BUA Foods Plc, Nascon Allied Industries Plc, and Dangote Sugar Refinery Plc operate within Nigeria’s consumer-goods and food-production sector.
Among the trio, BUA Foods stands as the most valuable on the NGX with a market capitalization of N12.5 trillion, followed by Dangote Sugar at N680 billion, while Nascon sits at N280 billion.
Despite its smaller size, Nascon has delivered the best share-price performance, gaining 230% year-to-date (YtD) as of November 19, 2025.
Dangote Sugar has risen 72.3% YtD, while BUA Foods has gained 66.9% YtD from a starting price of N415.
The three companies recently released their unaudited results for the nine months ended September 30, 2025.
Below is a detailed breakdown of their performance.
Revenue and drivers
In 9M 2025, Dangote Sugar generated N626.24 billion in revenue, up 29.33% from N484.43 billion in 9M 2024.
- Growth was mainly driven by higher product prices and ongoing backward-integration projects despite maintenance shutdowns at some plants.
BUA Foods recorded N1.42 trillion in revenue, up 32.7% from N1.07 trillion in 9M 2024.
- Growth was powered by broad-based demand across sugar, flour, edible oils, and other staples, alongside pricing gains.
Nascon posted N117.35 billion in revenue, a 47.2% increase from N79.89 billion a year earlier.
- Revenue growth was driven by higher salt prices and expansion in the seasoning and food-products portfolio.
Verdict
- BUA Foods leads in absolute revenue at N1.42 trillion.
- Nascon leads in revenue growth with 47.2% YoY expansion.
On a longer-term basis, BUA Foods maintains dominance with a 4-year CAGR of 66%, ahead of Nascon’s 44% CAGR and Dangote Sugar’s 33% CAGR.
Overall, BUA Foods presents the strongest long-term investment case, Nascon the fastest growth momentum, and Dangote Sugar, the slowest expansion.
Cost management and margins
Dangote Sugar recorded a major turnaround in profitability in 9M 2025. Gross profit rose to N90.06 billion, up 251% YoY, with a 14.4% gross margin.
- Operating profit surged to N81.12 billion from N8.16 billion, driven by higher revenue and significant FX gains.
- Finance costs dropped due to zero FX losses, compared to N234 billion previously.
- Pre-tax margin improved sharply to –1.4% from –57%, though still in loss-making territory.
BUA Foods posted another margin-driven, strong performance.
- Gross profit climbed to N429 billion, up 56%, maintaining a solid 37% margin.
- Operating margin strengthened to 31%, from 29% in 9M 2024.
- Finance costs fell 45% to N11.9 billion.
- Pre-tax profit doubled, lifting pre-tax margin to 31%.
Nascon also delivered impressive profitability gains.
- Gross profit rose to N57.18 billion, up 62%, with a 49% margin.
- Operating profit increased to N33.24 billion, raising the operating margin to 28%.
- Finance costs declined by more than 41%.
- Pre-tax margin improved to 31%, up 83% YoY.
Verdict
- BUA Foods delivered the strongest overall margins.
• Nascon showed the biggest YoY improvement.
• Dangote Sugar remains in recovery mode despite significant progress.
Who has been more profitable and what’s driving it?
In 9M 2025, Dangote Sugar posted a much smaller pre-tax loss of N8 billion, compared to a N276 billion loss in the prior period.
- This was driven by improved revenue, stronger operating profits, and the elimination of large FX losses.
BUA Foods remained the clear profitability leader with N432.6 billion in pre-tax profit, supported by strong margins, improved pricing, and disciplined cost control across diversified business lines.
Nascon reported N36.7 billion in pre-tax profit, more than doubling YoY due to efficiency gains and sharply lower finance costs.
Verdict
- BUA Foods remains the most profitable, backed by scale and strong margins.
- Nascon follows with sharp profitability gains.
- Dangote Sugar, although still loss-making, shows the most significant recovery.
Balance sheet strength: Who is carrying more debt?
Dangote Sugar reported N1.24 trillion in total assets and N198.5 billion in equity, meaning assets are more than six times shareholders’ funds.
- With borrowings of N736 billion, this results in a high debt-to-equity ratio of 3.71x, confirming that Dangote Sugar is highly leveraged.
BUA Foods reported N1.63 trillion in assets and N609 billion in equity, giving an equity multiple of 2.07x, down from 2.55x in 2024.
- Total debt of N319.2 billion translates into a debt-to-equity ratio of 0.53, reflecting moderate leverage and a healthier balance sheet.
Nascon recorded N112.48 billion in assets and N61.98 billion in equity, with an equity multiple of 1.81x, indicating that total assets are not double of shareholders’ funds, which is healthy and good
- With borrowings of only N67.2 million, its debt-to-equity ratio is near 0.001x, the lowest by far.
Verdict
Nascon has the strongest balance sheet, with extremely low leverage. BUA Foods maintains moderate and healthy gearing, while Dangote Sugar carries the highest debt load relative to equity.
Dividend history: Who rewards investors better?
BUA Foods has maintained a strong dividend culture since listing.
- Dividend per share has risen from N3.50 at listing to N13 for FY 2024, amounting to N234 billion, with an 89% payout ratio; one of the highest in the sector.
Nascon has also remained consistent.
• It paid N2 per share for FY 2024, amounting to N5.404 billion, representing a 35% payout ratio.
Dangote Sugar paid N1.50 per share for FY 2022 at a 33.28% payout ratio but has paid no dividends since 2023 due to earnings volatility and FX-driven losses.
Verdict
BUA Foods leads with the most generous and consistent dividends. Nascon follows with moderate payouts, while Dangote Sugar lags after suspending dividends.
What are they worth, and what is the market really saying?
BUA Foods currently commands one of the largest market capitalizations on NGX.
Its valuation multiple sits at a high P/E ratio of 27x, signaling that investors are willing to pay a premium for its earnings, typically a sign of strong growth expectations and confidence in the company’s long-term market position.
Dangote Sugar follows with market capitalization of N680 billion. The company currently trades at a negative P/E ratio of –37x, driven by its pre-tax losses in recent years.
Nascon has a market capitalization of N280 billion.
Its P/E ratio of 8.64x suggests that the market views Nascon as reasonably valued relative to its earnings—neither overly discounted nor priced at a premium.
Verdict:
BUA Foods leads in valuation and investor sentiment, commanding a premium that reflects strong confidence in its growth outlook.
Nascon appears fairly valued, supported by improving earnings.
Dangote Sugar remains deeply discounted, with its negative P/E indicating investor caution until profitability fully recovers.
Bottomline
BUA Foods emerged as the clear champion; the biggest in revenue, the strongest in profits, and the most generous to shareholders.
Nascon delivered explosive growth and the healthiest balance sheet.
Dangote Sugar staged an impressive recovery but still trailed the pack.
