FTN Cocoa Processor Plc continuous loss making shows the huge challenges being faced by agro-allied firms that are into value addition in order to compete with well-established firms in the cocoa processing industry.
The firm made no earnings in the first six months of 2023, and as a result, its loss after tax stood at N192.40 million. In full year 2022, it made a loss after tax of N431.19 million.
The principal activities of FTN Cocoa are the processing of cocoa beans and palm kernel into cocoa cake, liquor, butter, powder, palm kernel oil and palm kernel cake. cocoa cake, liquor and butter are exported while cocoa powder, palm kernel oil and palm kernel cakes are marketed locally to manufacturing companies.
The company’s total equity ended in the red at half year at negative N1.75 billion compared to N7.23 billion as of December 2022.
This was as a result of the company’s liabilities which stood at N8.97 billion as of June 2023 as against the total assets of N7.22 billion during the same period.
FTN Cocoa Processors Plc was incorporated on 26 August 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 Nigeria Stock Exchange.
