Multi-Trex reports first quarter loss amid contraction

Multi-Trex Integrated Foods Plc has reported a loss for the first quarter of 2025, down from the previous year. The cocoa processing firm, based in Ogun State, recorded a tax loss of N196.07m for the three months ending July 31, 2025. This marks a decline compared to the audited loss of N423.20m for the full year ending April 2025.

The company's revenue for the quarter totaled N3.08m, almost entirely from local sales, while export sales were absent. The direct cost of sales amounted to N2.34m, resulting in a gross profit of N743,000, a decrease from the N41.08m gross profit in the full year. Operating expenses, including finance charges, totaled N196.56m, leading to an operating profit before working capital changes of negative N34.70m.

The company's total assets slightly decreased to N15.69bn, while its total liabilities stood at N2.56bn. Equity totaled N9.78bn, accompanied by a second-tier capital deposit of N3.35bn. The quarter saw the resignation of four non-executive directors from the board. Despite the loss, management reaffirmed the company's commitment to standard financial reporting and its status as a going concern.