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Tantalizers

TANTALIZER · Nigerian Exchange · Company statements

On this page
Company details
Legal name
Tantalizers Plc
Listing
TANTALIZER on the Nigerian Exchange, active · ISIN NGTANTALIZE1 (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 · audited financial statements, signed / final · source

Read with these figures

  • Company-only statements, not group results. These are Tantalizers Plc's own (separate) statements; its 2025 investments in subsidiaries (Taintainment Ltd and Fisheries Ltd, N7,760,479,811 in total, p14 and p31) are carried as investments, and no consolidated statements are printed in this document or referred to as published.
Full wording and sources

  • Company-only statements, not group results

    These are Tantalizers Plc's own (separate) statements; its 2025 investments in subsidiaries (Taintainment Ltd and Fisheries Ltd, N7,760,479,811 in total, p14 and p31) are carried as investments, and no consolidated statements are printed in this document or referred to as published. The figures are the parent company's and are not group results.

    Source: Tantalizers Plc Audited Financial Statements for the year ended 31 December, 2025 (dated 2026-02-27)

  • Revenue

    NGN 1.29 billion

    1,290,870,891 NGN units · p13

    +7.7% vs 2024

  • Operating profit / (loss)

    NGN 25.3 million

    25,311,201 NGN units · p13

    Moved from loss to profit (FY2024: (189,931,650) NGN units)

  • Profit / (loss) for the year

    NGN 72.7 million

    72,736,674 NGN units · p13

    Moved from loss to profit (FY2024: (265,585,830) NGN units)

  • Total assets

    NGN 13.4 billion

    13,395,133,741 NGN units · p14

    +353.5% vs 2024

  • Total equity

    NGN 4.72 billion

    4,719,582,024 NGN units · p14

    +303.4% vs 2024

  • Cash from operations

    NGN 750 million

    749,734,220 NGN units · p16

    +101.2% vs 2024

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.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN units 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 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
System revenue1 2,904,459,504 2,902,588,052
Revenue 1,290,870,891 1,198,497,681
Cost of sales (827,086,091) (773,334,566)
Gross profit 463,784,800 425,163,115
Other income 234,718,299 123,289,785
Distribution costs (3,279,624) (3,147,414)
Write backs2 77,450,237 90,615,451
Administrative expenses (747,362,510) (825,852,587)
Operating loss 25,311,201 (189,931,650)
Finance cost (27,015,291) (69,661,692)
Loss after finance cost (unlabelled subtotal)3 (1,704,089) (259,593,342)
Finance Income 85,401,667 –4
Profit/(Loss) before taxation 83,697,578 (259,593,342)
Taxation (10,960,904) (5,992,488)
Profit/(Loss) after taxation 72,736,674 (265,585,830)
  1. Printed “-”; reading unresolved, so no amount is shown. Printed dash, read on the page image (p13); recorded as printed and not interpreted as nil.
Notes and alternative reported figures (3)
  1. “System revenue” is an issuer-specific line, not mapped to a shared definition: Memorandum line: sales of company-owned and franchisee-owned outlets (note 3); not a step of the statement.
  2. “Write backs” is an issuer-specific line, not mapped to a shared definition: Note 6.
  3. “Loss after finance cost (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Operating result less finance cost, before finance income.

