Nigeria’s listed consumer goods sector posted a remarkable rebound in the first half of 2025, with several companies recovering from deep losses in 2024 to significant profits.
BUA Foods Plc led the rankings with N260.07 billion profit after tax (PAT), followed by Nigerian Breweries and International Breweries, highlighting both sectoral resilience and renewed consumer demand.
Smaller firms, including Vitafoam Nigeria, Champion Breweries, and Northern Nigeria Flour Mills, also demonstrated resilience with sharp earnings growth and improved efficiency metrics while their absolute profit sizes remain modest.
This performance reflects the resilience of Nigeria’s consumer goods sector despite persistent inflationary pressures, foreign exchange volatility, and weaker consumer demand in 2024. Companies benefited from tariff adjustments, tighter cost discipline, and a more stable FX environment, which collectively supported margin expansion and improved bottom-line performance.
Large operators such as Dangote Sugar Refinery, PZ Cussons, Guinness Nigeria, and Honeywell Flour Mills still posted losses during the period, underlining the challenges some players continue to face despite sector-wide improvements.
Below are the most profitable listed consumer goods in H1 2025.
Top 10 most profitable listed consumer goods
- PAT: N1.80 billion (H1 2024: N966 million)
- PBT: N1.80 billion (No tax expenses)
- Revenue: N21.09 billion
Northern Nigeria Flour Mills recorded PAT of N1.80 billion in H1 2025, up from N966 million in H1 2024. Revenues reached N21.09 billion, with pre-tax profit of N1.80 billion.
Its net margin of 9% reflects modest efficiency, while a ROA of 11%, ROE of 18%, and ROCE of 16% show strong returns relative to its smaller scale.
Computed using the share price of N93.65 from 26th September 2025, the company posted EPS of N10.11, with a relatively low P/E ratio of 9.26x, suggesting the stock is attractively valued and offers potential upside compared to higher-multiple peers.
