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: N15.60 billion (H1 2024: N4.84 million)
- PBT: N23.28 billion
- Revenue: N78.16 billion
NASCON nearly quadrupled earnings, with PAT rising to N15.60 billion in H1 2025 from just N4.84 million in H1 2024. Revenues climbed to N78.16 billion, while pre-tax profit reached N23.28 billion.
The company’s net margin of 20% highlights exceptional profitability for a mid-tier player. A ROA of 14% shows strong asset utilization, while ROE of 29% and ROCE of 25% underscore highly efficient capital deployment and robust shareholder returns.
Computed using the share price of N97 from 26th September 2025, NASCON posted an EPS of N5.77, and with a P/E ratio of 16.81x, the stock trades at a more reasonable valuation compared to its larger peers, offering investors both growth and value appeal.
