Eterna shareholders get dividend after 15years

An indigenous player in the nation’s oil and gas sector, Eterna Plc has announced a dividend of 25 kobo per ordinary share for its shareholders, which is the first time in the last 15 years.

At its Annual General Meeting in Lagos weekend,the  company promised to sustain the dividend trend ‎ with a view to adding value to the shareholders.
Its chairman,Chief(Dr)Micheal Ade Ojo,said at the meeting:”This is the first time in 15 years that a dividend has been declared by our company and I’m confident that your company has now embarked on a continuous dividend payment trajectory having regard to the enduring corporate structures that have been put in place in the lasr few years”.

He said the company’s rate of turnover hit N92.6billion in 2015,representing 11.82 increase over the rate declared in 2014

He added that the company’s gross profit has witnessed steady growth from N2.3billion in 2011 to N3billion in 2015,saying the fluctuation in the gross profit figure was due to foreign exchange losses and volatility of petroleum products prices in the local market in the given period.

He said:”I am pleased to inform you that our company’s net assets have continued to grow year on year,as the company has been able to plough back its profits into increasing its trading portfolio and investments in new business areas. As a result,our shareholders’ funds have increased from N5.4billion in 2011 to 9.68billion in 2015”.

He spoke on the company’s future outlook,stressing that the prospects are great on the premise of all the foundations laid for continuous strategic growth in the past years.

The company,he added,is confident that the coming years are the years of harvest.