…Company’s statement on Earnings
SAT APRIL 11 2026-theGBJournal| Ellah Lakes Plc. Nigeria’s integrated agro-industrial company, today publishes its audited financial results for the seventeen-month period ended 31 December 2025.
This reporting period reflects a transition to a December financial year-end, enhancing comparability with industry peers, strengthening reporting discipline, and aligning financial reporting with the agricultural operating cycle, from planting through harvest and processing, providing a more accurate reflection of the Company’s operational performance.
The period further captures an important phase in Ellah Lakes’ evolution, marked by the commencement of early commercial operations, continued asset development, and ongoing efforts to strengthen the operational foundations of the business.
During the period, Ellah Lakes progressed from early-stage asset development toward a more structured and resilient agro-industrial platform, underpinned by strengthened liquidity, reduced leverage, and expanding productive capacity across its core value chains.
Business Update
-Delivering Growth and Strengthening Foundations
During the seventeen-month period, Ellah Lakes recorded ₦146.66 million in revenue, driven by initial harvests and sales of Fresh Fruit Bunches (FFBs). These cash flows supported operational stability while larger assets continue to mature.
-Commissioned Processing Capacity to Capture More Value
A key operational milestone during the period was the commissioning of the Company’s upgraded 5- tonnes-per-hour crude palm oil mill in July 2025, which began production during the period.
This strengthens Ellah Lakes’ ability to process output internally and capture more value across its palm oil value chain as plantation maturity improves.
-Advanced Plantation Development and Productive Capacity
During the period, the Company planted 17,000 seedlings and maintained 47,000 seedlings in the nursery, as part of a broader planting programme. This supports Ellah Lakes’ medium-term production pipeline and provides a stronger foundation for future output as more hectares move into productive phases.
Commenting on the results, (Chuka Mordi), Chief Executive Officer of Ellah Lakes Plc. said: ”The seventeen-month period marks an important transition for Ellah Lakes as we progressed from asset development into early-stage commercial operations.
During the period, we commissioned our upgraded crude palm oil mill, advanced plantation development, and commenced pig farming activities, marking the beginning of revenue generation across our core value chains.
While our reported results reflect the cost of expansion, start-up activities and non-recurring transaction-related expenses, they also establish the operational foundation required to scale the business.
Our focus now is on improving yields from maturing plantations, increasing processing throughput, and driving greater efficiency across our operations.
We remain committed to disciplined execution and capital stewardship as we work towards translating our asset base into stronger operating performance and long-term value for shareholders.”
Financial Review
-Revenue: Ellah Lakes’ Total revenue increased to N146.66 million (12 months to 31 July 2024: N0.78 million) reflecting the start of commercial activity from the Company’s palm and livestock operations.
Revenue comprised N136.41 million from oil palm produce and N10.25 million from livestock. The increase was supported by the commissioning of the upgraded 5-tonnes-per-hour crude palm oil mill in July 2025 and the
-Gross Profit: Gross profit rose to N130.06 million (12 months to 31 July 2024: N0.78 million), reflecting a meaningful contribution from early commercial operations. While still modest relative to the Company’s scale ambitions.
-Total Assets: Total assets increased by 15.1% to N28.26 billion (31 July 2024: N24.55 billion). The increase reflects continued investment in plantation and processing assets, including growth in property, plant and equipment, as well as a stronger period-end cash position.
During the period, the Company also planted 17,000 seedlings and had 47,000 seedlings in the nursery for future planting, supporting its long-term cultivation pipeline.
-Total Liabilities: Total liabilities increased by 189.5% to N7.83 billion (31 July 2024: N2.70 billion) primarily due to the recognition of N7.08 billion in related-party payables arising from subscription monies received in connection with the public offer that was not completed.
-Total Equity: Total equity declined by 6.5% to N20.43 billion (31 July 2024: N21.85 billion). The Company’s equity base continues to be supported by its underlying land and plantation asset position, including a N14.93 billion revaluation surplus.
-Debt-to-Assets: Debt-to-assets increased by 1,669 basis points to 27.7% (31 July 2024:11.0%). The increase in leverage reflects the temporary impact of funding-related balances recognised at period end.
The Company continues to maintain balance sheet flexibility as it advances its growth
strategy.
Outlook: Building Long-Term Value
Ellah Lakes enters the new period with a stronger operational base, underpinned by its expanded landbank, commissioned processing infrastructure and growing activity across its core agribusiness segments.
The commissioning of the crude palm oil mill marked an important step in enabling the
Company to capture more value from its maturing plantations, while continued progress across palm, cassava and livestock supports a more diversified operating platform.
As the business scales, management remains focused on improving output, strengthening efficiency and deepening value chain integration. Against a challenging macroeconomic backdrop, Ellah Lakes continues to prioritise disciplined execution, local value creation and long-term shareholder value.
The Company is positioning to deepen its contribution to Nigeria’s food security and import substitution agenda, while building a stronger foundation for long-term shareholder value.
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