Ghanaian agro-processing company HORDS PLC (Public Limited Company) has recorded its first full-year net profit in recent memory, swinging from a GH¢571,777 loss in 2024 to a GH¢158,630 profit in 2025, according to audited financial statements approved by its board on April 14, 2026.
The profit was driven by a dramatic revenue expansion. The Nungua-based manufacturer reported full-year revenue of GH¢5.64 million against GH¢249,713 in 2024, representing an increase of more than 2,000 percent. Gross profit climbed to GH¢968,502 from GH¢99,316 the prior year, as the company scaled sales of its food supplements, cereals, detergents, and agricultural products under brands including Brown Gold, Soyabetix, Cocobetix, and Spray Starch.
The audited results confirm and extend figures that had been emerging in unaudited quarterly filings throughout 2025, and mark a significant milestone for a company that has been listed on the Ghana Alternative Market (GAX) since 2015 without posting a full-year profit.
The financial statements, audited by CFY Partners and carrying an unqualified opinion, show operating profit of GH¢193,949. After finance costs of GH¢16,737 and a gain on mutual fund investments of GH¢25,551, profit before tax stood at GH¢202,763. Income tax of GH¢44,133 reduced net profit to GH¢158,630.
Despite the profit achievement, the statements contain a notable cautionary item. A prior year adjustment of GH¢178,666 was recognised, relating to the omission of salaries and statutory payments in earlier periods. This correction reduced retained earnings and pushed the cumulative retained earnings deficit carried forward to GH¢801,070.
Cash also tightened sharply. Cash and cash equivalents fell to GH¢27,558 by year end from GH¢346,230 at the start of 2025, as the company deployed resources into inventory and extended credit to customers. Trade receivables rose to GH¢266,839 while net cash used in operating activities reached GH¢282,129.
Total assets stood at GH¢2,781,560 against total liabilities of GH¢507,055, leaving total equity at GH¢2,274,505. Majority shareholder Teak Tree Brokerage Limited, formerly Gold Coast Brokerage, holds 50 percent of the company’s 114,947,561 issued shares.
Directors signing off on the accounts include Raphael Ayitey and Victor Opoku Minta.
