Hords Public Limited Company (PLC), the Accra-based cocoa products and agro-processing firm listed on the Ghana Stock Exchange, returned to profitability in the first quarter of 2026, posting a net profit of GH¢181,011 for the three months ending March 31, 2026, compared to a loss of GH¢116,540 in the same period last year.
Revenue jumped 62 percent to GH¢2.20 million from GH¢1.36 million in Q1 2025, driving the company from a gross loss of GH¢14,676 a year earlier to a gross profit of GH¢543,671. Cost of sales rose to GH¢1.65 million from GH¢1.37 million, reflecting higher raw material consumption and factory staff costs as production activity expanded.
Operating profit reached GH¢245,848, a decisive turnaround from the GH¢112,340 operating loss in Q1 2025. However, administrative expenses nearly tripled to GH¢278,080 from GH¢84,983, driven by a sharp rise in staff costs to GH¢112,218 from GH¢35,475 and the introduction of directors’ remuneration of GH¢75,000 with no comparable figure a year earlier. The increase signals that the company is investing in management capacity to support its growth trajectory, though it represents the single most significant cost pressure on the bottom line.
Profit before tax stood at GH¢241,348 against a pre-tax loss of GH¢116,540 in Q1 2025. Income tax expense of GH¢60,337 was applied, leaving net profit at GH¢181,011. Earnings per share turned positive at GH¢0.0016 from negative GH¢0.0010 a year earlier, based on 114,947,561 ordinary shares in issue.
On the balance sheet, total assets grew to GH¢3.40 million from GH¢2.78 million. Inventories expanded substantially to GH¢546,307 from GH¢139,303, reflecting a major build-up in raw materials and packaging stocks. Cash and bank balances improved to GH¢209,118 from GH¢27,558, while the company also holds a mutual fund investment of GH¢804,640.
Total equity strengthened to GH¢2.46 million from GH¢2.27 million. Retained earnings remain negative at GH¢620,059, though the deficit narrowed from GH¢801,070 at the start of the year as the quarterly profit began reducing the accumulated shortfall. Total liabilities rose to GH¢945,066 from GH¢507,055, largely driven by a near-tripling of trade and other payables to GH¢691,134.
