Multi-Trex Integrated Foods Plc closed the financial year ended 30 April 2024 on a stronger footing, posting a pretax profit of N533.4 million.
This is a major turnaround from the N1.09 billion pretax loss posted the previous year, according to its financial statements recently filed on the Nigerian Exchange.
The improvement was driven by stronger sales, a boost in other income, and tighter cost management, helping the cocoa beans processor, manufacturer, and exporter return to profitability.
Key highlights
- Turnover: N1.01 billion, up 18,545.3% YoY
- Cost of Sales: N485 million, up 13,950.8% YoY
- Gross Profit: N534.4 million, up 26,412.3% YoY
- Other Income: N541.3 million, up 168.47% YoY
- Operating Profit: N576.1 million vs (N590.2 million loss)
- Pretax Profit: N533.4 million vs (N1.09 billion loss)
- Total Assets: N17.1 billion, up 6.42% YoY
Top-line performance
Multi-Trex delivered a strong top-line rebound, with revenue surging to N1.01 billion, a dramatic leap from just N5.4 million in the previous year.
- Export sales contributed N1.006 billion, while local sales amounted to N12.9 million.
Although cost of sales also rose—climbing to N485 million from N3.4 million—the company still managed to post a stronger gross profit of N534.4 million, compared to the N2 million recorded in 2023.
Beyond the solid revenue gains, improved operational efficiency also played a key role in lifting profitability to the bottom line.
Operational performance
On the operational front, Multi-Trex recorded a significant boost in other income, which more than doubled to N541.3 million, up from N201.6 million in the previous year.
- This jump was driven largely by commissions on exports, which contributed N529.5 million or 97.81%.
The company also tightened its cost controls, reducing operating expenses to N499.7 million, down from N793.8 million.
- This improvement helped swing operational profit back into positive territory at N576.1 million, compared with an operating loss of N590.2 million a year earlier.
Finance costs were also cut dramatically to N42.7 million, from N508.1 million in 2023.
With these gains, pretax profit came in at N533.4 million, representing a strong turnaround from the N1.09 billion loss previously reported. After accounting for a tax provision of N26.6 million, net profit stood at N506.7 million.
Balance sheet snapshot
Total assets rose to N17.1 billion, up from N16.1 billion, with fixed assets providing the backbone at N13.7 billion.
On the liabilities side, the company saw a notable improvement as total liabilities declined to N12.7 billion, an 11.75% drop. The largest component was the N6.2 billion recorded as a deposit for shares.
Total equity also strengthened significantly, climbing to N4.4 billion from N1.6 billion, largely driven by a N4.4 billion revaluation reserve.
On the Nigerian stock market, Multi-Trex shares currently trade at N0.36 per share.
