Eterna Plc is forecasting ₦3.7 billion in profit after tax for the fourth quarter after first-half profits surged more than tenfold to ₦5.9 billion.
The oil and gas company expects to make ₦133.4 billion in revenue and ₦3.7 billion in profit after tax in Q4 2026. Combined with first-half results, that already points to a much stronger 2026 than last year, though a full-year total cannot be confirmed until third-quarter figures are available.
In the first six months of 2026, Eterna’s revenue rose 38% to ₦217.3 billion, mainly because of stronger fuel sales. But the bigger story was its profit.
The company made ₦5.9 billion in profit after tax, compared with just ₦574 million in the same period last year. That means Eterna’s profit was more than 10 times higher than it was a year earlier.
The improvement continued in the second quarter. Eterna recorded ₦146.8 billion in revenue and ₦4.5 billion in profit, compared with a loss in Q2 2025.
Eterna’s finances also look healthier. The company ended the half year with ₦20.4 billion in cash, up from ₦4.7 billion at the end of 2025. At the same time, its current borrowings dropped from ₦59.9 billion to ₦21.8 billion.
It also raised about ₦19 billion through a share issue, giving the company more capital to work with.
For investors, the main question is whether Eterna can keep this momentum going. Most of the growth is coming from its fuel business, while its lubricants business recorded lower revenue.
So, investors will be watching fuel sales, profit margins, debt and cash flow closely in the second half of the year.
If Eterna meets its Q4 forecast, the company could close 2026 with significantly stronger profits and a much healthier balance sheet than it had at the start of the year.
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