FTN Cocoa incurs N10bn loss

FTN Cocoa Processors Plc has reported a loss after tax of N10.62bn for the monetary 12 months ended December 31, 2024, reflecting a marginal enchancment of zero per cent from the N10.65bn loss recorded within the corresponding interval of 2023.

In line with the corporate’s unaudited monetary assertion, income for the interval stood at N1.38bn, marking a 100 per cent improve in comparison with zero income reported within the earlier 12 months.

FTN Cocoa Processors Plc is a supplier of processed agricultural commodities.

Regardless of the income surge, the corporate continued to battle with excessive prices and change charge losses. FTN Cocoa incurred an change lack of N11.68bn, a 15 per cent improve from the N10.18bn recorded in 2023.

Working bills, nevertheless, declined by 16 per cent to N407.67m from N486.31m within the prior 12 months.

The corporate’s whole property grew by 51 per cent to N19.95bn from N13.25bn, pushed by a 49 per cent improve in property, plant, and gear, which rose to N16.26bn.

Nonetheless, whole liabilities surged by 77 per cent to N17.59bn, largely resulting from elevated borrowings. Non-current borrowings jumped by 124 per cent to N17.15bn from N7.66bn in 2023, whereas present liabilities declined by 81 per cent to N436.76m.

Shareholders’ fairness declined by 28 per cent to N2.36bn from N3.28bn in 2023, reflecting the corporate’s continued losses.

FTN Cocoa’s loss per share stood at N2.72k, barely enhancing from N2.73k recorded in 2023.

Final 12 months, The PidomNigeria reported that considered one of Nigeria’s oldest cocoa firms, FTN Cocoa Processors, recorded zero earnings in 2023 resulting from its lack of ability to have interaction in manufacturing due to working capital adequacy issues.