Zichis Agro-Allied Industries Plc has reported a 119 per cent rise in turnover, moving from N132m in 2023 to N289m in 2024, despite the challenging business environment.
The Chairman of the company, Hezekiah Oshaba, disclosed this at the firm’s second Annual General Meeting held recently in Lagos, where he presented the annual report and accounts to shareholders.
He said, “During the year under review, despite the economic pressures and the high cost of production, our company remained resilient. I am pleased to report that our company recorded a turnover of N289m against N132m in 2023, representing a commendable 119 per cent increase over the previous year.”
The board of directors also recommended a dividend of five kobo per share, subject to shareholders’ approval, with an option for scrip shares for investors who wish to convert their dividend into additional equity.
Speaking on the company’s growth drive, the Managing Director/Chief Executive Officer, Antonia Akabusi, highlighted the expansion across various agricultural value chains.
According to her, Zichis currently operates a poultry capacity of 20,000 birds with plans to scale up to 100,000 by the fourth quarter of 2026, a move projected to generate over N500m in monthly revenue from egg production.
On its palm oil operations, she explained that the firm’s 61-acre estate would be expanded to 500 acres by 2030, while a new oil milling plant scheduled for 2026 was expected to drive an annual turnover of N4.8bn.
“Our long-term refinery plans will further strengthen our leadership in edible oils,” she added.
She also noted that the company’s feed mill is being expanded from two to five tonnes per hour to improve efficiency and reduce costs, while aquaculture operations are being developed from the current 20 to 50 ponds, with significant contributions expected from 2026.
“These milestones are deliberate, reflecting our strategy, disciplined execution, and commitment to long-term value creation. As we prepare for our listing on the Nigerian Exchange, we reaffirm our pledge to transparency, good governance, and shareholder value,” she said.
Incorporated in April 2012, Zichis Agro-Allied Industries Plc is a fully integrated agro-industrial company engaged in oil palm plantations, palm oil milling, vegetable oil refining, poultry, fish farming, animal feed milling, animal husbandry, maize, and cash crop production.
