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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 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

FTN Cocoa

FTNCOCOA · Nigerian Exchange · Company statements

On this page
Company details
Legal name
FTN Cocoa Processors Plc
Listing
FTNCOCOA on the Nigerian Exchange, active · ISIN NGFTNCOCOA02 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2024 · audited financial statements, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. No emphasis of matter or going-concern paragraph; key audit matter: revenue (PDF pp20-23).
Full wording and sources

  • Auditor's emphasis of matter

    No emphasis of matter or going-concern paragraph; key audit matter: revenue (PDF pp20-23).

    Source: FTN Cocoa Processors Plc Reports and Financial Statements for the year ended 31 December, 2024 (dated 2025-03-27)

  • Revenue

    NGN 1.38 billion

    1,375,813 NGN thousands · p26

    Change not shown.

  • Operating profit / (loss)

    −NGN 10.3 billion

    (10,312,799) NGN thousands · p26

    Change not shown.

  • Profit / (loss) for the year

    −NGN 9.53 billion

    (9,530,090) NGN thousands · p26

    Change not shown.

  • Total assets

    NGN 21.1 billion

    21,094,314 NGN thousands · p25

    +59.2% vs 2023

  • Total equity

    NGN 3.44 billion

    3,444,898 NGN thousands · p25

    +4.9% vs 2023

  • Cash from operations

    −NGN 2.28 billion

    (2,276,658) NGN thousands · p28

    −299.9% vs 2023

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

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN 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

  • FY2024 — audited financial statements, signed / final; reported for the year · source
  • FY2023 — audited financial statements, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filing
Revenue 1,375,813 –1
Cost of sales (536,592) –1
Gross profit 839,221 –2
Selling and distribution cost (17,423) (65)
Operating expenses (409,559) (486,308)
Other operating income 950,211 222,315
Exchange (loss) (11,675,249) (10,176,549)
Operating Loss (10,312,799) (10,440,607)
Finance cost (307,224) (209,740)
Loss before taxation (10,620,023) (10,650,347)
Current taxation3 (58,421) –4
Deferred taxation5 1,148,353 –4
Loss after taxation transferred to revenue reserve (9,530,090) (10,650,347)
Net appreciation on revaluation of Property, plant & equipment6 5,517,709 4,731,233
Total comprehensive income (unlabelled total) 4,012,381 (5,919,114)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.gross_profit.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.operating_profit.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (3)
  1. “Current taxation” is an issuer-specific line, not mapped to a shared definition: Current tax charge printed apart from deferred tax; no total tax line is printed.
  2. “Deferred taxation” is an issuer-specific line, not mapped to a shared definition: Deferred tax credit printed apart from current tax; no total tax line is printed.
  3. “Net appreciation on revaluation of Property, plant & equipment” is an issuer-specific line, not mapped to a shared definition: The only OCI item printed (note 16).

Balance sheet

Balance sheet, NGN thousands. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filing
Property, Plant and Equipment 16,255,664 10,880,178
Available for sale financial assets1 300 300
Other Receivables2 1,106,115 1,106,115
Total Non-Current assets 17,362,079 11,986,593
Trade and other receivables 2,178,377 52,023
Deferred tax 1,148,353 –3
Inventories 329,114 336,339
Cash and cash equivalents 76,391 874,830
Total Current Assets 3,732,235 1,263,192
Total Assets 21,094,314 13,249,785
Borrowings 17,152,770 7,658,077
Total Non-Current Liabilities 17,152,770 7,658,077
Borrowings –4 1,735,887
Trade and other payables 393,264 506,626
Current taxation 103,382 65,928
Total current liabilities 496,646 2,308,441
Total Liabilities 17,649,416 9,966,518
Share capital 1,950,000 1,950,000
Share premium 1,045,577 1,045,577
Revaluation reserve 14,266,309 8,748,602
Revenue reserve (13,816,988) (8,460,912)
Total equity 3,444,898 3,283,267
Total Liabilities and Equity 21,094,314 13,249,785
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (2)
  1. “Available for sale financial assets”: mapping to a shared definition is uncertain. Available-for-sale financial assets as printed (note 6).
  2. “Other Receivables” is an issuer-specific line, not mapped to a shared definition: Note 7.2: export expansion grant receivable.

