In 2023, Tantalizers, one of the first fast-food establishments in Nigeria, saw a loss for the fourth year in a row.
The company’s after-tax loss increased to N290.74 million from N264.09 million in 2022, according to its most recent financial statement.
The cost of sales decreased to N742.27 million from N748.18 million, while revenue increased slightly to N1.17 billion from N1.16 billion.
The statement further disclosed that company-owned outlet sales of N1.22 billion and franchisee-owned outlet sales of N1.41 billion drove the system revenue increase to N2.64 billion from N2.43 billion.
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Over the time, other revenue decreased from N478.5 million to N152.02 million.
Distribution costs dipped to N15.11 million from N38.15 million and administrative expenses also dropped to N847.7 million from N902.1 million.
The firm’s e-commerce service charge grew to N6.61 billion from N3.08 billion. Finance cost surged to N105.3 million from N78.41 million and tax expenses dipped to N5.83 million from N22.3 million.
Its total assets dipped to N2.25 billion from N2.55 billion. Shareholders’ funds dropped to N362.6 million from N653.4 million.
Net cash used in operating activities stood at a positive of N115.6 million from a negative of N430.9 million.
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Net cash provided by investing activities stood at a negative of N24.28 million from a positive N471.9 million. Net cash used in financing activities stood at a negative N181.89 million from a negative N70.89 million.
Cash and cash equivalents at the end of the year dipped to N23.92 million from N114.5 million.
Tantalizers opened its first location in 1997 in Festac Town, Lagos. The location was initially a small neighbourhood restaurant serving hamburgers.
From serving hamburgers, it expanded to serving other meals like meat pies, scotch eggs, chicken, jollof rice, fried rice and cake.
According to the company, the success of the location led to an expansion that has seen its franchisees open additional locations in cities such as Lagos, Ibadan, Abuja, and Port Harcourt.
