By Abiodun Jimoh
Zichis Agro-Allied Industries Plc has announced a 20 kobo final dividend and a one-for-one bonus share issue for the 2025 financial year, rewarding shareholders after delivering a dramatic turnaround in earnings, even as its shares remain under suspension on the Nigerian Exchange.
The proposed payout, estimated at about N120 million, represents a 300 per cent increase compared to the N30 million distributed in the 2024 financial year. The announcement came shortly after the Nigerian Exchange Limited suspended trading in the company’s shares pending the conclusion of an investigation into recent price movements.
In its audited 2025 results, the Ogun State-based integrated agribusiness reported a pre-tax profit of N364.21 million, marking a 420.8 per cent surge from N69.93 million recorded in 2024. The strong earnings growth was underpinned by significant expansion in revenue across its major business segments.
Full-year revenue rose by 133.79 per cent to N675.6 million in 2025, up from N288.9 million in the previous year. Egg sales contributed N226.7 million, while palm produce generated N182.7 million, reflecting improved output and stronger market penetration. Earnings per share climbed sharply to 55 kobo from 9.45 kobo, reinforcing the scale of the company’s recovery.
Although cost of sales increased to N212.81 million from N153.46 million, largely driven by higher egg-related production costs, gross profit expanded substantially to N462.8 million from N135.5 million. The company’s balance sheet also strengthened, with total assets rising to N1.22 billion. Property, plant and equipment accounted for N741.3 million, representing the largest asset component and highlighting ongoing capital investment.
Managing Director Mrs. Anthonia Akabusi said the company is positioning for further growth in 2026, with plans to expand its feed mill operations and acquire 2,000 acres of land in Ogun State for oil palm cultivation. Executive Director, Finance and Strategy, Mr. Chris Ogbaisi, disclosed that feed milling capacity has increased from two tonnes to five tonnes per hour, with projected monthly output of about 600 tonnes. Commissioning of the upgraded facility is expected in March 2026.
The company also revealed that its layer population has grown to 25,000 birds and is projected to reach 50,000 by the second quarter of 2026, targeting 80 per cent production capacity. Its existing 61-acre oil palm plantation is operating optimally, while additional raw material investments are expected to boost revenue generation.
Despite the robust financial performance and expansion plans, trading in Zichis shares was suspended effective February 23, 2026. The NGX cited Rule 7.0 of its Rules on Suspension of Trading in Listed Securities, stating that the action was taken in the interest of maintaining market integrity and protecting investors.
The suspension followed an extraordinary price rally. Listed on the NGX Growth Board on January 20, 2026, through a listing by introduction, Zichis debuted with 600 million shares at N1.81 per share and an initial market capitalisation of N1.086 billion. Within one month, the stock price surged to N17.36 as of February 20, representing a 772.36 per cent year-to-date increase and pushing market capitalisation to N10.42 billion.
As of February, the share price remained above N17, translating to a month-to-date gain of over 314 per cent and a year-to-date return exceeding 855 per cent from its listing price. The listing by introduction meant no new shares were issued to raise capital at the time; instead, existing shares were admitted to the Exchange’s official list.
The NGX confirmed that the suspension would remain in place until the conclusion of a formal investigation into recent trading activities, amid concerns over unusual price volatility and potential market manipulation.
Nevertheless, the company has proceeded with its shareholder reward programme. It proposed a final dividend of 20 kobo per 50 kobo ordinary share, subject to withholding tax, payable to shareholders whose names appear on the register as of March 16, 2026. The register will close from March 17 to March 20, 2026, while dividend payment is scheduled for April 29, 2026, via electronic transfer to shareholders who have completed e-dividend registration.
In addition, Zichis is proposing a bonus issue in the ratio of one new share for every one existing share held by shareholders as of the same qualification date, subject to approval at its annual general meeting.
While regulatory scrutiny continues, the company’s management maintains that its operational fundamentals and expansion strategy remain intact. With diversified operations spanning poultry and fish farming, oil palm plantation management and processing, as well as animal feed manufacturing through its feed mills, Zichis is seeking to consolidate its position across the agricultural value chain.
The coming months will test whether its financial momentum can be sustained and whether investor confidence will hold once trading resumes, but for now, the company has signalled its intent to reward shareholders even amid heightened regulatory attention.
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