Multi-trex Integrated Foods PlcNSENG: MULTITREX

Quarter 1 - financial statement for 2025

Mar 2, 2026 at 5:11 PM UTC · Issued by Multi-trex Integrated Foods Plc

Multi-Trex Integrated Foods Plc Unaudited Interim Financial Statements For The Three Months Ended 31st July, 2024

Multi-Trex Integrated Foods Plc Km 29, Lagos-Ibadan Expressway, Warewa, Ogun State

Nigeria

Tel: +2348033130118

Email: info@multitrexplc.com Website: https://www.multitrexplc.com

Contents Page

Directors and Other Corporate Information 1

Results at a Glance 2

Certification of Pursuant to Section 60 (2) of ISA no 29, 2007 3

Statement of Directors' Responsibilities 4

Directors and their Interest 5

Statement of Profit or Loss and Other Comprehrensive Income 6

Statement of Financial Position 7

Statement of Cash Flows 8

Notes to the Financial Statements 9

DIRECTORS AND OTHER CORPORATE INFORMATION

Board of Directors:

Dr. Segun Aina OFR Mr. Yusuf Isiaka

Alhaji Murthada A. Adeniji Mr. Olu Abayomi Sanya Mr. Anthony Chisnall

Dr. Teju Bolujoko Mrs. Moni Owofemi Hon. Ajibola Ogunsiji

Tax Identification Number:

Registered office:

Registration No. Registrars:

Independent Auditor:

Legal Advisers:

Company Secretary: Bankers:

Chairman/Non -Executive Managing Director/ CEO Non -Executive

Non -Executive

Non -Executive (Resigned Oct. 9th, 2025) Non -Executive (Resigned October 9th, 2025) Non -Executive (Resigned October 9th, 2025)

01689138-0001

Km 29, Lagos- Ibadan Expressway, Warewa, Ogun State.

RC. 370490

Meristem Registrars Limited, 213, Herbert Macaulay Way, Sabo, Yaba, Lagos

Baker Tilly Nigeria, (Chartered Accountants) Kresta Laure! Complex (4th Floor),

376, Ikorodu Road, Maryland, Lagos.

A. A. Sogunle & Associates 1, Olawaiye Street,

Off Akinwumi Street,

Anifowose, Ikeja, Lagos.

Mr. Sogunle Adebisi Adekunle Access Bank Plc

Guaranty Trust Bank Plc

First City Monument Bank Plc Nigerian Export-Import Bank (NEXIM) Zenith International Bank Plc

Assets Management Corporation of Nigeria

Lotus Bank Limited

Member of the Statutory Committee	Mr. 'Biyi Olufowobi	Chairman
	Mr. Emmanuel Chibuzor	Member
	Mr. Abayomi Olaofe Mr. Olu Abayomi Sanya	Member Member
	Mr. Yusuf Isiaka	Member

RESULTS AT A GLANCE

	Three Months Ended 31st July 2024 N'000	Year Ended 30th April, 2024 N'000
	Unaudited	Audited
Statement of Comprehensive Income
Turnover	14,601	1,199,665
Profit/(Loss) before taxation	(148,841)	462,933
Taxation	0	(22,935)
Deffered Tax	0	70,940
Profit/(Loss) after taxation	(148,841)	510,937
Statement of Financial Position
Share capital	2,255,568	2,255,568
Shareholders fund	7,013,920	7,162,762
Deposit for shares	3,700,001	3,700,001
Property, plant & equipment	14,969,568	14,073,760
Total assets	16,797,207	16,908,155
Revaluation surplus	4,423,678	4,423,678
Earnings per share	(0.03)	0.14
No of employees	3	3

CERTIFICATION PURSUANT TO SECTION 60 (2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

We the undersigned hereby certify the following with regards to our unaudited reports and financial statements for the three months ended 31stJuly 2024 that:

We have reviewed the report;
To the best of our knowledge, the report does not contain:
1. any untrue statement of a material fact,
2. or omit to state a material fact, which would make the financial statements misleading in the light of circumstances under which such statements were made;
To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the company as of, and for the periods presented in the report;
We:
1. are responsible for establishing and maintaining internal controls;
  1. have designed such internal controls to ensure that material information relating to the company is made known to such officers by others within the company particularly during the period in which the periodic reports are being prepared;
  2. have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
We have disclosed to the directors and the audit committee:
1. all significant deficiency in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's directors and the audit committee any material weakness in internal controls; and
2. any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;
We have identified whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

