Multi-trex Integrated Foods PlcNSENG: MULTITREX

Quarter 3 - 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 Nine Months Ended 31st January, 2025

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

DIRECTOR'S 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 Mr. Nurain Hassan

Tax Identification Number:

Registered office:

Registration No.

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

Non -Executive Non -Executive

Non -Executive (Resigned October 9th, 2025)

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

Non-Executive (Joined Sept 20, 2024. Resigned Oct 9, 2025)

01689138-0001

Km 29, Lagos- Ibadan Expressway, Warewa,

Ogun State.

RC. 370490

Registrars: Meristem Registrars

Limited, 213, Herbert Macaulay Way, Sabo,

Independent Auditor:

Legal Advisers:

Company Secretary: Bankers:

Yaba, Lagos

BakerTilly Nigeria, (CharteredAccountants) Kresta Laure!Complex (4th Floor),

376, Ikorodu Road, Maryland, Lagos.

A.A. Sogunle & Associates

1,Olawaiye Street, OffAkinwumiStreet,

Anifowose, Ikeja, Lagos.

Mr. SogunleAdebisiAdekunle Access Bank Plc GuarantyTrust 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

Mr. Emmanuel Chibuzor Mr. Abayomi Olaofe

Mr. Olu Abayomi Sanya

Chairman Member Member Member

Mr. Yusuf Isiaka Member

RESULTS AT A GLANCE

	Nine Months Ended 31st January 2025	Year Ended 30th April, 2024
	Unaudited N'000	Audited N'000
Statement of Comprehensive Income
Turnover	46,611	1,199,665
Profit/(Loss) before taxation	(499,054)	462,933
Taxation	0	(22,935)
Deffered Tax	0	70,940
Profit/(Loss) after taxation	(499,054)	510,938
Statement of Financial Position
Share capital	2,255,568	2,255,568
Shareholders fund	6,663,707	7,162,762
Deposit for shares	3,700,001	3,700,001
Property, plant & equipment	12,422,094	14,073,760
Total assets	16,649,340	16,908,155
Revaluation surplus	4,423,678	4,423,678
Earnings per share	(0.11)	0.14
Gearing Ratio
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 nine months ended 31stJanuary 2025 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;
2. 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;
3. 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 of the company 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 in the report 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 Isiaka

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 31stJanuary, 2025, 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

January 31 2025

Mr. Yusuf Isiaka	Managing Director/CEO	4,100,000	0
Hon. Ajibola Ogunsiji	Non-Executive	7,149,520	0
Mr. Olu Abayomi Sanya	Non-Executive	1,000,000	1,42742,278
Mrs. Moni Owofemi	Non-Executive	372,409,362	1,762,984,748
Alhaji Murthada A. Adeniji	Non-Executive	0	788,643,533**

** 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.

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

		Quarter 3 Ended	Year Ended
		31 January, 2025	30th April, 2024
	NOTES	Unaudited N'000	Audited N'000
TURNOVER	15	46,611	1,199,665
COST OF SALES	16	(5,387)	(755,034)
GROSS PROFIT/ (LOSS)		41,224	444,630
OTHER INCOME	17	1,491	624,289
		42,715	1,068,919
OPERATING EXPENSES	18	(405,494)	(540,001)
FINANCE CHARGES	18	(136,275)	(65,986)
PROFIT / (LOSS) BEFORE TAXATION		(499,054)	462,933
TAX PROVISION	14	0	(22,935)
DEFERRED TAX	14	0	70,940
PROFIT / (LOSS) AFTER TAXATION		(499,054)	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		(499,054)	488,307

Statement of Financial Position as at

		Quarter 3 Ended 31 January, 2025	Year Ended 30th April, 2024
		UNAUDITED	UNAUDITED
NON CURRENT ASSETS	NOTES	N'000	N'000
Fixed Assets	1	12,422,094	14,073,760
Investments	2	7,838	7,838
Deffered Charges	3	0	0
TOTAL NON-CURRENT ASSETS		12,429,932	14,081,598
CURRENT ASSETS Inventories	4	0	0
Debtors & Prepayments	5	889,442	897,227
Bank and Cash balances	6	3,329,966	1,929,330
TOTAL CURRENT ASSETS		4,219,407	2,826,557
TOTAL ASSETS		16,649,340	16,908,155
LIABILITIES
CURRENT LIABILITIES Borrowing	12	0	470,044
Creditors & accruals	13a	2,560,407	1,666,347
Dividend Payable	13b	0	0
Taxation	14	0	183,776
		2,560,407	2,320,167
NON CURRENT LIABILITIES Term Loan	11	3,725,225	3,725,225
TOTAL LIABILITIES		6,285,632	6,045,392
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	4,423,678
Revenue Reserve	10	(3,561,640)	(3,062,584)
TOTAL EQUITY		6,663,707	7,162,762
2nd Tier Capital
Deposit for Shares	7b	3,700,001	3,700,001
		10,363,708	10,862,763
Total Equity and Liabilities		16,649,340	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 Cash Flow For The

			Nine Months
			Ended 31st January 2025	Year Ended 31st April 2024
			Unaudited	Audited
	Notes		N'000	N'000
Cash flow from operating activities
Operating profit before working capital changes		20	(143,927)	899,627
Working capital changes		21	248,024	(154,051)
Income tax paid/withholding tax credit			0	(813)
Net cash inflow from operating activities			104,097	744,763
Cash flow from investing activities
Purchase of Property, Plant and Equipment			(1,184,016)	(214,954)
Investment			0	0
Dividend received			798	5,372
Proceeds from Disposal			2,532,705	0
Net cash outflow from investing activities			1,349,488	(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			(52,950)	(65,986)
Interest received			0	5,277
Loan received/(paid)			0	(3,572,775)
Cash outflow from financing activities			(52,950)	66,515
Movement in cash and cash equivalents
Net increase in cash and cash equivalents			1,400,636	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	3,329,966	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.

