Eterna forecasts N243.7m profit for Q4 2020


By Kayode Tokede

Eterna Plc on The Nigerian Stock Exchange (NSE) released a forecast of N60.816 billion revenue  and profit after tax (PTA) of N243.706 million for the fourth quarter (Q4) 2020.

Comparatively, the company reported a N144.289 million loss in full year 2019 as against profit after tax of N1.009 billion in 2018.

In a separate notification signed by Bunmi Agagu, Company Secretary/Legal Adviser the company said its Board had approved the appointment of Mr. Farouk Ahmed to the Board as a Non-Executive Director effective 1st September 2020.

“Mr. Ahmed is a graduate of Southern Illinois University Carbondale, USA where he obtained a Bachelor of Science degree in Engineering Technology. He commenced his career as a Logic Board Verification

Engineer at Apple Computer Inc. (later called Apple Inc.), in Dallas, Tx. USA,” the notification said.

“He returned to Nigeria to honour the call to serve his fatherland under the National Youth Service Corps (NYSC) and later joined the Nigerian National Petroleum Corporation (NNPC) where he grew through the ranks and spent thirty-two meritorious years. Mr. Ahmed has a sound commercial and trading background and has held several senior positions over the 34 years’ spanning his professional career in the oil and gas industry including the positions of: Senior Crude Oil Trader – Duke Oil Inc.; Manager – Crude Oil Export Programming and Nominations, Shipping and Terminals

(Crude Oil Marketing Division-NNPC); Executive Director-Commercial – Petroleum Products Marketing Company (PPMC); Managing Director – NiDAS Marine Limited; Executive Secretary – Petroleum Products Pricing Regulatory Authority (PPPRA); Managing Director – PPMC; Special Adviser (Downstream) to the GMD-NNPC.

“Mr. Ahmed is a Member of the Nigerian Society of Engineers (NSE); Member of the Institute of Electrical and Electronics Engineers (IEEE-USA) and a Registered member of the Council for the

Regulation of Engineering in Nigeria (COREN). He was a member of the Governing Board of the Nigerian Shippers Council and is currently the MD/CEO – Hauwath Consulting Limited.”