Ellah Lakes Plc, in its latest financial statements, has disclosed a ₦1.87 billion loss from June 2025 to December 31, 2025, representing a 31% increase from the ₦1.43 billion loss recorded in the same period in 2024, News.ng reports.
This was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday, following approval by the Chief Executive Officer, Mr Chuka Mordi, and the Finance Manager, Olushola Dehindilu.
According to the financial statements, the company recorded a mixed performance as revenue rose to ₦146.66 million from ₦19.75 million in the same period in 2024. The company posted ₦130.06 million as gross profit, with ₦16.60 million recorded as cost of sales.
Furthermore, administrative expenses doubled to ₦1.20 billion from ₦506.98 million, while personnel expenses increased from ₦935.59 million to ₦1.19 billion.
On finance costs, Ellah Lakes recorded ₦60.39 million, compared with ₦166.58 million in the same period in 2024. This was reflected in the company’s share price, which declined to ₦0.60 from ₦0.71.
More losses were recorded as the company saw a slight decline in its balance sheet to ₦30.29 billion from ₦31.05 billion as of July 31, 2025. Cash at hand fell to ₦2.93 billion from ₦5.90 billion, while current assets also declined from ₦6.46 billion to ₦3.55 billion, signalling tight liquidity conditions.
In addition, total equity declined to ₦22.01 billion from ₦22.66 billion, notwithstanding the company’s strong capital base.
Despite the losses, non-current assets increased to ₦26.75 billion from ₦24.59 billion, driven by the acquisition of property, plant and equipment, which rose to ₦25.04 billion from ₦24.59 billion.
Amid these losses, Ellah Lakes maintained a solid equity position, with share capital at ₦1.93 billion and share premium at ₦8.20 billion, reinforcing shareholder confidence.
