Lagos, Nigeria – Ellah Lakes Plc reported a net loss of N3.86 billion (approximately $2.47 million) for the financial year ended December 31, 2025, deepening its losses compared to N729.34 million recorded in 2024, as rising operating costs outweighed gains from new revenue streams.
Okay News reports that revenue stood at N146.66 million, a sharp decline from N780 million in 2024. The company achieved milestone commercial revenue from crude palm oil production in 2025, but this growth has yet to translate into profitability. Operating losses rose sharply to N3.84 billion from N893.94 million.
Personnel cost jumped to N1.2 billion in 2025 from N591 million in 2024, while administrative costs rose to N1.09 billion from N242.9 million. The company also incurred a N1.70 billion expense linked to an aborted public offer. A failed capital raise forced the company to reclassify subscription funds as liabilities, further straining its financial position.
Total assets increased to N28.26 billion, driven by spending on property, plant, and equipment. However, liabilities climbed to N7.83 billion, largely due to borrowings and related party payables of N7.07 billion tied to the failed offer. Equity weakened as accumulated losses eroded retained earnings, now in a deficit position of N7.84 billion.
Major shareholders and directors significantly reduced their stakes during the period. The stock closed at N12 per share on the NGX on April 2, having lost 10.5 percent year-to-date. This financial loss reflects persistent operational and structural challenges facing the company despite its entry into palm oil production.
 for the financial year ended December 31, 2025, deepening its losses compared to N729.34 million recorded in 2024, as rising operating costs outweighed gains from new revenue streams.){kind=link}