………………………… Yusuf Isaika

Managing Director/CEO FRC/2013/ICAN/00000003730

……………………… Afees Adewale Ashiru

Chief Financial Officer FRC/2025/PRO/ICAN/001/147904

Statement of Directors' Responsibilities

The Directors of Multi-Trex Integrated Foods Plc are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the company as at 31stJuly, 2024, and the results of its operations, cash flows and changes in equity for the period ended, in compliance with the International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act 2020 of Nigeria and the Financial Reporting Council of Nigeria Act, 2011.

In Preparing the financial Statements, The Directors are responsible for:

Properly selecting and applying accounting policies;
Presenting information, including accounting policies, in the manner that provides relevant, reliable, comparable and understandable information
Providing additional disclosures when compliance with the specific requirements in IFRS are insufficient to enable user to understand the impact of a particular transactions, other events and conditions on the company's financial position and financial performance, and
Making an assessment of the company's ability to continue as a going concern.
The Directors are responsible for:
Designing, implementing and maintaining an effective and sound system of internal controls throughout the company;
Maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company, and enable them to ensure that the financial statements of the company comply with IFRS;
Maintaining statutory records in compliance with the legislation of Nigeria and IFRS
Taking such steps as are reasonably available to them to safeguard the assets of the company; and
Preventing and detecting fraud and other irregularities.

Going Concern:

The directors have made an assessment of the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the year ahead

Olu Abayomi Sanya Yusuf Isiaka

Director Managing Director/CEO

FRC/2014/CISN/00000009887 FRC/2013/ICAN/00000003730

Directors And their Interest

S/No. Names of Directors

Title

No of Shares as at Direct

(Units)

July 31 , 2024

Indirect

(Units)

Mr. Yusuf Isiaka OFR
Chai
MD/CEOn -Executive
4,100,000 0
Hon. Ajibolai Ogunsiji Non-Etixveec/uMtDiv/eCEO 47,149,520 0
Mr. OluiAbayomi Sainjiya
NNon-Executive 1,000,0000
142,742,278
Mrs. Moni Owofemi Non-E-Exxeeccuutitvivee 372,409,362 1,762,984,748

Alhaji Murthada A. Adeniji Non-Executive 0 788,643,533**

6 Dr. Teju Bo ujoko Non-Executive

** This shareholding constitutes the first of a three-part allotments agreed with N-Foods Universal Concepts Limited, of which regulatory approval has been obtained. The approval process for the second and the third tranches are to follow later.

Alhaji Murthada A. Adeniji Non-Executive - 788,643,533**
Mr. Nurain O. Hassan* Non-Executive -

*Joined on September 20, 2024

** This shareholding constitutes only the first of a three-part allotment agreed with N-Foods Universal Concept Limited, of which regulatory approval has been obtained. The approval process for the second and the third tranches are to follow later.

Statement of Profit or Loss and Other Comphrensive Income for the:

		Three Months Ended 31 July, 2024	Year Ended 30 April, 2024
		UNAUDITED	AUDITED
	NOTES	N'000	N'000
TURNOVER	15	14,601	1,199,665
COST OF SALES	16	(2,001)	(755,034)
GROSS PROFIT/ (LOSS)		12,600	444,631
OTHER INCOME	17	582	624,289
		13,182	1,068,920
OPERATING EXPENSES	18	(132,797)	(540,001)
FINANCE CHARGES	18	(29,226)	(65,986)
PROFIT / (LOSS) BEFORE TAXATION		(148,841)	462,933
TAX PROVISION	14b	0	(22,935)
DEFERRED TAX	14b	0	70,940
PROFIT / (LOSS) AFTER TAXATION		(148,841)	510,938
Other comprehensive gain/(loss)
Other comprehensive income not to be
relassified to profit or loss in subsequent
periods
Revaluation		0	(22,631)
Total Comprehensive profit / (loss) for the period net of tax		(148,841)	488,307

