Ellah Lakes Plc has released its unaudited financial results for the 17 months ended 31 December 2025, showing continued revenue growth alongside ongoing substantial operating losses.
The latest consolidated financial statements show total assets of ₦30.29 billion, down slightly from ₦31.05 billion at the end of July 2025, while total equity stood at ₦22.01 billion. Current assets contracted as cash and cash equivalents fell significantly during the period.
Revenue Growth but Red Ink Persists
Ellah Lakes reported revenue of ₦146.66 million for the 17-month period, a strong increase from ₦19.75 million in the comparative period a year earlier — reflecting a broader expansion of its agricultural production and processing operations.
However, the company remained deep in the red, with a net operating loss of ₦1.87 billion and an earnings per share (EPS) of -0.60. Administrative and personnel expenses continued to weigh heavily, and finance costs added further pressure.
The extended reporting period — covering 17 months rather than the usual 12 — reflects a calendar shift in the company’s financial year.
Balance Sheet Highlights
- Total assets: ₦30.29bn (vs ₦31.05bn)
- Total liabilities: ₦8.28bn (vs ₦8.39bn)
- Equity: ₦22.01bn
- Cash & equivalents: fell sharply during the period
The group’s property, plant and equipment remained a major component of assets, while retained losses widened, reflecting accumulated deficits from ongoing operations.
Cash Flow Strain
Operating and investing activities generated significant cash outflows, with net cash used in operating operations exceeding ₦1.1 billion and investing activities consuming an additional ₦1.78 billion. Limited inflows from financing activities offered only partial offset.
Ellah Lakes Expansion Push
Ellah Lakes has been pursuing aggressive expansion in recent years, with expanded palm-oil cultivation and agro-processing capacity aimed at positioning the company as a major integrated agribusiness. Revenue growth over the reporting cycle aligns with that strategy, but profitability remains elusive as the company absorbs rising costs and scale-up expenditures.
Investors have been following these developments closely amid broader capital-market activity — including a recent N235 billion public offer to fund growth and asset acquisitions.
