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: N88.42 billion (H1 2024: -N85.20 billion)
- PBT: N132.25 billion
- Revenue: N738.14 billion
Nigerian Breweries made an improvement in H1 2025, from a loss of N85.20 billion in H1 2024 to a profit after tax (PAT) of N88.42 billion. This recovery was supported by pre-tax profit of N132.25 billion on revenues of N738.14 billion, signalling a return to profitability after a difficult prior year.
The company delivered a net income margin of 12%, showing efficiency gains despite margin pressures in consumer markets. A return on equity (ROE) of 16% and return on assets (ROA) of 8% highlight restored value creation, while a return on capital employed (ROCE) of 15% points to effective capital deployment.
With an EPS of N2.85 and a P/E ratio of 26.46x computed using the share price of N75.50 from 26th September 2025, Nigerian Breweries trades at a premium multiple, suggesting that investors are rewarding its strong recovery and banking on sustained earnings growth.
