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UAC of Nigeria Plc has reported a profit before tax of N34.45 billion for the six months ended 30 June 2026, representing an increase of 210.3% from N11.10 billion recorded in the corresponding period of 2025.
This is contained in its Q2 financial statement released on the Nigerian Exchange (NGX) on Wednesday, July 29, 2026.
The strong earnings growth was driven by the consolidation of C.H.I. Limited, which significantly expanded the group’s revenue base despite higher operating and finance costs.
During the second quarter, profit before tax rose to N11.86 billion, up from N6.05 billion recorded in the second quarter of 2025.
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Key Highlights
- Revenue: N364.97 billion (Up 230.6% YoY from N110.41 billion).
- Operating Profit: N48.97 billion (Up 288.8% YoY from N12.59 billion).
- Profit Before Tax: N34.45 billion (Up 210.3% YoY from N11.10 billion).
- Profit After Tax: N19.26 billion (Up 176.6% YoY from N6.96 billion).
- Earnings Per Share: 658 kobo (Up 176.5% YoY from 238 kobo).
- Gross profit: 104.56 billion(Up 270% YoY from N28.25 billion)
- Administrative expenses: N23.05 billion(Up 130% YoY from N9.99 billion)
Driving the numbers
UAC’s exceptional revenue growth was primarily driven by its Packaged Food & Beverages segment, which generated N307.36 billion, representing more than 84% of group revenue.
The segment expanded sharply following the consolidation of C.H.I. Limited, while the Edibles & Feed business contributed N33.95 billion and Paints generated N22.41 billion. Quick Service Restaurants remained the smallest operating segment with revenue of N1.18 billion.
The Packaged Food & Beverages division also dominated profitability, delivering N33.56 billion of the group’s N34.45 billion profit before tax. In contrast, the Paints business contributed N4.45 billion, while the Edibles & Feed and Quick Service Restaurant segments recorded pre-tax losses.
This underscores the growing importance of the beverage and packaged foods business to the group’s earnings profile.
Operating costs increased significantly during the period as the enlarged group absorbed higher production and distribution expenses.
Cost of sales rose to N260.41 billion, while selling and distribution expenses increased to N34.08 billion and administrative expenses climbed to N23.05 billion. Personnel costs more than doubled to N20.69 billion, reflecting the larger workforce following the business combination.
Finance costs remained a major drag on earnings. Interest expense increased to N26.83 billion, compared with N6.18 billion a year earlier, driven by higher borrowings.
Nevertheless, finance income improved to N10.98 billion, supported by exchange gains of N7.78 billion and stronger interest income on bank deposits, partially cushioning the impact of higher borrowing costs.
The balance sheet reflects the impact of the C.H.I. acquisition completed in 2025. Intangible assets stood at N163.32 billion, largely comprising recognised brands and customer relationships, while borrowings remained above N300 billion despite repayments during the first half.
Inventory increased substantially to support the enlarged manufacturing operations, while property, plant and equipment remained above N112 billion, highlighting the capital-intensive nature of the group’s operations.
Balance Sheet
Total External Debt: N307.04 billion (Down 11.0% from N344.81 billion at December 2025). The reduction reflects repayments during the first half despite new borrowings and foreign exchange losses.
Cash and Cash Equivalents: N50.09 billion (Down 1.6% from N50.91 billion at December 2025). Cash balances remained relatively stable despite loan repayments and increased capital expenditure.
Market reaction
UAC Nigeria share price closed at N182.10 on Wednesday, July 29, 2026.
This represents an increase of 100% from the N91 it closed at the end of 2025.
What you should know
The improved performance comes after UAC of Nigeria Plc completed the acquisition of C.H.I. Limited in 2025 through a specially created vehicle, UAC Food and Beverage Company Limited, as part of its expansion into the fast-moving consumer goods segment, particularly beverages and dairy products.
C.H.I. Limited is the maker of popular consumer brands such as Chivita and Hollandia.
The acquisition positioned C.H.I. as a core operating subsidiary within UAC’s portfolio, strengthening the group’s earnings base and exposure to consumer demand.
