Tantalizer In Year 2020: Tasteless!

Despite continuing to emit the savoury aroma in its outlets around the country, the financial quality of Tantalizer Plc, one of the country’s leading food companies has continued to deteriorate.

In year 2020 it moved from tasteless to insipid as the company returned a loss after a marginal profit it declared in 2019.

Figures obtained by  GreenWhiteGreen GWG and released to the stock exchange indicated a total loss of N422 million for the year.

Tantalizer which runs majority of its restaurants in Lagos was seriously impacted with the COVID-19 headwinds which with persisting issues over the years, saw the 2019 profit of N21 million turn into a loss of N422 million.

The record loss was achieved upon declined revenue which declined by 27% to N924 million from the 2019 figure of N1.3 billion.

Management understandably would be quick to blame the COVID-19 lockdown which led to a shut down of the company’s outlets especially in the Lagos area for a reasonable period in the year, 2020.

Shareholders would also be especially concerned by the fact that Tantalizer’s net assets collapsed by 60% in 2020, moving from N717 million to N289 million.  GreenWhiteGreen GWG is unable to report if the fall in net assets is a result of the rise in total liabilities especially given the inabilities to service its commitments in the face of the COVID-19 lockdown or some other considerations.

Whatever, the fall in net assets will compound the situation of the shareholders who saw the share price of Tantalizer frozen throughout the year at 20k.

While the prospects of Tantalizer continuing to serve delicious cuisine and fast foods remain unshaken in the foreseeable future, the prospect of holding or transacting in the shares of the company is one that is bound to give a concern to any sound investor.

The development in the outgoing year and the losses declared over most of the last decade is one that is bound to inspire the management and majority shareholders to reexamine the company’s business model in the light of the stiff competition the fast food company has had to face over the last decade.

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