Ghanaian food and household products manufacturer Hords PLC reported a net profit of GH¢311,311 for the first nine months of 2026, compared with a loss of GH¢82,375 a year earlier. However, its unaudited accounts, released through the Ghana Stock Exchange on October 30, present two different equity totals for the same reporting date.
Revenue at the Accra-listed company rose 81.2% to GH¢6.81 million between January and September, from GH¢3.76 million in the corresponding period of 2025. Higher sales lifted gross profit to GH¢1.43 million from GH¢426,375, while operating earnings improved to GH¢419,581 from an operating loss of GH¢77,875 a year earlier.
The recovery came alongside higher expenses. Administrative costs in the income statement rose to GH¢909,090 from GH¢477,028. Hords, whose products include cocoa- and soy-based drinks and nutritional supplements, therefore recorded a sharp increase in sales without an equivalent rise in its bottom line.
Equity figures differ across two statements
The financial statements also raise a question about how the company presents its equity. The statement of changes in equity gives a September 30, 2026 total of GH¢2,666,046, while the balance sheet reports GH¢2,491,621. The GH¢174,425 difference matches a negative reserves and surplus entry included in the balance sheet but omitted from the equity movement statement. Two notes bearing the same administrative-expenses heading also show different totals of GH¢909,090 and GH¢553,055.
Meanwhile, growth has tied up more working capital. Inventories rose to GH¢864,848 from GH¢275,417 at the end of September 2025, while trade receivables increased from GH¢110,200 to GH¢451,750. Operating activities used GH¢141,601 in cash over the nine months, and the balance sheet showed cash holdings of GH¢31,013, compared with GH¢144,058 a year earlier.