FTN Cocoa Processors Plc has reported a loss after tax of N10.62bn for the financial year ended December 31, 2024, reflecting a marginal improvement of zero per cent from the N10.65bn loss recorded in the corresponding period of 2023.
According to the company’s unaudited financial statement, revenue for the period stood at N1.38bn, marking a 100 per cent increase compared to zero revenue reported in the previous year.
FTN Cocoa Processors Plc is a provider of processed agricultural commodities.
Despite the revenue surge, the company continued to struggle with high costs and exchange rate losses. FTN Cocoa incurred an exchange loss of N11.68bn, a 15 per cent increase from the N10.18bn recorded in 2023.
Operating expenses, however, declined by 16 per cent to N407.67m from N486.31m in the prior year.
The company’s total assets grew by 51 per cent to N19.95bn from N13.25bn, driven by a 49 per cent increase in property, plant, and equipment, which rose to N16.26bn.
However, total liabilities surged by 77 per cent to N17.59bn, largely due to increased borrowings. Non-current borrowings jumped by 124 per cent to N17.15bn from N7.66bn in 2023, while current liabilities declined by 81 per cent to N436.76m.
Shareholders’ equity declined by 28 per cent to N2.36bn from N3.28bn in 2023, reflecting the company’s continued losses.
FTN Cocoa’s loss per share stood at N2.72k, slightly improving from N2.73k recorded in 2023.
Last year, The PUNCH reported that one of Nigeria’s oldest cocoa companies, FTN Cocoa Processors, recorded zero earnings in 2023 due to its inability to engage in production because of working capital adequacy concerns.