Statement of Financial Position as at

Three Months

Year Ended 30th

		Ended 31 July, 2024 Unaudited	April, 2024 Audited
NON CURRENT ASSETS	NOTES	N'000	N'000
Fixed Assets	1	14,969,568	14,073,760
Investments	2	7,838	7,838
Deffered Charges	3	0	0
TOTAL NON-CURRENT ASSETS		14,977,406	14,081,598
CURRENT ASSETS
Inventories	4	0	0
Debtors & Prepayments	5	889,442	897,227
Bank and Cash balances	6	930,360	1,929,330
TOTAL CURRENT ASSETS		1,819,802	2,826,557
TOTAL ASSETS		16,797,208	16,908,155
LIABILITIES
CURRENT LIABILITIES
Borrowing	12	0	470,044
Creditors & accruals	13a	2,358,062	1,666,347
Dividend Payable	13b	0	0
Taxation	14a	0	183,776
		2,358,062	2,320,167
NON CURRENT LIABILITIES
Term Loan	11	3,725,225	3,725,225
TOTAL LIABILITIES		6,083,287	6,045,393
EQUITY
Capital and reserves attributable to
the equity holders of the company
Share Capital	7a	2,255,568	2,255,568
Share Premium	8	3,546,100	3,546,100
Revaluation Reserve	9	4,423,678	4,423,679
Revenue Reserve	10	(3,211,427)	(3,062,584)
TOTAL EQUITY		7,013,920	7,162,762
2nd Tier Capital
Deposit for Shares	7b	3,700,001	3,700,001
		10,713,921	10,862,763
Total Equity and Liabilities		16,797,208	16,908,155

Olu Abayomi Sanya Director

FRC/2014/CISN/00000009887

Yusuf Isiaka

Managing Director/CEO FRC/2013/ICAN/00000003730

Afees Adewale Ashiru

Chief Financial Officer

FRC/2025/PRO/ICAN/001/147904

Statement of Cashflows for the

		Three Months Ended 31st	Year Ended 30th April,
		July,2024	2024
	Notes	Unaudited	Audited
		N'000	N'000
Cash flow from operating activities
Operating profit before working capital changes	20	(30,782)	899,627
Working capital changes	21	45,679	(154,051)
Income tax paid/withholding tax credit		0	(813)
Net cash inflow from operating activities		14,897	744,763
Cash flow from investing activities
Purchase of Property, Plant and Equipment		(996,800)	(214,954)
Investment		0	0
Dividend received		582	5,372
Proceeds from Disposal		0	0
Net cash outflow from investing activities		(996,216)	(209,582)
Cash flow from financing activities
Deposit for shares		0	1,200,001
Share capital		0	394,321
Share premium		0	2,105,677
Interest paid		(17,650)	(65,986)
Interest received		0	5,277
Loan received/(paid)		0	(3,572,775)
Cash outflow from financing activities		(17,650)	66,515
Movement in cash and cash equivalents
Net increase in cash and cash equivalents		(998,970)	601,696
Cash and cash equivalents at beginning of the year		1,929,330	1,327,634
Cash and cash equivalents at end of the year	22	930,360	1,929,330

Notes to the Financial Statements

Reporting Entity:

The company was incorporated on 30th November 1999 as a limited liability company in accordance with the provisions of the Companies and Allied Matters Act 1990. The company was converted to a Public Liability Company on 2 October 2008 in accordance with the provisions of the Companies and Allied Matters Act 1990. The principal activity of the company continues to be the processing of cocoa beans, exportation of industrial cocoa products as well as manufacturing and domestic marketing of cocoa-based consumer products.

Significant Accounting Policies:

The accounting policies adopted in the preparation of this interim financial Statements are consistent with those followed in the preparation of the company's audited financial statements. The company has not early adopted any other standard, interpretation or amendment that has been issued but has yet to be effective as at the date of this interim financial statement.

Basis of preparation:

These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), including International Accounting Standards (IAS) issued by the international Financial Reporting Interpretation Committee (IFRIC) and in accordance with the requirements of Financial Reporting Council of Nigeria (FRCN) Act No 6, 2011 and Companies and Allied Matters Act 2020.

The financial statements have been prepared on the historical cost basis. These financial statements are presented in Nigerian Naira, which is the company's functional currency. All financial information presented in Naira has been rounded to nearest thousand.

