Tripple Gee & Company Plc has released its unaudited financial results for the third quarter ended December 31, 2025, revealing a dramatic deterioration in financial performance that has pushed the company into negative equity territory, news.ng reports.
As disclosed in the financial statements on Tuesday, the manufacturing firm recorded a staggering loss after taxation of N444.39 million for the nine months ended December 31, 2025. This represents a 41% improvement compared to the N754.88 million loss recorded in the corresponding period of 2024.
For the quarter ended December 2025 alone, the company posted a loss of N188.14 million, marking a significant 925% increase from the N19.01 million loss in the same quarter of the previous year.
Earnings per share deteriorated sharply to negative N44.89 kobo for the nine months, compared to negative N152.52 kobo in the prior-year comparable period.
Turnover for the nine months fell 2% year-on-year to N1.43 billion from N1.47 billion, while quarterly revenue of N515.02 million represented a marginal increase from N484.39 million in Q3 2024.
However, this revenue growth was completely eroded by a 10% surge in the cost of sales to N1.03 billion for the nine months, compressing gross profit margins significantly.
Gross profit for the nine months reached N406.14 million, up 27% from N320.34 million previously, but this improvement was insufficient to offset escalating operational expenses.
Distribution and administrative expenses climbed 20% to N521.48 million from N455.32 million, reflecting increased operational pressures. Finance costs also surged 20% to N321.98 million from N403.75 million in the previous period, indicating heightened debt-servicing obligations.
The company reported an operating loss of N115.34 million for the nine months compared to N134.98 million in 2024, while profit before taxation stood at negative N437.23 million — a 42% improvement from the N749.47 million loss previously recorded.
The company’s financial position has deteriorated alarmingly, with equity attributable to owners turning negative at N1.03 billion as of December 31, 2025, compared to positive equity of N50.75 million as of December 31, 2024. This represents a complete erosion of shareholder value within the year.
Retained earnings collapsed to negative N1.59 billion from negative N1.15 billion in the prior year, while total assets declined 20% to N5.47 billion from N5.66 billion.
Current assets increased marginally to N2.26 billion from N2.16 billion, driven by an inventory buildup to N1.39 billion from N1.14 billion. However, trade receivables declined to N97.88 million from N86.09 million, and cash positions weakened to N31.19 million from N14.09 million.
Total liabilities rose to N6.50 billion from N5.60 billion, with long-term borrowings declining slightly to N2.69 billion from N3.30 billion. Current liabilities increased to N3.81 billion from N2.31 billion, raising concerns about the company’s ability to meet short-term obligations.
Trade and other payables surged to N1.30 billion from N1.07 billion, while short-term borrowings more than doubled to N2.42 billion from N1.18 billion, indicating increased reliance on expensive short-term financing.
With negative equity of over N1 billion and mounting losses, Tripple Gee & Company faces significant challenges in returning to profitability. The company will need to implement urgent restructuring measures, including potential capital raising, operational efficiency improvements, and debt restructuring, to restore investor confidence.
The financial statements were approved by the Board of Directors on January 26, 2026, and signed by Mr Adewale Sonaike (Finance Director), Mrs Adebimpe Giwa (Group Managing Director), and Mr Samuel Idowu Ayininuola (Chairman).