NOTES TO THE ACCOUNTS FOR THE QUARTER 3 ENDED 31 JANUARY, 2025

1. FIXED ASSETS

BIOLOGICAL ASSET FACTORY

FARM & OTHER MX-NEW

PLANT &

ASSET IN

MOTOR

FURNITURE,

COCOA

PLAMTATION

BUILDING 2

LANDED

PROPERTY

WAREHOUSE ROAD 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	(2,814,264,393)	0	0	0	(2,814,264,393)
Additions	0	2,662,500	0	0	0	87,997,370	1,093,356,274	0	0	1,184,016,144
As at 30th April, 2025 (Unaudited)	84,506,000	2,323,102,593	1,163,896,000	475,705,305	122,067,602	8,162,969,977	1,307,810,764	0	15,381,000	13,655,439,241
DEPRECIATION As at 1st May, 2024 (Audited)	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	2,110,537	21,754,126	0	4,459,737	1,144,384	272,354,534	0	0	1,153,575	302,976,893
Disposal /Adjustment	0	0	0	0	0	(281,559,393)	0	0	0	(281,559,393)
As at 30th April, 2025 (Unaudited)	10,552,687	108,770,629	0	22,298,686	5,721,919	1,080,233,278	0	0	5,767,875	1,233,345,075
NET BOOK VALUE:
As at 30th April, 2025 (Unaudited)	73,953,313	2,214,331,963	1,163,896,000	453,406,619	116,345,684	7,082,736,699	1,307,810,764	0	9,613,125	12,422,094,167

As at 30th April, 2024 (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
Quarter 3 Ended
31 January, 2025
N'000
Unaudited
Year Ended 30th April, 2024
N'000
Audited
Quoted Shares: 7,838 7,838
7,838 7,838
****239,700 units of Guaranty Trust Bank Pls @N32.70****
DEFFERED CHARGES:
As at 0 0
Additions 0 0
Charged for the period 0 0
Transfer to Share Premium 0 0
0 0
Amount falling due within the next 12 months
0 0
STOCKS
Finished Goods 0 0
Work-In-Progress 0 0
Raw Materials- Cocoa Beans 0 0
Packaging, Energy & Consumables 0 0
0 0
DEBTORS & PREPAYMENTS
EEG Receivables 0 0
Trade Debtors 9,787 9,787
Sundry Debtors & Receivables 879,654 887,440
Prepayments 0 0
Deffered Charges falling within one year 0 0
Inter-company receivables
889,442 897,227
BANK & CASH BALANCES

Cash In Hand Cash at Bank Cash @ AMCON

NDC -Certificate with Bank

0 0

3,329,966 1,929,330

0 0

NDC -Certificate @ Hand 0 0

3,329,966 1,929,330

	NOTES TO THE ACCOUNTS FOR THE	Quarter 3 Ended 31 January, 2025 N'000	Year Ended 30th April, 2024 N'000
7	SHARE CAPITAL	Unaudited	Audited
	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
7	Deposit for Shares	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	4,446,309
	Current Revaluation Surplus	0	(22,631)
		4,423,678	4,423,678

***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	(3,062,584)	(3,573,522)
	Transfer from Share Premium	0	0
	Profit / (Loss) for the year	(499,054)	510,938
	Prior year adjustments	0	0
		(3,561,640)	(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

		Quarter 3 Ended	Year Ended 30th
	NOTES TO THE ACCOUNTS FOR THE:	31 January, 2025	April, 2024
		N'000	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	0	470,044
	Skye Bank $9m Loan	0	0
		0	470,044
13A	CREDITORS & ACCRUALS
	Trade Creditors	12,214	1,042,371
	Accounts Payable	71,210	487,478
	Other Payables	2,476,983	136,498
		2,560,407	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	37,130	12,963
		46,611	1,199,665
16	COST OF SALES :
	Direct Materials / Labour & Others	5,387	755,034
		5,387	755,034
17	OTHER INCOME Profit/(Loss) on Exchange Difference	0	383,284
	Scrap sales	0	855
	Sundry Income	1,491	240,150
		1,491	624,289
18	OPERATING EXPENSES / FINANCE CHARGES
	Finance Charges	136,275	65,986
	General/Operating Exp.	405,494	540,001

NOTES TO THE ACCOUNTS FOR THE:

Year Ended 31 January 2025

Year Ended 30 April 2025

N'000 N'000

20 Operating profit before working capital changes

Profit/(loss) after tax	(499,054)	510,938
Add back:
Taxation	0	(48,005)
Interest paid	52,950	65,986
Interest received	0	(5,277)
Dividend received	(798)	(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	302,977	381,357
	(143,927)	899,627
21 Working capital changes (Increase)/decrease in inventories	0	0
(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	240,240	242,353
(Decrease)/Increase in Government grant	0	0
Increase in employee benefits	0	0
	248,024	(154,051)
22 Cash and cash equivalents cash and short term deposits	3,329,966	1,929,330
Bank overdrafts	0	0
	3,329,966	1,929,330

Earlier from Multi-trex Integrated Foods

All Multi-trex Integrated Foods news releases