Agro-Allied companies records 119% turnover growth, expands agricultural operations – Reports

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Zichis Agro-Allied Industries Plc has reported a remarkable 119 per cent increase in turnover, rising from ₦132 million in 2023 to ₦289 million in 2024, despite operating in what the company described as a “challenging business environment”.

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The Chairman of the company, Hezekiah Oshaba, announced the performance at the firm’s second Annual General Meeting (AGM) held in Lagos, where he presented the annual report and accounts to shareholders.

“During the year under review, despite the economic pressures and the high cost of production, our company remained resilient,” Oshaba said. “I am pleased to report that our company recorded a turnover of ₦289 million against ₦132 million in 2023, representing a commendable 119 per cent increase over the previous year.”

The board of directors also recommended a dividend of five kobo per share, subject to shareholder approval, with an option for scrip shares for investors willing to convert their dividend into additional equity.

Speaking on the company’s growth strategy, the Managing Director/Chief Executive Officer, Antonia Akabusi, highlighted Zichis’ expansion across multiple agricultural value chains.

She explained, “Zichis currently operates a poultry capacity of 20,000 birds, but we plan to scale up to 100,000 by the fourth quarter of 2026. This expansion is projected to generate over ₦500 million in monthly revenue from egg production.”

On palm oil operations, Akabusi revealed that the firm’s 61-acre estate would be expanded to 500 acres by 2030, alongside the establishment of a new oil milling plant in 2026, expected to drive an annual turnover of ₦4.8 billion.

“Our long-term refinery plans will further strengthen our leadership in edible oils,” she added.

The company is also expanding its feed mill capacity from two to five tonnes per hour, a move designed to improve efficiency and reduce production costs. In aquaculture, Zichis plans to scale up from 20 to 50 ponds, with significant revenue contributions expected from 2026.

“These milestones are deliberate, reflecting our strategy, disciplined execution, and commitment to long-term value creation. As we prepare for our listing on the Nigerian Exchange, we reaffirm our pledge to transparency, good governance, and shareholder value.” Akabusi assured shareholders

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