FTN cocoa processors sustains N664m loss in 2020, blames inadequate working capital

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FTN Cocoa Processors Plc which is into the processing of cocoa beans and palm kernel into Cocoa Cake, Liquor, Butter, Powder, Palm Kernel oil and Palm Kernel cake have released its reports and financial statements for the year ended 31 December, 2020 with 65% decline in revenue to N235.209 million N672.194 million in 2019.

The company sustained a loss after tax of N664.050 million compared with a loss after tax of N801.256 million in the preceding year.

The company in its report said it sustained the loss as a result of lack of adequate working capital in order to produce at optimal level coupled with heavy finance cost.

FTN Cocoa Processors Plc started as Fantastic Abiola Nigeria Limited, a private Company limited by shares which was incorporated on 26 August, 1991.

The name Fantastic Abiola Nigeria Limited was changed to Fantastic Traders Nigeria Limited on 26 August, 1998 and further changed to FTN Cocoa Processors Limited on 3 December, 2007. The status of the company was changed to FTN Cocoa Processors Plc on 29 February, 2009 and the shares of the company were listed on the Nigerian Stock Exchange on 24 July, 2009.

While the company’s Cocoa Cake, Liquor and butter are exported, its Cocoa powder, Palm Kernel oil and Palm Kernel cakes are marketed locally to manufacturing companies.

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