Significant Accounting Judgments, Estimate and Assumptions

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Page 10

NOTES TO THE ACCOUNTS FOR THE QUARTER 1 ENDED 31 JULY, 2024

1. FIXED ASSETS

BIOLOGICAL

FACTORY

FARM & OTHER

MX-NEW

ROAD

PLANT &

ASSET IN

MOTOR

FURNITURE,

ASSET-COCOA

PLAMTATION

BUILDING 2

LANDED

PROPERTY

WAREHOUSE NETWORK

MACHINERY -

FACTORY 1

TRANSIT-

SPARES

VEHICLE

FITTINGS &

EQUIPMENTS

TOTAL

COST	N	N	N	N	N	N	N	N	N	N
As at 1st May, 2024 (Audited)	84,506,000	2,320,440,093	1,163,896,000	475,705,305	122,067,602	10,889,237,000	214,454,490	0	15,381,000	15,285,687,490
Disposals/Adjustments	0	0	0	0	0	0	0	0	0	0
Additions	0	2,662,500	0	0	0	0	994,137,464	0	0	996,799,964
As at 30th April, 2025 (Unaudited)	84,506,000	2,323,102,593	1,163,896,000	475,705,305	122,067,602	10,889,237,000	1,208,591,954	0	15,381,000	16,282,487,454
DEPRECIATION As at 1st May, 2024 (Audited)+B7	8,442,149	87,016,503	0	17,838,949	4,577,535	1,089,438,137	0	0	4,614,300	1,211,927,574

Charge for the Period	703,512	7,251,375	0	1,486,579	381,461	90,784,845	0-	0	384,525	100,992,298
Disposal /Adjustment	0	0	0	0	0	0	0	0		0	0
As at 30th April, 2025 (Unaudited)	9,145,662	94,267,879	0	19,325,528	4,958,996	1,180,222,982	0	0		4,998,825	1,312,919,872
NET BOOK VALUE:
As at 30th April, 2025 (Unaudited)	75,360,338	2,228,834,714	1,163,896,000	456,379,777	117,108,606	9,709,014,018	1,208,591,954	0		10,382,175	14,969,567,582

As at 30th April, 2024(B23(Audited)	76,063,851	2,233,423,589	1,163,896,000	457,866,356	117,490,067	9,799,798,863	214,454,490	0		10,766,700	14,073,759,916

NOTES TO THE ACCOUNTS FOR THE

INVESTMENTS

Three Months Ended Year Ended 3oth 3• July, • •k April, aozz,

N'ooo N'ooo

Unaudited Audited

Quoted Shares: 7 3

7 3

*****39.7oounits Of Guaranty Trust Bank Pls @N3* 7 ****

3 DEFFERED CHARGES:

As at O

Additions O

Charged for the period O

Transfer to Share Premium O

7 38

7 3

Amount falling due within the next z2 months
	0	0
4 STOCKS
Finished Goods	O	0
Work-In-Progress	O	0
Raw Materials- Cocoa Beans	0	0
Packaging, Energy & Consumables	O	0
5 DEBTORS & PREPAYMENTS
EEG Receivables	o	0
Trade Debtors	9.y8y	97 7
Sundry Debtors & Receivables	8yg,6s‹	88y,qqo
Prepayments	o	0
Deffered Charges falling within one year	O	O
Inter-company receivables
	889 44*	897 **7
6 BANK & CASH BALANCES Cash In Hand	O	0
Cash at Bank	93O,36o	929 330
Cash @ Amcon	o	o
NDC -Certificate with Bank (See schedule 'L')	o	0
NDC -Certificate @ Hand	o	O
	93O,36o	* 9*9 33

NOTES TO THE ACCOUNTS FOR THE Quarter 1 Ended 31

July, 2024

Year Ended 30th April, 2024

N'000 N'000

Unaudited Audited

7a	SHARE CAPITAL
	Authorised: 6m Ordinary Shares of 50K each	0	0
	ISSUED & FULLY PAID:
	As at	2,255,568	1,861,247
	New Issues	0	394,321
		2,255,568	2,255,568
7b	Deposit for Shares-N Foods Universal Concept Ltd	3,700,001	3,700,001
8	SHARE PREMIUM
	As at 1st May,	3,546,100	1,440,423
	On Issues to Amcon	0	0
	Transfer from Deferred Charges	0	0
	Transfer from Revenue Reserve	0	2,105,677
	Transfer to Revenue Reserve	0	0
		3,546,100	3,546,100
9	REVALUATION RESERVE***
	As at 1st May,	4,423,678	4,446,310
	Current Revaluation Surplus	0	(22,631)
		4,423,678	4,423,679

***The reserve arose the revaluation of the company's property, plant and equipment.The revaluation exercise was carried out by Knight Frank (Estate Surveyors & Valuers, Chartered Surveyors for Asset management Corporation of Nigeria dated September 9, 2021. The revaluation report however states a clause that the result of the reports is solely for the use of the client and without the express written consent of the valuer, neither the whole nor any part of the valuation may be refferenced in any form.