Balance sheet

Balance sheet, NGN units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Property, plant and equipment 4,593,555,400 1,742,739,019
Long term receivables1 84,173,869 88,285,545
Non-current assets (unlabelled subtotal)2 4,677,729,269 1,831,024,564
Long Term Investment in Subsidiaries3 7,760,479,811 –4
Inventories 92,909,879 67,833,360
Trade and other receivables 206,596,261 203,717,611
Short term investments5 –6 19,975,000
Short term investments 465,030,414 594,158,209
Cash and cash equivalents 192,388,107 236,887,280
Current assets (unlabelled subtotal) 956,924,661 1,122,571,460
Total assets 13,395,133,741 2,953,596,025
Share capital 2,500,000,000 2,500,000,000
Share premium 2,249,914,608 2,249,914,608
Revaluation reserve 3,775,105,681 938,335,517
Retained earnings - deficit (4,445,438,265) (4,518,174,939)
Equity before deposit for shares (unlabelled subtotal)7 4,079,582,024 1,170,075,186
Deposit for shares8 640,000,000 –9
Shareholders' fund 4,719,582,024 1,170,075,186
Trade and other payables 962,136,017 1,058,151,577
Provisions and deferred Income10 455,446,863 337,607,052
Term loans –11 34,091,714
Lease Payable12 7,100,000,000 –11
Taxation 84,813,075 77,297,219
Current liabilities (unlabelled subtotal) 8,602,395,955 1,507,147,562
Provisions and deferred income13 57,530,409 11,499,880
Term loans 15,625,352 264,873,396
Non-current liabilities (unlabelled subtotal) 73,155,762 276,373,276
Total liabilities 8,675,551,717 1,783,520,838
Total equity and liabilities 13,395,133,741 2,953,596,025
  1. Printed “-”; reading unresolved, so no amount is shown. Printed dash for 2024; the investment was made in 2025 (cash flow, p16).
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
  4. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (9)
  1. “Long term receivables” is an issuer-specific line, not mapped to a shared definition: Note 13.
  2. “Non-current assets (unlabelled subtotal)”: mapping to a shared definition is uncertain. Unlabelled subtotal of PPE and long-term receivables only; the investment in subsidiaries is printed below it outside the subtotal (non-current by its label). Faint, low-resolution scan: OCR misreads digits on this page (e.g. '982,136,017', '2,248,914,608'); read on the page render.
  3. “Long Term Investment in Subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 14c: Taintainment Ltd and Fisheries Ltd, at cost (not consolidated).
  4. “Short term investments” is an issuer-specific line, not mapped to a shared definition: Note 14a: Milli Asset investment.
  5. “Equity before deposit for shares (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Share capital, share premium, revaluation reserve and retained deficit.
  6. “Deposit for shares” is an issuer-specific line, not mapped to a shared definition: Note 20B.
  7. “Provisions and deferred Income” is an issuer-specific line, not mapped to a shared definition: Note 21.
  8. “Lease Payable”: mapping to a shared definition is uncertain. 'Lease Payable' (note 26): per the key audit matter (p9), liabilities for assets acquired, backed by promissory notes and to be settled by shares or cash. Faint, low-resolution scan: OCR misreads digits on this page (e.g. '982,136,017', '2,248,914,608'); read on the page render.
  9. “Provisions and deferred income” is an issuer-specific line, not mapped to a shared definition: Note 21.

Cash flow

Cash flow, NGN units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash received from customers1 1,526,822,216 1,338,403,218
Cash paid to suppliers and employees2 (773,642,948) (912,583,055)
Tax paid (3,445,048) (53,254,393)
Net cash (used in) operating activities 749,734,220 372,565,770
Interest received 85,401,667 50,497,102
Short term investment3 (465,030,414) (594,158,209)
Investment in Subsidiaries4 (7,760,479,811) Not reported in this filing5
Acquisition of property, plant and equipment (94,069,787) (2,473,413)
Proceeds from disposal of property, plant and 10,300,000 –6
Net cash provided by investing activities (8,223,878,344) (546,134,520)
Repayment of borrowings (283,339,758) (87,464,685)
Deposit for shares7 640,000,000 –8
Lease Payables910 7,100,000,000 Not reported in this filing11
Interest paid12 (27,015,291) (120,158,794)
Net cash used in financing activities 7,429,644,952 865,399,777
Net increase in cash and cash equivalents (44,499,173) 212,965,978
Cash and cash equivalents at start of the year 236,887,280 23,921,302
Cash and cash equivalents at end of the year 192,388,107 236,887,280
Increase in share premium13 –8 178,837,209
Proceeds from issuance of share14 –8 894,186,047
  1. Printed “-”; reading unresolved, so no amount is shown. Printed dash, read on the page image (p16); recorded as printed and not interpreted as nil. The label wraps over two lines ('Proceeds from disposal of property, plant and' / 'equipment'); the dash sits on the second line.
  2. Printed “-”; reading unresolved, so no amount is shown. Printed dash, read on the page image (p16); recorded as printed and not interpreted as nil.
Notes and alternative reported figures (12)
  1. “Cash received from customers” is an issuer-specific line, not mapped to a shared definition: Direct-method operating line.
  2. “Cash paid to suppliers and employees” is an issuer-specific line, not mapped to a shared definition: Direct-method operating line.
  3. “Short term investment” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 14).
  4. “Investment in Subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. Not reported in this filing: The line 'Investment in Subsidiaries' carries a 2025 amount only ((7,760,479,811)); the 2024 column is blank, with no dash printed (p16, checked on the page image).
  6. “Deposit for shares” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  7. “Lease Payables” is an issuer-specific line, not mapped to a shared definition: Financing activities: printed as an inflow of 7,100,000,000.
  8. “Lease Payables”: mapping to a shared definition is uncertain. Printed as a financing inflow; the balance sheet shows the same amount as an unsettled lease payable. The 2024 cell is blank.
  9. Not reported in this filing: The line 'Lease Payables' carries a 2025 amount only (7,100,000,000); the 2024 column is blank, with no dash printed (p16, checked on the page image).
  10. “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in financing activities; not split between borrowings and leases.
  11. “Increase in share premium” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  12. “Proceeds from issuance of share” is an issuer-specific line, not mapped to a shared definition: Financing activities.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.011 (0.08)2
  1. Printed as 1 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as (8) kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Earning per share (basic) -kobo”.

