Ellah Lakes Plc Q1 2026 Results: Revenue Surges 1,733%

Ellah Lakes Plc reported Q1 2026 revenue of ₦359.49 million, compared with ₦19.61 million in Q1 2025, a year-on-year increase of 1,733.6%. The company attributed the growth to stronger Crude Palm Oil (CPO) sales as its CPO mill became fully operational during the period.

Gross profit rose to ₦285.35 million from ₦19.61 million in the prior-year quarter, with gross margin recorded at 79.4%. Cost of sales of ₦74.14 million was recognised in Q1 2026, reflecting scaled commercial activity. Operating loss narrowed by 46.8% to ₦273.42 million from ₦514.18 million in Q1 2025, supported by higher gross profit and a 14.7% decline in administrative expenses, though personnel expenses rose 23.8%.

Total assets stood at ₦26.10 billion as at 31 March 2026, down from ₦28.26 billion at 31 December 2025, largely due to a reduction in cash and cash equivalents. Total liabilities remained broadly stable at ₦7.81 billion. Total equity declined 10.5% to ₦18.29 billion. Debt-to-equity increased to 42.7% from 38.3%. The company disclosed plans to install a 40-tonnes-per-day Palm Kernel Oil mill in Q2 2026.