Ellah Lakes Plc recorded an 881.8% increase in revenue to N636.77 million for the nine months ended September 30, 2026, compared with N64.86 million reported in the corresponding period of 2025.
According to the company’s unaudited financial statements, the agribusiness company also reduced its operating loss by 13.8% to N1.12 billion from N1.30 billion in the same period last year.
Cost of sales increased to N239.54 million from N1.39 million, suggesting higher level of business activity during the period.
Despite the increase in production costs, gross profit rose to N397.23 million from N63.47 million, representing a 525.9% improvement.
However, operating expenses continued to weigh on profitability.
Administrative expenses increased marginally to N742.90 million from N729.92 million, while personnel expenses declined by 6.2% to N634.22 million from N675.82 million.
Finance costs also decreased by 24.4% to N19.26 million from N25.47 million, although depreciation expenses increased significantly to N154.55 million from N5.50 million.
The company’s earnings per share remained negative at N0.18, compared with a loss of N0.47 per share in the corresponding period of 2025.
In the third quarter alone, Ellah Lakes generated N102.92 million in revenue, compared with N5.05 million in the third quarter of 2025.
Gross profit for the three-month period increased to N54.82 million from N4.78 million, while operating loss narrowed to N359.05 million from N427.71 million.
The company’s statement of financial position showed that total assets declined by 9.5% to N25.56 billion as of September 30, 2026, from N28.26 billion at the end of December 2025.
The decline was largely associated with a reduction in cash and cash equivalents, which fell to N14.79 million from N3.05 billion.
However, total liabilities dropped substantially to N1.00 billion from N7.83 billion, reflecting the elimination of a N7.08 billion directors’ loan previously recorded in the company’s financial statements.
Borrowings increased to N645.71 million from N391.67 million, while trade and other payables declined to N316.88 million from N358.61 million.
Shareholders’ equity increased by 20.2% to N24.55 billion from N20.43 billion.
The company’s share capital rose to N3.09 billion from N1.93 billion, while share premium increased to N14.03 billion from N8.20 billion.
Despite the improvement in revenue and operating performance, accumulated losses remained substantial, with retained losses widening to N10.70 billion from N7.84 billion at the end of December 2025.
The results indicate that Ellah Lakes is generating stronger revenue from its operations, although its cost structure and accumulated losses remain significant challenges to achieving sustainable profitability.