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.

  • Tantalizers Plc Audited Financial Statements for the year ended 31 December, 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Abiodun Aina & Co (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Ishola A. Eniola (FRC/2013/PRO/00000004744), for Abiodun Aina & Co

    Final status: Report of the independent auditors signed (handwritten) by Ishola A. Eniola (FRC/2013/PRO/00000004744) for Abiodun Aina & Co with the ICAN seal, dated by hand '27' February, 2026 (PDF p12, page image). Statements approved by the board on a handwritten '27th Feb 2026' and signed (handwritten) by the chairman (Adam Nuru) and the executive director finance; the MD/CEO line (Robert Speijer) shows no visible signature (PDF p14, page image).

    Document date
    27 Feb 2026
    Published
    4 Mar 2026
    Auditor's report
    27 Feb 2026
    Board approval
    27 Feb 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    company statements · NGN units (printed “N”)
    • Key audit matters (p9): deposits for shares of N640 million recorded in the period; lease liabilities of N7.1 billion for assets acquired but not yet settled at year-end, backed by promissory notes, to be settled by allocation of shares or cash.
    • Statement of cash flows, 2024 (p16): the net increase in cash printed (212,965,978) differs from the sum of the printed operating, investing and financing totals (372,565,770 - 546,134,520 + 865,399,777 = 691,831,027); opening cash 23,921,302 plus 212,965,978 gives the printed closing 236,887,280. Kept as printed.
    • Rounding differences of 1 in the printed subtotals: operating result 2025 (25,311,201 against 25,311,202 from the lines) and the unlabelled subtotal after finance cost (p13); 2024 total assets and total equity and liabilities 2,953,596,025 against 2,953,596,024 (p14); 2025 non-current liabilities 73,155,762 against 73,155,761; investing and financing totals 2025 (p16). Kept as printed.
    • Scanned document: the statement pages have no text layer (the text layer holds only the contents page and the directors' and audit committee reports, pp2, 38-42).
    • The investment in subsidiaries (7,760,479,811) is printed between the non-current asset subtotal and the current assets, outside both subtotals; total assets includes it (p14). 'Lease Payables' of 7,100,000,000 is shown as a financing inflow and the same amount as a current 'Lease Payable' (p14, p16).
    • SEPARATE STATEMENTS ONLY: the company holds subsidiaries acquired in 2025 (Long Term Investment in Subsidiaries N7,760,479,811, note 14c, p31: Investment in Taintainment Ltd 7,595,797,296; Investment in Fisheries Ltd 164,682,515) but the document prints only the company's statements and does not mention consolidated statements. The controller should hold this document until consolidated statements are found or their absence is explained.
    Technical details
    File
    42 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    a7bd9607973cbfca889942d135cbafbb5e4c77482aff9766c66531a16a698632
    Entity as printed
    Tantalizers Plc
    Exchange copy
    retrieved 2026-10-08T17:55:48Z

Data notes

  • Cash and cash equivalents at start of the year — OCR read '23.921,302'; the page image shows '23,921,302'. OCR reads a full stop for the comma in the 2024 opening cash; the render prints 23,921,302. (Tantalizers Plc Audited Financial Statements for the year ended 31 December, 2025, p16)

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) (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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