Indigenous oil firm, Eterna Oil Plc has released its financial statements for the third quarter ended 30th September 2016 showing a net profit growth of 144 percent or N99.2 million to N1.7 billion in the first nine months of 2016, from N687.8 million generated in the same period of 2015.
The financial statement released at the Nigerian Stock Exchange, NSE, showed that revenue jumped by 3 percent to N72.2 billion in 2016 from N69.9 billion recorded in 2015.
The gross profit of the company increased by 94 percent to N4.2 billion compared to N2.2 billion in 2015, while profit before tax shot up 144 percent to N2.5 billion from N1.0 billion posted in the nine month period of 2015.
Basic Earnings per share recorded similar growth of 144 percent, having improved to N1.29 per share from 53 kobo per share.
The statement also revealed that net assets improved by 41 percent to N14.7 billion from N10.5 billion reported in September 2015, but total current liabilities shot up by 111 percent to N6.7 billion in contrast to N4.6 billion reported in the same period of 2015.
Meanwhile, Eterna Oil Plc has announced the proposal of a dividend of 25 kobo per share to investors of the company.
Eterna said on Friday that closure of Register for the period ended September 30, 2016 is November 22, 2016, payment date is December 12, 2016 after its annual general meeting (AGM) scheduled for December 8, 2016.
