Ellah Lakes Plc has reported a significant operating loss for the fifteen months ending October 31, 2025, as rising administrative and personnel costs continued to weigh heavily on the agribusiness company’s financial performance.
The financial statements were endorsed by Chief Executive Officer Mr Chuka Mordi and Finance Manager Olushola Dehindilu, both of whom signed off on the report on November 28, 2025.
According to the unaudited financial statements, the company recorded an operating loss of ₦1.92 billion during the period, compared to ₦1.15 billion reported in the previous fifteen-month cycle ending October 2024.
The firm generated ₦72.16 million in revenue, a sharp increase from the ₦1.03 million posted in the previous comparable period.
However, this improvement was overshadowed by rising operational expenses. Administrative costs climbed to ₦900.1 million, while personnel expenses increased to ₦1.02 billion, up from ₦785.53 million the year before.
Finance costs remained high at ₦58.52 million, although this was lower than the ₦157.56 million recorded in the 2024 period. Depreciation charges amounted to ₦5.49 million.
The company also reported a foreign exchange loss of ₦191.99 million, reversing the prior year’s gain of ₦152.26 million. However, Ellah Lakes recognised other income of ₦186.05 million, which helped to moderate the overall loss.
For the most recent three-month period ending October 2025, the company posted an operating loss of ₦304.92 million, slightly higher than the ₦260.27 million recorded in the same quarter of 2024.
Quarterly revenue stood at ₦5.05 million, while the cost of sales was minimal at ₦277,000, resulting in a gross profit of ₦4.78 million.
Despite persistent losses, Ellah Lakes maintained a relatively stable asset base. Total assets stood at ₦30.74 billion as of October 31, 2025, compared to ₦31.05 billion as of July 2025.
Non-current assets—including property, plant and equipment, biological assets, goodwill, and other assets—rose slightly to ₦26.35 billion. Current assets stood at ₦4.39 billion, with cash and cash equivalents closing at ₦3.70 billion.
Total liabilities were reported at ₦8.38 billion, marginally lower than the ₦8.39 billion recorded in the July 2025 audited figures. The company’s equity position remained strong at ₦22.36 billion, supported primarily by a substantial revaluation surplus of ₦14.93 billion and a share premium of ₦8.20 billion.
Retained losses, however, deepened to ₦5.91 billion, compared to ₦5.60 billion in the July audited accounts.