10 PROFIT & LOSS ACCOUNT
Profit / (Loss) brought Forward	(3,062,585)	(3,573,522)
Transfer from Share Premium	0	0
Profit / (Loss) for the year	-148,841	510,938
Prior year adjustments	0	0
	(3,211,427)	(3,062,584)
11 MEDIUM TERM LOAN
Skye Bank Loan	0	0
AMCON - Term Loan	3,725,225	3,725,225
Nexim N470m Stocking Facility	0	0
	3,725,225	3,725,225

	NOTES TO THE ACCOUNTS FOR THE	Quarter 1 Ended 31 July, 2024	Year Ended 30th April, 2024
		UNAUDITED- N'000	AUDITED- N'000
12	BANK OVERDRAFTS
	SKYE Bank $6M	0	0
	UBA Current- Adeola Odeku	0	0
	CBN / CACS N2BN LOAN	0	0
	FBN (UK) USD Ilupeju Collection Ac)	0	0
	Zenith Bank Falomo Account	0	0
	ZENITH BANK SHORT TERM FACILITY	0	0
	FCMB- N1bn Stocking facility	0	0
	FBN Bank UK $5m loan	0	0
	Nexim Bank N470m Loan		470,044
	Skye Bank $9m Loan	0	0
		0	470,044
13A	CREDITORS & ACCRUALS
	Trade Creditors	12,214	1,042,371
	Accounts Payable	87,502	487,478
	Other Payables	2,258,346	136,498
		2,358,062	1,666,347
13B	DIVIDEND PAYABLE
	Preference Dividend Payable	0	0
		0	0
14a	TAXATION
	At the beginning of the year	0	161,654
	Current Tax	0	22,935
	Witholding Tax credit utilized	0	(813)
	Balance at end	0	183,776
14b	Tax
	Company Income Tax	0	0
	minimum Tax	0	9,093
	Police trust fund levy	0	23
	Education tax	0	13,819
0 22,935
Deferred Tax		0	70,940
15 TURNOVER
Export Sales		9,480	1,186,702
Local Sales		5,121	12,963
		14,601	1,199,665
16 COST OF SALES :
Direct Materials / Labour & Others		2,001	755,034
		2,001	755,034
17 OTHER INCOME
Profit/(Loss) on Exchange Difference		0	383,284
Scrap sales		0	855
Sundry Income		582	240,150
		582	624,289
18 OPERATING EXPENSES / FINANCE CHARGES
Finance Charges		29,226	65,986
General/Operating Exp.		132,797	540,001

NOTES TO THE ACCOUNTS FOR THE

Three Months Ended 31st July 2024

Year Ended 30th April 2024

	Unaudited N'000	Audited N'000
20 Operating profit before working capital changes
Profit/(loss) after tax	(148,841)	510,938
Add back:
Taxation	0	(48,005)
Interest paid	17,650	65,986
Interest received	0	(5,277)
Dividend received	(582)	(5,372)
Adjustment for non cash items:
Prior year dividend provision not required
Revaluation reserve	0	0
Prior years' write back/off	0	0
Depreciation&amortisation	100,992	381,357
	(30,782)	899,627
21 Working capital changes
(Increase)/decrease in inventories	-	-
(Increase)/decrease in receivables	7,785	(396,404)
(Increase)/decrease in prepayment	0	0
(Increase)/decrease in deferred expenses	0	0
Increase/(Decrease) in trade and other payables	37,895	242,353
(Decrease)/Increase in Government grant	0	0
Increase in employee benefits	0	0
	45,679	(154,051)
22 Cash and cash equivalents
cash and short term deposits	930,361	1,929,330
Bank overdrafts	0	0
	930,361	1,929,331

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