FTN Cocoa Processors Plc closed 2025 on a challenging note, yet the results showed some improvement overall.
For the year ended December 31, 2025, the company reported a pre-tax loss of ₦252.65 million, extending its losses to a tenth consecutive year.
FTN Cocoa Revenue Growth Surges
However, this loss narrowed significantly compared to the ₦9.5 billion recorded in 2024.
At the same time, the company drove revenue growth sharply upward.
Revenue rose by 310% to ₦5.65 billion from ₦1.38 billion, as stronger exports and local sales of cocoa products boosted earnings.
These products included cocoa butter, cake and liquor.
However, rising costs outweighed the revenue gains.
Cost of sales increased to ₦6.33 billion as raw material costs surged to ₦5.27 billion from ₦131 million.
As a result, the company recorded a gross loss of ₦685.92 million.
Rising Costs And Exchange Gains
In addition, operating expenses increased, as selling and distribution costs rose to ₦28.8 million and operating expenses climbed to ₦847.9 million.
Despite these pressures, FTN Cocoa delivered an operating profit of ₦304.72 million, benefiting from a foreign exchange gain of ₦1.844 billion.
This gain replaced the exchange loss recorded in 2024 and improved performance significantly.
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Nevertheless, the company still posted a loss after tax of ₦252 million, although this showed a major recovery.
Loss per share also improved to ₦0.06 from ₦2.44.
Balance Sheet Pressure Persists
Meanwhile, the company expanded its asset base to ₦22.14 billion through continued investment in infrastructure and plantations.
However, liabilities also increased to ₦21.61 billion, as borrowings reached ₦21.1 billion.
As a result, equity weakened to ₦543 million from ₦3.44 billion, because accumulated losses reduced retained earnings to a ₦26.83 billion deficit.
Furthermore, capital reserves fell by ₦2.4 billion to ₦10.14 billion.
Finally, the stock closed at ₦5.33 on April 2, 2026, and it gained 6.6% year-to-date.
FTN Cocoa currently ranks as the 91st most capitalised stock, with a market value of ₦20.8 billion.
