Eterna’s topline performance improved in 2021FY by 39.99%YoY as revenue reached NGN82.20bn in the period. This performance was driven by the fuel and lubricant segments of the business, achieving a growth of 42.19%YoY and 104.85%YoY respectively. We attribute this to the expansion of the company’s retail outlet now totaling about 66 stations. Also, we do not rule out the impact of product price uptick, especially for deregulated petroleum commodities. For the bulk trading business, growth was marginal compared to other key income segments, up by a little above 4% (NGN1.08bn).
