Oil & Gas company, Eterna, has released its earnings report for the third quarter of 2020, with the company generating NGN15.4 billion revenue in Q3 this year, while in the corresponding period of 2019 third quarter, Eterna reported NGN55.4 billion as revenue for the period; this is a drop of 72.1% in revenue of Eterna.
In the statement seen by AllNews, Eterna managed to grow its grossed profit as the company reduced its cost of sales in Q3 this year, with NGN13.9 billion reported as cost of sales in 2020 Q3, well below the NGN54.1 billion recorded as cost of sales in the corresponding period of 2019.
The company reported that its grossed profit rose to NGN1.4 billion in the three months of Q3 2020 which falls between July to September. This amount is slightly higher than the NGN1.3 billion reported as grossed profit for the corresponding period of last year's Q3.
Eterna's Profit Before Tax also recorded growth, as the oil company reported in the financial statement that it recorded NGN335.3 billion in 2020 third quarter, rising above the NGN56.1 billion reported as Profit Before Tax in the same period last year.
Profit After Tax followed the same path, as Eterna reported NGN260.1 billion in the third quarter of 2020, surpassing the NGN40.3 billion posted in the corresponding period of 2019 third quarter. Meanwhile, Operating Profit of Eterna grew in the Q3 2020, hitting NGN656.7 billion, higher than the NGN531,2 billion reported for Q3 last year.
Click the Link to see Full Report.