Ellah Lakes Reports ₦146.66 Million Revenue, Expands Assets to ₦28.26 Billion in 17-Month Results

Ellah Lakes Plc has released its audited financial results for the seventeen-month period ended December 31, 2025, showing a transition into early-stage commercial operations alongside a significant expansion in asset base and production capacity.

The company reported revenue of ₦146.66 million, a sharp increase from ₦0.78 million recorded in the previous twelve-month period ended July 31, 2024, representing a growth of over 18,700 percent.

The surge in revenue was driven by initial harvests and sales of Fresh Fruit Bunches (FFBs) as well as early contributions from livestock operations.

Gross profit rose to ₦130.06 million, compared to ₦0.78 million in the prior period amid improved operational activity following the commencement of commercial production.

However, the company reported an operating loss of ₦3.84 billion, wider than the ₦893.94 million loss recorded previously as expansion costs, startup activities, and non-recurring transaction expenses weighed on earnings.

Earnings per share stood at -₦1.00, compared to -₦0.32 in the prior period.

Total assets increased by 15.1 percent to ₦28.26 billion, up from ₦24.55 billion as of July 2024, supported by continued investment in plantation development, processing infrastructure, and improved cash position.

The company’s expansion drive included planting 17,000 seedlings and maintaining 47,000 seedlings in its nursery, strengthening its long-term production pipeline.

Total liabilities surged by 189.5 percent to ₦7.83 billion, largely due to the recognition of ₦7.08 billion in related-party payables linked to subscription funds from an uncompleted public offer.

Consequently, total equity declined by 6.5 percent to ₦20.43 billion, compared to ₦21.85 billion previously.

Leverage metrics also increased during the period, with debt-to-assets rising to 27.7 percent from 11.0 percent, while debt-to-equity climbed to 38.3 percent from 12.4 percent.

Operationally, Ellah Lakes achieved a key milestone with the commissioning of its upgraded 5-tonnes-per-hour crude palm oil mill in July 2025, enabling the company to process output internally and capture more value across its palm oil value chain.

The company also commenced pig farming activities, marking diversification into livestock.

Commenting on the results, Chief Executive Officer Chuka Mordi said the reporting period represents a critical transition phase for the business.

He stated that while the financial results reflect the cost of expansion and early-stage operations, they establish the foundation required to scale the company’s agro-industrial platform.

He added that management remains focused on improving yields, increasing processing efficiency, and delivering long-term shareholder value.

Ellah Lakes also confirmed its transition to a December financial year-end, aligning its reporting cycle with agricultural operations and improving comparability with industry peers.