Livestock Feeds Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	34,596	37,765	41,670	20,410	16,410	14,640
Revenue Growth (YoY)	-23.69%	-9.37%	104.16%	24.37%	12.09%	30.96%
Cost of Revenue	32,115	35,439	35,243	19,138	15,714	13,062
Gross Profit	2,481	2,325	6,427	1,271	696.39	1,578
Selling, General & Admin	1,992	2,003	2,172	887.26	778.33	683.46
Other Operating Expenses	-104.23	-106.84	-434.18	-62.34	-154.6	-23.92
Operating Expenses	1,952	1,960	1,737	812.87	628.13	707.4
Operating Income	528.78	365.16	4,689	458.59	68.26	870.78
Interest Expense	-2,602	-3,240	-2,006	-597.95	-853.65	-298.45
Interest & Investment Income	113.84	113.8	145.59	1.59	5.65	0.99
Currency Exchange Gain (Loss)	-1.59	-0.07	3.33	-	-2.75	-0.49
Other Non Operating Income (Expenses)	0	-	-	0	-	0
EBT Excluding Unusual Items	-1,961	-2,761	2,832	-137.76	-782.49	572.83
Gain (Loss) on Sale of Assets	8.22	8.22	14.92	11	1.1	-9.82
Pretax Income	-1,953	-2,753	2,847	-126.76	-781.39	565.13
Income Tax Expense	350.24	244.16	912.92	103.26	40.83	135.44
Net Income	-2,303	-2,997	1,934	-230.02	-822.22	429.7
Net Income to Common	-2,303	-2,997	1,934	-230.02	-822.22	429.7
Net Income Growth	-	-	-	-	-	-14.61%
Shares Outstanding (Basic)	3,000	3,000	3,000	3,000	3,000	3,000
Shares Outstanding (Diluted)	3,000	3,000	3,000	3,000	3,000	3,000
EPS (Basic)	-0.77	-1.00	0.64	-0.08	-0.27	0.14
EPS (Diluted)	-0.77	-1.00	0.64	-0.08	-0.27	0.14
EPS Growth	-	-	-	-	-	-14.61%
Free Cash Flow	9,101	14,842	-753.6	-5,969	4,953	-4,892
Free Cash Flow Per Share	3.03	4.95	-0.25	-1.99	1.65	-1.63
Gross Margin	7.17%	6.16%	15.42%	6.23%	4.24%	10.78%
Operating Margin	1.53%	0.97%	11.25%	2.25%	0.42%	5.95%
Profit Margin	-6.66%	-7.94%	4.64%	-1.13%	-5.01%	2.94%
Free Cash Flow Margin	26.31%	39.30%	-1.81%	-29.25%	30.18%	-33.41%
EBITDA	790.4	621.36	4,892	626.84	228.67	1,036
EBITDA Margin	2.28%	1.65%	11.74%	3.07%	1.39%	7.08%
D&A For EBITDA	261.63	256.2	203.03	168.24	160.41	165.55
EBIT	528.78	365.16	4,689	458.59	68.26	870.78
EBIT Margin	1.53%	0.97%	11.25%	2.25%	0.42%	5.95%
Effective Tax Rate	-	-	32.06%	-	-	23.96%
Advertising Expenses	-	2.47	1.96	3.12	1.56	0.92

Source: S&P Global Market Intelligence. Standard template. Financial Sources.