FTN Cocoa Processors declares N10.62bn loss in 2024FY
FTN Cocoa Processors Plc on Monday announced on the Nigerian Exchange Limited (NGX) N10.62 billion loss before tax in its audited result and accounts for full year ended December 31, 20024, as against N10.65 billion loss before tax declared in 2023.
The agro-allied company that specialized in the production and supply of cocoa and palm kernel productsin in its profit & loss figures also declared N9.53 billion loss in 2024 as against N10.65 billion loss posted in 2023.
The company over five years has maintained losses amid weak revenue and growing assets.
In the year under review, FTN Cocoa Processors declared N1.38billion revenue from export of Cocoa butter, cake, powder and liquor as against nil declared in 2023.
The company declared N1.37 billion and N3.3 million revenue from butter and powder in 2024, respectively.
FTN Cocoa Processors was incorporated on August 26, 1991 in Nigeria as a private Company limited by shares under the name Fantastic Abiola Nigeria Limited which later became Fantastic Traders Nigeria Limited on 26 August, 1998. The Company became a public limited liability Company on 29 February, 2008 and got listed on the Exchange.
The principal activities of the Company is the processing of cocoa beans and palm kernel into cocoa cake, liquor, butter, palm kernel oil and palm kernel cake for export and sales to local manufacturing companies.
