Multi-Trex Integrated Foods Plc closed the financial year ended 30 April 2024 on a stronger footing, posting a pretax profit of N533.4 million.

This is a major turnaround from the N1.09 billion pretax loss posted the previous year, according to its financial statements recently filed on the Nigerian Exchange.

The improvement was driven by stronger sales, a boost in other income, and tighter cost management, helping the cocoa beans processor, manufacturer, and exporter return to profitability.

Multi-Trex delivered a strong top-line rebound, with revenue surging to N1.01 billion, a dramatic leap from just N5.4 million in the previous year.

Although cost of sales also rose—climbing to N485 million from N3.4 million—the company still managed to post a stronger gross profit of N534.4 million, compared to the N2 million recorded in 2023.

Beyond the solid revenue gains, improved operational efficiency also played a key role in lifting profitability to the bottom line.

On the operational front, Multi-Trex recorded a significant boost in other income, which more than doubled to N541.3 million, up from N201.6 million in the previous year.

The company also tightened its cost controls, reducing operating expenses to N499.7 million, down from N793.8 million.

Finance costs were also cut dramatically to N42.7 million, from N508.1 million in 2023.

With these gains, pretax profit came in at N533.4 million, representing a strong turnaround from the N1.09 billion loss previously reported. After accounting for a tax provision of N26.6 million, net profit stood at N506.7 million.

Total assets rose to N17.1 billion, up from N16.1 billion, with fixed assets providing the backbone at N13.7 billion.

On the liabilities side, the company saw a notable improvement as total liabilities declined to N12.7 billion, an 11.75% drop. The largest component was the N6.2 billion recorded as a deposit for shares.

Total equity also strengthened significantly, climbing to N4.4 billion from N1.6 billion, largely driven by a N4.4 billion revaluation reserve.

On the Nigerian stock market, Multi-Trex shares currently trade at N0.36 per share.