Multi-Trex Integrated Foods Plc, a Nigerian cocoa processor, reported a significant rebound in revenue for the financial year ended April 30, 2026. The company's turnover surged to N3.61 billion, representing a 75-fold increase from N47.9 million in 2025. This sharp recovery in revenue was primarily driven by strong sales in the local market, which accounted for N3.11 billion of the total revenue. The company's export sales also contributed N500 million, up from N9.48 million in 2025.
Despite the impressive revenue growth, Multi-Trex's loss after tax widened to N615.1 million, compared with a loss of N423.2 million in 2025. The company's gross profit rose to N512.7 million from N41.1 million, but operating expenses climbed to N1.11 billion, more than absorbing the gross profit generated during the year. Finance charges stood at N86 million, adding to the company's financial burden. The increase in operating expenses was a significant challenge for the company, highlighting the need for cost management.
The company's cash position came under pressure, with cash and bank balances almost halving to N1.01 billion from N2.04 billion. This decline was largely due to heavy investment in property, plant, and equipment, with capital expenditure rising to N2.07 billion from N1.76 billion in 2025. As a result, net cash outflow from investing activities stood at N1.54 billion, despite a N589.5 million net cash inflow from operating activities. The company's total assets declined to N15.15 billion from N15.93 billion.
Multi-Trex's directors assessed the company's ability to continue as a going concern and found no reason to believe it would not remain a going concern in the year ahead. However, the company's accumulated revenue reserve deficit widened to N3.85 billion from N3.34 billion, reflecting the additional N615.1 million loss recorded during the year. The company's earnings per share remained negative at N0.10, compared with negative N0.07 in 2025.
The company's revenue recovery was driven by strong sales in the local market, with domestic sales accounting for N3.11 billion of the total revenue. Export sales contributed N500 million, up from N9.48 million in 2025. However, the cost associated with sales also jumped significantly, with cost of sales rising to N3.10 billion from N6.8 million. Export cocoa bean costs alone accounted for N3.09 billion.
Multi-Trex's principal activities include the processing of cocoa beans, exportation of industrial cocoa products, and manufacturing and domestic marketing of cocoa-based consumer products. The company's financial performance highlights the challenges facing the cocoa processing industry, including fluctuating revenue and rising operating costs. The company's ability to manage costs and improve profitability will be crucial to its future success.
The company's shares were recently listed on the Nigerian Stock Exchange (NGX) after a private placement. The company's financial performance has been closely watched by investors and analysts, who are keen to see if Multi-Trex can turn its fortunes around and return to profitability.
Key points
- Multi-Trex's revenue surged 75-fold to N3.61 billion in 2026.
- The company's loss after tax widened to N615.1 million despite the revenue rebound.
- Multi-Trex's cash and bank balances almost halved to N1.01 billion due to heavy investment in property, plant, and equipment.
