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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Fan Milk

FML · Ghana Stock Exchange · Company statements

On this page
Company details
Legal name
Fan Milk PLC
Listing
FML on the Ghana Stock Exchange, active (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    GHS 1.00 billion

    1,000,667 GHS thousands · p18

    +46.3% vs 2024

  • Operating profit / (loss)

    GHS 96.1 million

    96,121 GHS thousands · p18

    +23.8% vs 2024

  • Profit / (loss) for the year

    GHS 68.3 million

    68,333 GHS thousands · p18

    +38.2% vs 2024

  • Total assets

    GHS 663 million

    662,803 GHS thousands · p19

    +12.2% vs 2024

  • Total equity

    GHS 332 million

    331,768 GHS thousands · p19

    +21.6% vs 2024

  • Cash from operations

    GHS 169 million

    168,850 GHS thousands · p21

    +17.6% vs 2024

Large amounts are rounded for reading (GHS million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in GHS thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, GHS thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 1,000,667 683,822
Cost of Sales (636,169) (435,537)
Gross Profit 364,498 248,285
Impairment of Financial Assets (543) (3,252)
Distribution Costs (172,223) (120,681)
Administrative Expenses (102,995) (51,002)
Other Income 7,384 4,290
Operating Profit 96,121 77,640
Finance Income 13,378 7,942
Finance Costs (5,238) (12,661)
Profit before Income Tax 104,261 72,921
Income Tax Expense (33,322) (21,643)
Growth and Sustainability Levy1 (2,606) (1,823)
Profit for the year 68,333 49,455
Other Comprehensive Income –2 –2
Total Comprehensive Income 68,333 49,455
  1. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (1)
  1. “Growth and Sustainability Levy” is an issuer-specific line, not mapped to a shared definition: Ghana Growth and Sustainability Levy, printed apart from income tax expense below profit before income tax (note 10, p18).

Balance sheet

Balance sheet, GHS thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, Plant and Equipment 160,432 162,965
Right-of-Use Assets 1,577 3,705
Intangible Assets 2,170 –1
Deferred Tax Assets 25,837 7,860
Non-current assets (unlabelled subtotal) 190,016 174,530
Inventory 99,455 114,206
Trade and Other Receivables 141,719 192,887
Cash and Cash Equivalents 231,613 109,105
Current assets (unlabelled subtotal) 472,787 416,198
Total Assets 662,803 590,728
Share Capital 10,000 10,000
Retained Earnings 321,768 262,735
Total equity 331,768 272,735
Employee Benefit Obligations 491 774
Lease Liabilities 263 2,257
Non-current liabilities (unlabelled subtotal) 754 3,031
Current Income Tax Liabilities 6,627 8,348
Lease Liabilities 1,997 2,272
Employee Benefit Obligations2 313 159
Trade and Other Payables 320,743 303,582
Dividend Payable 601 601
Current Liabilities 330,281 314,962
Total Liabilities 331,035 317,993
Total Equity and Liabilities 662,803 590,728
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (1)
  1. “Employee Benefit Obligations” is an issuer-specific line, not mapped to a shared definition: Current portion of the long-service employee benefit obligation (note 20), printed apart from the non-current portion (p19).

Cash flow

Cash flow, GHS thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash generated from Operations 216,336 159,370
Interest Paid1 (5,238) (12,661)
Interest Received 13,378 7,942
Tax Paid (55,626) (13,944)
Tax Refund2 –3 2,871
Net Cash Inflow from Operating Activities 168,850 143,578
Purchase of Plant and Equipment (31,717) (39,968)
Purchase of Intangible Assets (2,893) –4
Proceeds from Sale of Plant and Equipment –4 4,746
Net Cash Outflow from Investing Activities (34,610) (35,222)
Principal Lease Payments (2,432) (2,002)
Dividend Paid (9,300) (8,171)
Medium Term Loan Paid –5 (55,000)
Net cash outflow from Financing Activities (11,732) (65,173)
Increase in Cash and Cash Equivalents 122,508 43,183
Balance at 1 January 109,105 65,922
Balance at 31 December 231,613 109,105
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (2)
  1. “Interest Paid”: mapping to a shared definition is uncertain. Printed 'Interest Paid' (note 9, finance costs), equal to finance costs; it may include lease interest (p21).
  2. “Tax Refund” is an issuer-specific line, not mapped to a shared definition: Income tax refund received, printed apart from tax paid (p21).

