For the 17-month period ending December 31, 2025, the company posted revenue of N146.66 million, a significant jump from just N0.78 million in the previous 12-month period. This growth was largely driven by initial harvests and the sale of fresh fruit bunches from its oil palm operations—marking the first substantial inflow from activities long under development.
The performance represents a milestone for Ellah Lakes, as it begins to unlock value from investments made over several years. While revenues remain relatively modest compared to its long-term ambitions, the company has effectively crossed into a phase where its assets are starting to generate cash flows.
A major development during the period was the commissioning of a 5-tonnes-per-hour crude palm oil mill in July 2025. This facility enables the company to process its own output, improving margins and strengthening its position across the palm oil value chain. Oil palm operations contributed N136.41 million to total revenue, while livestock activities accounted for N10.25 million.
Gross profit rose to N130.06 million, reflecting strong margins typical of early-stage agricultural production. However, overall profitability continues to be affected by expansion-related costs and one-off expenses associated with scaling up commercial operations.
Chief Executive Officer Chuka Mordi described the period as a clear inflection point, noting that the company’s priorities are now centered on boosting yields, expanding processing capacity, and enhancing operational efficiency.
In parallel with its operational progress, Ellah Lakes is pursuing strategic expansion. The company has reiterated its intention to complete the acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) from Singapore-based Tolaram Group by the first quarter of 2026. The deal is expected to significantly increase both plantation size and processing capabilities, despite a previously unsuccessful N235 billion capital raise.
On the balance sheet, total assets grew by 15.1 percent to N28.26 billion, reflecting continued investment in plantations and infrastructure. Liabilities rose sharply to N7.83 billion, largely due to related-party payables tied to an incomplete public offer, while shareholders’ equity declined by 6.5 percent to N20.43 billion.
Operationally, the company also expanded its planting programme, with 17,000 new seedlings planted and 47,000 maintained in nurseries. These efforts are expected to support future production as more cultivated areas reach maturity.
Looking ahead, Ellah Lakes enters the new financial period with a stronger operational foundation, supported by its land holdings, processing infrastructure, and growing activity across oil palm, cassava, and livestock segments. As Nigeria intensifies efforts to boost domestic food production and reduce reliance on imports, the company is positioning itself to scale output and deepen value chain integration—though it must still navigate execution risks in a challenging economic environment.