Multi-Trex Integrated Foods Plc has recorded a strong recovery, posting a ₦533.4 million profit for 2024, thanks to its cocoa export business generating about ₦1 billion in revenues. The cocoa sales have clearly fueled the turnaround, returning the company to profitability after earlier struggles.
Multi-Trex, a leading processor of cocoa in Nigeria, makes products such as cocoa liquor, butter, cake, and powder. These products are sold both locally and to overseas markets in Europe. As its web site explains, the company has a processing capacity of 65,000 metric tonnes, more than double that of its next competitor.
In FY2024, the company’s export sales of cocoa-related goods reached around ₦1 billion, driving the strong performance. These export earnings helped lift the bottom line and propel Multi-Trex’s rebound.
Despite past shortfalls, the company has made progress. Part of its strength comes from well-diversified cocoa products, not just raw beans but value-added items that command better prices. Over the years, this strategy has helped Multi-Trex regain financial stability and operational momentum.
The turnaround has also been aided by capital market activity: Multi-Trex recently listed 1.72 billion additional ordinary shares on the Nigerian Exchange (NGX), raising its total equity base significantly. This infusion may help the company further expand its output and scale its export capacity.
In the words of the report: “the additional shares listed … arose from the Company’s private placement of 1.720 ordinary shares … at N1.89 per share.”
On its website, Multi-Trex highlights its commitment to fully organic products. It produces not only cocoa liquor and powder but also cocoa butter, a versatile ingredient used in food, cosmetics, and pharmaceuticals.
Multi-Trex’s rebound underscores the growing economic importance of cocoa in Nigeria’s export mix. Cocoa exports, which contributed significantly to the country’s $5.46 billion non-oil exports in 2024, are helping diversify foreign earnings away from oil, boosting foreign-exchange inflows and strengthening macroeconomic resilience.
