Eterna Plc’s nine-month net income rose more than twentyfold as revenue climbed 71.7 percent, pushing earnings per share to N3.36 from N0.25 a year earlier.

Profit after tax reached N7.34 billion in the nine months ended Sept. 30, up from N325.88 million in the same period of 2025, according to the company’s unaudited consolidated results.

Revenue rose to N365.56 billion from N212.84 billion. Gross profit increased to N23.33 billion from N9.94 billion, which works out to a gross margin of about 6.4 percent, up from roughly 4.7 percent.

Read also: Six takeaways from Eterna’s half-year 2026 results

Operating profit more than tripled to N11.19 billion from N3.19 billion. Profit before tax climbed to N10.28 billion from N1.40 billion.

Total assets stood at N114.19 billion at Sept. 30, compared with N92.19 billion at the end of 2025, an increase of about 24 percent. Total equity rose to N32.99 billion from N7.77 billion over the same period, more than quadrupling and strengthening the company’s financial position.

Jude Nwaulune, managing director and chief executive officer said the results reflect progress in building a stronger business.

“Our Q3 YTD results reflect the progress we are making in building a stronger and more resilient Eterna,” he said. “We remain committed to driving efficiency across our operations, pursuing opportunities for growth and creating long-term value for our shareholders and stakeholders.”

Nwaulune also pointed to the company’s focus on operational performance and financial discipline.

Eterna said it is concentrating on fuels, lubricants and gas. Its initiatives include strengthening distribution, improving the customer experience and sustaining growth across its businesses.

The results show a business that is much larger in sales and also earning more from each naira of revenue. Even so, margins remain thin in absolute terms. Gross profit was a small share of revenue, which suggests the company still depends on volume to generate returns.