Kayode Tokede
Despite hike in income, FTN Cocoa Processors Plc has introduced a earlier than tax of N273.4 million in 2025 audited monetary assertion from N10.62 billion loss earlier than tax in 2024, to maintain its poor efficiency.
In 2021, FTN Cocoa declared N1.48 billion loss earlier than tax and the next 12 months, 2022, the corporate introduced N430.9 million loss earlier than tax. In addition, the corporate introduced N10.65 billion in the 2023 monetary 12 months.
The cocoa processing firm on the Nigerian Exchange Limited (NGX) worst efficiency is approaching the backdrop of N6.3billion price of gross sales in 2025 from N536.59million reported in 2024.
The key drivers of price of gross sales was N5.29 billion bills on uncooked supplies in 2025 from N130.18 million declared in 2024.
The firm defined that it has been producing under capability of 5 per cent on account of lingering working capital inadequacy, stating that the influence on the gross margin on account of enormous fastened price that must be borne
From the consequence and accounts, the corporate’s price of gross sales was larger than income generated, a significant component that contributed to loss earlier than tax reported in the 12 months below evaluation.
In 2025, the corporate reported N5.65billion income, about 310.5 per cent enhance over N1.38billion reported in 2024.
The breakdown of income revealed that cocoa butter export moved to N3.54billion in 2025, up by 158 per cent from N1.37 billion reported in 2024, whereas native gross sales of cocoa powder and butter moved to N2.1 billion in 2025, a big enhance of 63736.2 per cent from N3.3million in 2024.
The firm in the 12 months below evaluation posted N24.14 billion whole property, which is 14.4per cent enhance over N21.09 billion in 2024.
FTN Cocoa Processors closed 2025 with whole liabilities of N23.71 billion, about 34.4 per cent enhance over N17.65billion reported in 2024 as whole borrowing stood at N23.2 billion in 2025 from N17.15billion in 2024.
The moribund firm in 2025 mentioned it obtained a mortgage of N5,000,000,000 from NEXIM Bank at 9 per cent rate of interest each year for two years.
“The loan was used for the procurement of cocoa beans and processing into cocoa butter, cocoa cakes and powder for export. The loan was secured with mortgage debentures over fixed and floating assets of FTN Cocoa,” the corporate defined.
