Efforts are being made to ensure the throughput of Ellah Lakes Plc is increased to deliver long-term value for shareholders, the chief executive of the organisation, Mr Chuka Mordi, has said.
Mr Mordi was reacting to the audited 17-month financial statements of the firm ended December 31, 2025, as it transitions to a December financial year-end to enhance comparability with industry peers.
This action is also to strengthen reporting discipline and align financial reporting with the agricultural operating cycle, from planting through harvest and processing, providing a more accurate reflection of the company’s operational performance.
In the period under review, Ellah Lakes recorded N146.66 million in revenue, driven by initial harvests and sales of Fresh Fruit Bunches (FFBs), with the cash flows supporting operational stability as larger assets continue to mature.
However, the company suffered an operating loss of N3.84 billion, as the earnings per share (EPS) closed with a N1 loss.
Between July 2024 and December 2025, the organisation achieved a key operational milestone, with the commissioning of its upgraded 5-tonnes-per-hour crude palm oil mill in July 2025, strengthening its ability to process output internally and capture more value across its palm oil value chain as plantation maturity improves.
Also, it planted 17,000 seedlings and maintained 47,000 seedlings in the nursery, as part of a broader planting programme, supporting Ellah Lakes’ medium-term production pipeline and providing a stronger foundation for future output as more hectares move into productive phases.
“The 17-month period marks an important transition for Ellah Lakes as we progress from asset development into early-stage commercial operations.
“During the period, we commissioned our upgraded crude palm oil mill, advanced plantation development, and commenced pig farming activities, marking the beginning of revenue generation across our core value chains.
“While our reported results reflect the cost of expansion, start-up activities and non-recurring transaction-related expenses, they also establish the operational foundation required to scale the business.
“Our focus now is on improving yields from maturing plantations, increasing processing throughput, and driving greater efficiency across our operations. We remain committed to disciplined execution and capital stewardship as we work towards translating our asset base into stronger operating performance and long-term value for shareholders,” Mr Mordi stated.