Shareholder dilution

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