Ellah Lakes Plc has released its audited financial results for the seventeen-month period ended December 31, 2025, marking a significant shift into early-stage commercial operations and showcasing strong growth in revenue, assets, and production capacity. The company reported revenue of ₦146.66 million, a dramatic rise from ₦0.78 million in the previous twelve-month period ending July 31, 2024, representing an increase of over 18,700 percent. This surge was driven by initial harvests and sales of Fresh Fruit Bunches (FFBs) and early contributions from newly launched livestock operations.
Gross profit for the period reached ₦130.06 million, up from ₦0.78 million in the prior period, reflecting improved operational activity following the start of commercial production. Despite the revenue growth, Ellah Lakes recorded an operating loss of ₦3.84 billion, wider than the ₦893.94 million loss in the previous reporting period. The expanded loss was attributed to high expansion costs, startup activities, and non-recurring transaction expenses. Earnings per share stood at -₦1.00, compared to -₦0.32 in the prior period, highlighting the financial strain of scaling operations.
Total assets grew by 15.1 percent to ₦28.26 billion, up from ₦24.55 billion as of July 2024. This increase was supported by continued investment in plantation development, processing infrastructure, and an improved cash position. The company planted 17,000 seedlings and maintained 47,000 in its nursery, reinforcing its long-term production pipeline. However, total liabilities jumped by 189.5 percent to ₦7.83 billion, mainly due to ₦7.08 billion in related-party payables linked to subscription funds from an uncompleted public offer.
As a result, total equity declined by 6.5 percent to ₦20.43 billion from ₦21.85 billion. Leverage metrics also rose, with debt-to-assets increasing to 27.7 percent from 11.0 percent, and debt-to-equity climbing 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, allowing internal processing and greater value capture across its palm oil value chain. The company also launched pig farming, marking a strategic diversification into livestock.
Chief Executive Officer Chuka Mordi noted that the reporting period represents a critical transition phase for the business. He emphasized that while the financial results reflect the costs of expansion and early-stage operations, they lay the foundation for scaling the company’s agro-industrial platform. Management remains focused on improving yields, enhancing processing efficiency, and delivering long-term shareholder value. Ellah Lakes also confirmed its shift to a December financial year-end, aligning its reporting cycle with agricultural operations and improving comparability with industry peers. This strategic move underscores the company’s commitment to sustainable growth and operational transparency in Nigeria’s agribusiness sector.
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