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)1 0.588 0.426
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Basic and diluted (GH¢)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend Paid (9,300) GHS thousands Annual report, p21
31 Dec 2024 Dividends paid (cash flow statement) Dividend Paid (8,171) GHS thousands Annual report, p21

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • FAN MILK PLC ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Forvis Mazars (Chartered Accountants and Business Advisors), unmodified opinion · signed

    Auditor's sign-off: Forvis Mazars (engagement partner Dr. William Ofori Darko, ICAG/P/1316)

    Final status: Independent auditor's report of Forvis Mazars (ICAG/F/2026/079), engagement partner Dr. William Ofori Darko (ICAG/P/1316), unmodified opinion (PDF p11), signed by hand in the firm's name above the typeset firm block and dated 31 March 2026 (PDF p17, render). Statements stated as approved by the Board on 13 March 2026 and signed on its behalf by Freda Duplan and Lionel Parent, hand signatures visible on the render (PDF p19).

    Document date
    31 Mar 2026
    Auditor's report
    31 Mar 2026
    Board approval
    13 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    company statements · GHS thousands (printed “All amounts are expressed in thousands of Ghana Cedi unless otherwise stated”)
    • The directory lists 'Fan Milk Limited' (GSE: FML); the document prints 'Fan Milk Plc' throughout, 'a public limited liability company incorporated in Ghana and listed on the Ghana Stock Exchange' (p22). No registration number or change-of-name statement is printed; the difference is the company-form suffix only.
    • The directors recommend a dividend of GH¢0.11 per share (GH¢12.8 million) for 2025 (2024: GH¢0.08, GH¢9.3 million) (p4).
    Technical details
    File
    54 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    a0666ec1a7ca3c3f29e5833b43cace56d91df472890385f903cac503bc3c356d
    Entity as printed
    Fan Milk Plc ("the Company"), a public limited liability company incorporated in Ghana and listed on the Ghana Stock Exchange (PDF p22)
    Note
    Every page is a scanned image without a text layer. Read from Apple Vision OCR: OCR fixes for (12;661), 0:426, .216,336 and (12,661): (specks read as punctuation). Read on the render: deferred tax assets 2024 (7,860) and the dashes of intangible assets 2024, other comprehensive income, purchase of intangibles 2024, proceeds from sale of PPE 2025 and medium term loan paid 2025. OCR drops the label 'Inventory' and several note references.
    Exchange copy
    retrieved 2026-10-08T17:51:45Z

Data notes

  • Finance Costs — OCR read '(12;661)'; the page image shows '(12,661)'. Finance costs 2024: OCR reads a semicolon for the thousands comma; the render shows (12,661). (FAN MILK PLC ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025, p18)
  • Basic and diluted (GH¢) — OCR read '0:426'; the page image shows '0.426'. EPS 2024: OCR reads a colon for the decimal point; the render shows 0.426. (FAN MILK PLC ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025, p18)
  • Cash generated from Operations — OCR read '.216,336'; the page image shows '216,336'. Cash generated from operations 2025: OCR adds a leading full stop (a speck); the render shows 216,336. (FAN MILK PLC ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025, p21)
  • Interest Paid — OCR read '(12,661):'; the page image shows '(12,661)'. Interest paid 2024: OCR adds a trailing colon (a speck); the render shows (12,661). (FAN MILK PLC ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025, p21)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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