Ellah Lakes Plc, Nigeria’s integrated agro-industrial company has published its unaudited financial results for the three months ended March 31, 2026.
The first quarter (Q1) reflects continued progress in Ellah Lakes’ transition from asset development into commercial execution, with revenue growth beginning to translate more meaningfully into improved operating performance.
The Company recorded stronger sales activity during the period, supported by growing commercial output from its operating platform and continued focus on disciplined execution.
Total Q1 revenue increased by 1,733.6 percent to N359.49 million (Q1 2025: N19.61million) driven by stronger Crude Palm Oil (CPO) sales. Gross profit rose by +1,355.4 percent to N285.35 million (Q1 2025: N19.61 million), supported by revenue growth during the quarter.
In the prior-year period, gross profit was in line with revenue as no cost of sales was recognised, reflecting the early stage of commercial activity at the time. In Q1 2026, the Company recorded N74.14 million in cost of sales as operations continued to scale, with gross margin at 79.4 percent.
Operating loss narrowed by 46.8 percent to N273.42 million (Q1 2025: N514.18 million). The improvement reflects the impact of higher gross profit, lower administrative expenses, and continued operating discipline during the quarter.
Ellah Lakes continued to focus on scaling output, improving efficiency, and converting its agricultural asset base into stronger commercial performance. The quarter’s results show early evidence of this transition, with revenue increasing significantly year-on-year and operating loss narrowing compared with the prior-year quarter.
During the first quarter, Ellah Lakes’ record of N359.49 million in revenue was driven by initial harvests and sales of Crude Palm Oil (CPO). This reflects stronger commercial activity and improved pace of revenue generation as operations continue to scale.
Ellah Lakes remains focused on improving output, increasing processing throughput, and deepening value-chain integration. The Company’s CPO mill is now fully operational, strengthening its ability to process output internally and retain more value across the palm oil value chain.
Chuka Mordi, Chief Executive Officer, Ellah Lakes Plc said: “The first quarter represents another important step in Ellah Lakes’ transition into commercial execution. The stronger revenue momentum recorded during the period was supported by improved production stability, better operational uptime and more disciplined sales execution”.
“Importantly, we also narrowed our operating loss year-on-year, reflecting the benefit of higher gross profit and continued cost discipline. These results provide an encouraging early indication that the business is gaining operating momentum.
“Our CPO mill is now operational, piggery operations continue to scale, and we are advancing the next stage of our processing roadmap through the planned installation of a 40 tonnes-per-day Palm Kernel Oil (PKO) mill In Q2 2026. In parallel, we are strengthening our operating systems and exploring technical partnerships to improve asset utilisation and execution as the business scales. Our focus remains on disciplined execution, prudent capital stewardship and long-term value creation for shareholders,” he said.