Multi-Trex reports first quarter loss amid contraction

Multi-Trex Integrated Foods Plc has released its unaudited financial statement for the first quarter ended July 31, 2025, revealing a loss after tax of N196.07m. This performance reflects ongoing operational and top-line contraction compared to the full-year results recorded for the period ended April 30, 2025, where the cocoa processing firm posted an audited net loss of N423.20m.

The Ogun State-based company reported a turnover of N3.08m for the three-month period, down sharply from the N47.90m generated in the previous full financial year. Revenue during the quarter was driven entirely by local sales of N3.08m, as export sales stood at zero. Direct cost of sales for the quarter came in at N2.34m, leaving a gross profit of N743,000, down from the N41.08m gross profit recorded in the full year ended April 2025.

Operating costs continued to weigh heavily on the bottom line, with operating expenses reaching N196.56m for the three months. Finance charges for the period stood at N261,000, compared to N92.01m recorded in the previous full year. Operating profit before working capital changes was negative at N34.70m, while net cash outflow from operating activities totaled N66.82m..

On the balance sheet, total assets declined slightly to N15.69bn as of July 31, 2025, down from N15.93bn as of April 30, 2025.

Non-current assets accounted for N13.00bn, driven mainly by fixed assets valued at N12.95bn. Total current assets stood at N2.69bn, comprising N1.85bn in bank and cash balances and N841.80m in debtors and prepayments, while inventories remained at zero. Total liabilities ended the quarter at N2.56bn, including current borrowings of N470.04m and creditors and accruals of N1.33bn.

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Total equity at the end of the period stood at N9.78bn, alongside a second-tier capital deposit for shares amounting to N3.35bn. Basic loss per share stood at 3 kobo for the quarter, compared to a loss per share of 7 kobo in the prior audited full year.

The quarter also witnessed changes in board composition. Executive and board disclosures confirmed that non-executive directors Dr. Teju Bolujoko, Mrs. Moni Owofemi, Hon. Ajibola Ogunsiji, and Mr. Nurain Hassan resigned from the board effective October 9, 2025. Management, led by Managing Director and Chief Executive Officer Yusuf Isiaka, reaffirmed its commitment to standard financial reporting standards and internal controls, maintaining that the company remains “a going concern for the year ahead.”