Ellah Lakes Grows Total Revenue To N146.7bn In 17Months

Ellah Lakes Plc has grown total revenue to N146.7 billion over a 17-month period, underscoring rapid scale-up across its agribusiness operations spanning aquaculture, crop production, and food processing.

The Company in its audited 17th month results for the period ended December 31, 2025 showed that total revenue increased to N146.66 million from N0.78 million achieved as at July 31, 2024, reflecting the start of commercial activity from the Company’s palm and livestock operations.

Revenue comprised N136.41 million from oil palm produce and N10.25 million from livestock. The increase was supported by the commissioning of the upgraded 5-tonnes-per-hour crude palm oil mill in July 2025.

Gross profit rose to N130.06 million as against N0.78 million in July 2024, reflecting a meaningful contribution from early commercial operations. While still modest relative to the Company’s scale ambitions.

The Company’s total assets increased by 15.1 per cent to N28.26 billion as at December 2025.

Speaking on the results, the chief executive officer of Ellah Lakes, Chuka Mordi, said, “The seventeen-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.”

According to Mordi, 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.

On outlook, Ellah Lakes stated that it enters the new period with a stronger operational base, underpinned by its expanded land bank, commissioned processing infrastructure and growing activity across its core agribusiness segments.

The Company added that “the commissioning of the crude palm oil mill marked an important step in enabling the Company to capture more value from its maturing plantations, while continued progress across palm, cassava and livestock supports a more diversified operating platform.

“As the business scales, management remains focused on improving output, strengthening efficiency and deepening value chain integration. Against a challenging macroeconomic backdrop, Ellah Lakes continues to prioritise disciplined execution, local value creation and long-term shareholder value.

“The Company is positioning to deepen its contribution to Nigeria’s food security and import substitution agenda, while building a stronger foundation for long-term shareholder value.”