Cash flow

Cash flow, NGN thousands. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filing
Operating loss before working capital changes1 1,711,702 (151,140)
Income tax paid (20,967) –2
Working capital changes3 (3,967,393) 1,290,195
Net cash from operating activities (unlabelled subtotal) (2,276,658) 1,139,055
Purchase of property, plant and equipment (207,030) (457,029)
Interest expense4 (307,224) (209,739)
Revaluation surplus5 –6 –6
Proceeds from disposal –6 –6
Net cash (utilised)/generated Investing Activities (514,254) (666,768)
Borrowing7 9,494,693 (231,766)
Revenue reserve movement8 (7,502,220) 997,225
Share increase9 –10 (367,862)
Net cash generated from Financing Activities 1,992,473 397,597
Net decrease in cash and cash equivalents (798,439) 869,884
Cash and cash equivalents at beginning of year 874,830 4,946
Cash and cash equivalents at end of year 76,391 874,830
  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 (7)
  1. “Operating loss before working capital changes” is an issuer-specific line, not mapped to a shared definition: Printed as label (note 22); positive in 2024.
  2. “Working capital changes” is an issuer-specific line, not mapped to a shared definition: Note 23.
  3. “Interest expense”: mapping to a shared definition is uncertain. Interest expense printed as an investing cash flow.
  4. “Revaluation surplus” is an issuer-specific line, not mapped to a shared definition: Printed in investing activities; '-' in both years.
  5. “Borrowing” is an issuer-specific line, not mapped to a shared definition: Net borrowing movement printed as one financing line.
  6. “Revenue reserve movement” is an issuer-specific line, not mapped to a shared definition: Printed in financing activities.
  7. “Share increase” is an issuer-specific line, not mapped to a shared definition: Printed in financing activities; 2024 '-'.

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.

No dividend statement or amount collected.

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.

  • FTN Cocoa Processors Plc Reports and Financial Statements for the year ended 31 December, 2024

    Year ended 31 December 2024 · Audited financial statements · signed / final

    Audit: Baker Tilly Nigeria (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Oluwole O. Ogundeji, for Baker Tilly Nigeria

    Final status: Report of the independent auditors (Baker Tilly Nigeria) closes with a handwritten signature above 'Oluwole O. Ogundeji, FRC/2017/PRO/ICAN/004/00000002825, for: Baker Tilly Nigeria', the ICAN stamp and 'Lagos, Nigeria, 27 March, 2025' (PDF p24, page image). The statement of financial position says the statements were approved by the Board 'on ... March, 2025' (day left blank) and carries the signatures of the Chairman, Managing Director and Chief Finance Officer (PDF p25, page image).

    Document date
    27 Mar 2025
    Published
    18 Aug 2025
    Auditor's report
    27 Mar 2025
    Board approval
    date left blank in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    company statements · NGN thousands (printed “N'000”)
    • Statement of comprehensive income (p26): the unlabelled 2024 total is printed '4,012,381' without brackets, whereas the loss for the year (9,530,090) plus the revaluation OCI 5,517,709 gives a loss of 4,012,381; kept as printed.
    • No total tax line is printed (current taxation (58,421) and deferred taxation 1,148,353 shown separately, p26); the deferred tax asset is printed within current assets (p25); interest expense is presented in investing activities and the operating-activities total is unlabelled (p28). The balance sheet heading reads 'for the year ended'.
    • Earnings per share printed as '(N2.44k)' (2023: '(N 2.70k)') on p26 is not transcribed.
    Technical details
    File
    54 pages, with a text layer
    SHA-256
    bf3d29e80023948ec51c524c324db2b925a8074bed4dc2dd91d5e4c8046ad3c9
    Entity as printed
    FTN Cocoa Processors PLC ("the Company")
    Exchange copy
    retrieved 2026-10-08T18:08:29Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 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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