Zichis Agro-Allied posts N478.7 million H1 2026 profit, up 448.6% YoY
By Aboki Forex —
Zichis Agro-Allied Industries Plc reported a profit before tax of N478.7 million for the first half of 2026, a 448.6% jump from the same period in 2025. The strong result was driven by a 285.4% surge in revenue to N910.5 million, according to the company’s unaudited financial statements filed with the Nigerian Exchange (NGX) on Tuesday, July 28, 2026.
Profit after tax rose even faster, climbing 543.1% to N457.0 million. Basic earnings per share increased 216.7% to 38 kobo, from 12 kobo. Shareholders’ equity grew 70.2% year-on-year to N1.54 billion.
Revenue drivers and product performance
Egg sales remained Zichis Agro-Allied’s largest revenue source in H1 2026, generating N288.95 million and accounting for 31.74% of total revenue. Feed mill products followed with N206.28 million (22.66%), while palm oil produce contributed N193.65 million (21.27%).
Palm oil recorded the fastest growth among all product lines, surging 984.85% year-on-year from N17.85 million. Feed mill products rose 440.85%; chicken revenue increased 382.25% to N150.70 million; fish sales grew 176.04% to N70.89 million. Together, egg, feed mill products and palm oil generated N688.88 million, representing 75.66% of total revenue.
Gross profit climbed 415.2% to N619.6 million, as cost of sales grew at a slower pace (150.7%) than revenue. Gross margin expanded accordingly. However, administrative expenses rose 326.8% to N140.9 million, increasing to about 15.5% of revenue from 14.0% in H1 2025. Major expense drivers included salaries, AGM costs, listing-related expenses, professional fees, farm expenses, repairs, publicity, and depreciation.
Balance sheet expansion and new debt
Total assets expanded sharply to N3.60 billion as of June 30, 2026, from N939.44 million a year earlier, a 283.4% increase. The growth was funded mainly by a new N2.00 billion long-term debt facility, as the company carried no long-term debt in the comparative period. Total liabilities rose to N2.06 billion, from N34.8 million, pushing the debt-to-assets ratio to 57.2% from about 3.7%.
Property, plant and equipment doubled to N1.41 billion from N692.55 million, reflecting investment in buildings, cages and utensils, biological assets, feed-mill equipment and machinery. Cash and bank balances increased sharply to N1.15 billion from just N4.80 million, largely supported by the N2.00 billion borrowing. Inventories rose 463.5% to N669.39 million from N118.80 million.
Shareholders’ equity grew 70.2% to N1.54 billion, financing about 42.8% of total assets. The company paid N120.00 million in dividends and incurred N35.85 million in listing and restructuring costs during the period. No finance cost was separately disclosed in the income statement.
Market performance and outlook
Zichis listed on the Growth Board of the Nigerian Exchange at N1.81 per share on January 20, 2026. The share price closed on Tuesday, July 28, 2026, at N25.00, a 7.2% drop from its previous close of N26.95. Despite the day’s decline, the price has increased by 1,281.22% from its listing price, ranking second on the NGX in terms of year-to-date price appreciation.
The results build on the company’s Q1 2026 performance, when Zichis reported a pre-tax profit of N241.4 million, up from N30.5 million in the prior-year quarter. With strong revenue and profit growth sustained into H1 2026, the company remains a standout performer on the exchange.
For Nigerian consumers and businesses, Zichis’s rapid expansion in eggs, feed mill products, and palm oil highlights growing domestic agricultural output. The company’s reliance on long-term debt to fund growth, however, introduces future interest and repayment obligations that could weigh on margins if revenue growth slows.