Ellah Lakes Remains Stuck in Struggle Mode, Declares a N1.1 billion Loss in Q3 2026
After a botched N250 billion capital raise efforts, Ellah Lakes Plc continues to battle with profitability as the 2026 year-to-date third quarter results show an operating loss of N1.1 billion ($820,000), a 14% improvement over the N1.3 billion loss posted in 2025.
This is contained in the company’s Unaudited Interim Financial Statements filed at the Nigerian Exchange Group (NGX) Monday.
Ellah Lakes had sought to raise N235 billion through a public offer in the Nigerian capital market in 2025 to expand its production capacity, diversify revenue streams, and support its transition from a restructuring phase to a full-scale growth and expansion cycle.
The offer which was significantly undersubscribed had left the agro business severely undercapitalized, unable to take advantage of the huge opportunities in the country’s agriculture space. Ellah Lakes cultivates and trades palm oil, palm kernel and livestock products.
Though the company’s revenue increased by almost 900% from N64.9 million in 2025 to N636.8 million in 2026, depreciation from idle assets as a result of lack of working capital and high administrative expenses relative to income continued to impact significantly on the bottom-line.
The company’s positive gross profit of N397.2 million could not translate into positive earnings as other cost drivers at N1.6 billion dropped the business into a loss position. Administrative expenses and personnel expenses represented the lion share of the operating cost at N742.9 million and N634.2 million respectively.
