HORDS PLC has published its unaudited financial statements for the year ended December 31, 2025, according to a Ghana Stock Exchange (GSE) announcement issued Tuesday.
The Ghana Stock Exchange released Press Release Number 034 on Tuesday, February 3, 2026, notifying all licensed dealing members, the general public, listed companies, registrars, custodians, the Central Securities Depository, the Securities and Exchange Commission (SEC), and GSE Council Members of the financial statement availability.
HORDS Limited, trading under the ticker symbol HORDS on the Ghana Alternative Market (GAX), is an agro processing company incorporated in 2000 and listed on the Ghana Stock Exchange in July 2015. The company specializes in researching, developing, and producing food supplements, breakfast cereals, detergents, disinfectants, and laundry starch.
The manufacturer adds value to raw materials including cocoa, cassava, soya, starch, and herbs to create its product range. Well known brands produced by HORDS include Brown Gold, Soyabetix, Cocobetix, and Smark Look. The company targets boarding schools, restaurants, households, and corporate institutions with distribution extending to West African regions and European sub regions.
Previous unaudited financial statements released by HORDS showed significant revenue growth patterns throughout 2025. The company recorded revenue of 3.76 million Ghana cedis for the period ending September 30, 2025, representing a fifteenfold increase from 0.25 million cedis in the comparable 2024 period.
However, HORDS continued operating at a loss despite revenue expansion. The firm reported a net loss of 82,377 cedis for the nine month period ending September 2025, substantially improved from the 553,492 cedi loss recorded in 2024. Gross profit climbed to 426,374 cedis from 99,316 cedis, though the gross profit margin remained approximately 11.3 percent.
First half 2025 results showed revenue climbing to 2.63 million cedis from 249,713 cedis in the comparable 2024 period, marking a 953 percent increase. Net losses narrowed to 66,233 cedis from 571,777 cedis in the first half of 2024, representing an 88 percent improvement despite operational challenges.
Cost of sales surged during the first half, increasing 1,463 percent to 2.35 million cedis from 150,397 cedis in the previous year, substantially eroding profit margins. The company recorded inventory write offs of 361,543 cedis during the period, suggesting operational inefficiencies or quality control challenges.
Financial analysts note that HORDS appears to be in a growth and investment phase, prioritizing market expansion over immediate profitability. The company’s challenge lies in converting revenue growth into positive cash flow while managing increasing reliance on debt and supplier financing.
Total equity declined to 2.20 million cedis from 2.26 million cedis due to accumulated losses, though the reduction was less severe than in previous periods. Operating losses improved substantially to 66,233 cedis from 585,131 cedis in 2024, indicating progress toward operational breakeven despite continued cost management challenges.
HORDS maintains authorized share capital of 200 million shares with 114.95 million shares issued, representing stated capital of 3.25 million cedis according to previous financial statements. The company’s debt to equity ratio stands at approximately 0.47, maintaining manageable leverage levels while total loans remain unchanged at 171,575 cedis.
The company has not paid dividends since its public listing and recorded negative earnings per share of 0.0031 cedis, reflecting persistent challenges in scaling sustainably. HORDS held its eighth Annual General Meeting on Monday, December 22, 2025 at Coconut Grove Regency Hotel in North Ridge, Accra.
HORDS Limited is currently the 33rd most valuable stock on the Ghana Stock Exchange with a market capitalization of 11.5 million cedis as of October 2025, representing approximately 0.0071 percent of the Ghana Stock Exchange equity market. The current share price stands at 0.10 cedis per share.
Central Securities Depository (Ghana) Limited serves as the transfer secretary for HORDS Limited shares. The company’s registered office is located behind Presidential Palace, Old Ghana National Trading Corporation (GNTC) Road, Kanda in Accra. The company’s International Securities Identification Number (ISIN) is GH0000001233.
The Ghana Alternative Market, where HORDS trades, was established in 2015 as a parallel market aimed at small and medium sized enterprises with strong growth potential. The market operates alongside the main board of the Ghana Stock Exchange to facilitate capital access for growing companies.
