Tantalizers Returns to Profit After Six Years as Diversification Lifts Earnings

Tantalizers Plc has posted its first full-year profit in six years, with the quick-service restaurant operator reporting a turnaround in 2025 after a prolonged run of losses.

In its audited financial statement for the year ended December 31, 2025, the company reported profit after tax of N72 million, compared with a loss after tax of N265 million in 2024. The result marks a notable recovery for the Nigerian food service company at a time when operators are still managing inflation, high input costs and pressure on consumer spending.

The company said improved earnings were supported by expansion into new business lines outside its traditional restaurant operations. These include entertainment and fisheries businesses, where it has made substantial long-term investments as part of a repositioning plan.

Revenue for the year rose to N1.29 billion from N1.20 billion in 2024, representing 7.7 percent growth. Tantalizers attributed the increase largely to stronger sales across company-owned outlets and franchise locations. System-wide revenue, which combines company-owned and franchised operations, stood at N2.9 billion and was broadly stable year on year.

Gross profit increased to N463.8 million in 2025 from N425.2 million in 2024, indicating better margin performance despite cost pressures in Nigeria’s food and hospitality market. At operating level, the business moved from a loss of N189.9 million in 2024 to an operating profit of N25.3 million in 2025.

Other income also provided support, rising to N234.7 million from N123.3 million in the previous year. Finance income climbed to N85.4 million, while finance costs fell to N27.0 million from N69.7 million. The lower finance charge and higher non-core income contributed to stronger net earnings.

The company recorded write-backs of N77.4 million, while administrative expenses declined by 9.5 percent to N747.3 million. After these costs, operating profit came in at N25.3 million, compared with the significant operating loss recorded in the prior year.

As part of its diversification push, Tantalizers made new long-term investments totalling N7.78 billion in subsidiaries including Taintainment Limited and Fisheries Limited. On its balance sheet, total assets rose sharply to N13.3 billion from N2.9 billion, with investment in Taintainment Ltd accounting for N7.5 billion and becoming the company’s largest asset.

Total equity increased to N4.7 billion from N1.17 billion in 2024. Total liabilities rose to N8.6 billion from N1.5 billion, with lease payables of N7.1 billion making up the largest share.

In the equity market, Tantalizers shares had gained 68 percent year-to-date as of March 3, 2026, closing at N4.20 per share. The company is currently ranked as the 97th most valuable stock on the NGX, with a market capitalisation of N21 billion, representing about 0.017 percent of total Nigerian Stock Exchange equity market value.