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: N41.29 billion (H1 2024: -N106.78 billion)
- PBT: N61.53 billion
- Revenue: N340.99 billion
International Breweries also staged a recovery, reversing a loss of N106.78 billion in H1 2024 to record a PAT of N41.29 billion in H1 2025, supported by revenues of N340.99 billion.
Despite the recovery, the company’s profitability remains relatively thin, with a net margin of 12.11%. A ROA of 6% reflects modest asset efficiency, while the ROE of 8% highlight more efficient use of assets and equity. Its ROCE of 8% shows better efficiency when viewed against total capital employed.
Earnings per share came in strong at N0.25, but with a P/E ratio of 55.64x computed using the share price of N13.65 from 26th September 2025, the stock remains priced for growth despite structural balance sheet challenges.
