General Information
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. The principal activities of the Company is the processing of cocoa beans and palmkernel into cocoa cake, liquor, butter, palm kernel oil and palm kernel cake for export and sales to local manufacturing companies.
The summarized results
| GROUP | ||
| Revenue | 31 Dec 2023 N’000 | 31 Dec 2022 N’000 |
| – | 62,194.00 | |
| loss before taxation | – 10,650,347.00 | – |
| loss after tax | – 10,650,347.00 | – 431,188.00 |
| Total current assets | 1,263,192.00 | 365,476.00 |
| Total Assets | 13,249,785.00 | 7,276,725.00 |
| Total Equity | 3,283,267.00 | – 1,554,539.00 |
| Total non current liabilities | 7,658,077.00 | 7,889,843.00 |
The audited financial statement recorded a zero revenue for the year as its revenue dipped from 62.19 million Naira and a finance cost od -209.7 million naira. Conversely with losses acknowledged in the 2023 financial statement, loss per share decreased from N11.06K in 2022 to N2.73K.
Dividend
The Directors do not recommend the payment of any dividend in view of the loss sustained.
| Valuation | 31 Dec 2023 N’000 | 31 Dec 2022 N’000 |
| ROA | – 80.38 | – 5.93 |
| ROE | – 324.38 | 27.74 |
| Current Ratio | 0.55 | 0.39 |
| Debt to Equity | 3.04 | – 5.68 |
| LOSS PER SHARE | (₦ 2.73k) | (11.06k) |
