Nigeria’s integrated agro-industrial company, Ellah Lakes Plc, significantly improved its revenue in the first quarter of 2026 to N359.49 million from N19.61 million in the same period of 2025.
The revenue growth was driven by initial harvests and sales of Crude Palm Oil (CPO), reflecting stronger commercial activity and improved pace of revenue generation as operations continue to scale.
The improved sales activity was supported by growing commercial output from its operating platform and continued focus on disciplined execution.
It was observed that while the gross profit rose to N285.35 million from N19.61 million, the operating loss moderated to N273.42 million from the N514.12 million recorded in the first quarter of last year.
“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,” the chief executive of Ellah Lakes, Mr Chuka Mordi, said.
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.
“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,” Mr Mordi stated.