Tantalizers Plc, one of Nigeria’s quick-service restaurants (QSRs), has returned to profitability after six consecutive years of losses, as the company begins to reap benefits from its diversification into entertainment and fisheries investments.
According to the full-year audited financial statement for the year ended December 31, 2025, the company’s after-tax profit rose to N72 million, a turnaround from the N265 million after-tax loss reported last year.
The company’s improved performance was largely supported by its expansion into non-traditional segments, including entertainment and fishery ventures, which helped cushion the impact of rising operating costs that have weighed on many food service operators in Nigeria.
Revenue growth supported the recovery. Tantalizers recorded N1.29 billion in revenue in 2025, representing a 7.7 percent increase from N1.20 billion in 2024, driven largely by improved sales across company-owned outlets and franchise operations.
The company’s system-wide revenue, which includes both company-owned and franchised outlets, remained strong at N2.9 billion, broadly stable compared with the previous year.
Profitability was further supported by stronger margins. Gross profit rose to N463.8 million in 2025 from N425.2 million in 2024, as the company improved cost efficiency despite inflationary pressures affecting Nigeria’s food and hospitality sector.
Operational performance also strengthened significantly. Tantalizers recorded an operating profit of N25.3 million, compared with an operating loss of N189.9 million a year earlier, highlighting the company’s recovery from several years of weak financial performance.
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Additional support came from other income, which nearly doubled to N234.7 million, up from N123.3 million recorded in 2024, reflecting income from non-core activities as the company expands beyond its traditional restaurant business.
Finance income also increased to N85.4 million, while finance costs declined significantly to N27.0 million from N69.7 million in the previous year, helping to strengthen the company’s net earnings.
Write-backs of N77.4 million supported operations, and after administrative expenses of N747.3 million (down 9.5%), operating profit came in at N25.3 million, improving from an operating loss of N189.9 million the previous year.
As part of its diversification strategy, Tantalizers made new long-term investments in subsidiaries, including Taintainment Limited and Fisheries Limited, amounting to N7.78 billion.
The company said the investments form part of a broader effort to reposition the business and create multiple income sources while strengthening its traditional quick-service restaurant operations.
On the balance sheet, total assets grew to N13.3 billion, up from N2.9 billion, largely driven by investments in Taintainment Ltd, which contributed N7.5 billion, making it the company’s largest asset.
Total equity rose to N4.7 billion from N1.17 billion in 2024, while total liabilities reached N8.6 billion, compared to N1.5 billion previously. Lease payables of N7.1 billion formed the bulk of the liabilities.
As of March 3, 2026, the company’s stock is up 68 percent year-to-date at the close of the trading day. The shares are priced at N4.20 per share, with investors expected to respond further in the coming sessions.
Tantalizers Plc is currently the 97th most valuable stock on the NGX with a market capitalisation of N21 billion, which makes about 0.017 percent of the Nigerian Stock Exchange equity market.