Equities
Ellah Lakes Plc Q1 2026: early revenue, tight cash
Revenue rose to ₦359.5m, but the company remains loss-making at the operating level, cash fell by ₦2.21bn in the quarter, and directors’ loans stand at ₦7.08bn. Rating: speculative.
5 May 2026 · 1 min read
Revenue for Q1 2026 rose to ₦359.5 million from ₦19.6 million in Q1 2025, reflecting the start of commercial sales. Total operating expenses of ₦587.7 million exceeded gross profit of ₦285.3 million, giving an operating loss of ₦273.4 million.
- Directors’ loans of ₦7.076 billion represent 38.7% of total assets, a significant liquidity and governance risk.
- Cash fell from ₦3.05 billion at December 2025 to ₦843.4 million at 31 March 2026.
- Rating: speculative, suitable only for high-risk investors with a multi-year horizon.
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