NOW OPEN: Cardinal Torch Launches Series 1 of its ₦30 Billion Commercial Paper Issuance Programme

Cardinal Torch Company Limited is pleased to announce the opening of Series 1 under its ₦30 Billion Commercial Paper Issuance Programme, arranged by FSDH Capital Limited as Lead Arranger, alongside Comercio Partners Capital Limited, United Capital Plc, LeadCapital Plc, CFG Maynard Limited, First Ally Advisory Limited, and Regius Capital Limited as Joint Arrangers.

The offer opened on Thursday, 9 July 2026 and is scheduled to close on Thursday, 16 July 2026, with settlement on Friday, 17 July 2026.

The Commercial Paper Issuance is intended to strengthen our working capital, primarily by financing the procurement of cocoa, sesame, cashew, and soybean during peak trading cycles. The proceeds will support our existing commodity trading and export operations through timely commodity purchases, inventory build-up, logistics, and export fulfilment. While we continue to invest strategically in value-added processing, this Commercial Paper Issuance is intended principally to finance our current operating cycle rather than capital expansion.

About Cardinal Torch

Established in 2020, Cardinal Torch is a fast-growing Nigerian agro-commodity trading and processing company with an integrated value chain spanning commodity sourcing and aggregation, processing, warehousing, logistics, export, and local distribution.

We trade and process key agricultural commodities including cocoa, sesame, cashew, and soybean, supplying international markets such as the UAE, Indonesia, Malaysia, Belgium, and the Netherlands through an extensive network of global buyers and strategic partners.

Our integrated business model combines commodity trading with value-added processing, enabling us to capture greater value across the agricultural supply chain while building a resilient platform for sustainable long-term growth.

Why Cardinal Torch?

We have consistently delivered strong operational and financial performance, underpinned by disciplined execution, prudent financial management, and growing international demand for Nigerian agricultural commodities.

In FY2025, revenue increased by 163% year-on-year to ₦13.9 billion, while Profit Before Tax grew to ₦1.08 billion from ₦697.2 million in 2024. Building on this momentum, our first-quarter 2026 performance reflects continued earnings growth, stronger cash flows, and improved gross margins, positioning us for another year of robust financial performance.

Our strong financial profile is further reinforced by independent credit ratings from two leading rating agencies. DataPro has assigned Cardinal Torch a Long-term Rating of BBB+ and a Short-term Rating of A2, while Agusto & Co. has assigned us a Long-term Rating of BBB- and a Short-term Rating of A3. These ratings reflect our satisfactory credit quality, sound financial position, and strong capacity to meet our financial obligations.

Financial Highlights

Our financial performance reflects a disciplined growth strategy, strong operational execution, and prudent capital management, positioning us for sustained expansion across our integrated agro-commodity value chain.

• Revenue Growth: We grew revenue from ₦1.50 billion in 2022 to ₦13.93 billion in 2025, representing a three-year compound annual growth rate (CAGR) of 110%.
• Profitability: We achieved Profit Before Tax (PBT) of ₦1.081 billion in 2025, demonstrating our ability to sustain healthy margins while scaling our operations.
• Strong Equity Base: Shareholders' funds increased to ₦2.75 billion as of 31 December 2025, reflecting sustained earnings growth and a strengthening capital base.
• Growing Asset Portfolio: Total assets expanded to ₦5.71 billion, driven by strategic investments in inventory, infrastructure, and working capital.
• Liquidity Position: As at the 2025 financial year-end, we maintained an inventory position of ₦4.10 billion, providing 1.38x coverage of total current liabilities of ₦2.96 billion. Given that our inventory consists predominantly of highly marketable export commodities with established international demand, it represents a strong source of liquidity and provides substantial flexibility to meet our short-term obligations while supporting procurement during peak trading cycles.

Series 1 under Cardinal Torch's ₦30 Billion Commercial Paper Issuance Programme

Why Now?

As we continue to scale our integrated agro-industrial platform, we are making strategic investments that will strengthen our long-term competitiveness while expanding our value-added capabilities.

In Q1 2026, we launched Cardinal Treats, our premium branded cashew product, leveraging our established international distribution channels to expand into higher-margin consumer markets. We are also developing a 10-metric-tonne-per-day cashew processing facility in Siun, Ogun State, a strategic investment that will further strengthen our value-addition capabilities and advance our long-term strategy of vertical integration.

This Commercial Paper Issuance enables us to strengthen our working capital base, ensuring uninterrupted commodity procurement during peak trading periods and allowing us to continue meeting growing customer demand across our export markets.

Commercial Paper Issuance Overview

Series 2 (270 days) and Series 3 (364 days) remain available under the ₦30 Billion Commercial Paper Issuance Programme, providing investors with additional tenor options.

Download the Official Information Memorandum

For comprehensive information on the Commercial Paper Issuance, including the transaction structure, pricing, financial information, risk factors, subscription process, and terms of the offer, we invite you to download the Official Information Memorandum prepared by FSDH Capital Limited, Lead Arranger and Dealer to the Programme.

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