Nigeria’s 10 largest listed fast-moving consumer goods manufacturers generated more than N3.5 trillion in combined revenue in the first half of 2026, despite rising production costs, inflation and previous foreign exchange pressures.
An analysis of financial results filed with the Nigerian Exchange showed that the companies also posted a combined profit after tax of N601.74 billion during the period.
Nigerian Breweries led the group in revenue, recording N803 billion in the six months. The figure made it the first listed Nigerian consumer goods company to cross the N800 billion revenue mark within a half-year period. It posted N92.95 billion in profit after tax.
BUA Foods ranked second with N765 billion in revenue and emerged as the most profitable company among the 10, recording N292.26 billion in profit after tax.
Its profit accounted for almost half of the combined earnings of the companies reviewed, while its net profit margin stood at 38.2 per cent, the highest among the group.
Nestlé Nigeria came third with N651 billion in revenue and N64.77 billion profit after tax.
Dangote Sugar Refinery followed with N392 billion in revenue and N41.50 billion profit, while International Breweries recorded N342 billion in revenue and N38.31 billion profit.
Guinness Nigeria generated N265 billion in revenue and N14.90 billion profit during the period.
Unilever Nigeria posted N119 billion in revenue and N15.59 billion profit, followed by Cadbury Nigeria with N83 billion in revenue and N3.47 billion profit.
NASCON Allied Industries recorded N81 billion in revenue and N19.60 billion profit, giving it a net profit margin of 24.15 per cent, second only to BUA Foods.
Champion Breweries completed the ranking with N35 billion in revenue and N2.64 billion profit after tax.
The performance came amid continued pressure from inflation, energy costs and supply chain challenges, which have increased the cost of manufacturing and distribution.
Many manufacturers responded by increasing product prices to protect their margins, although higher prices continued to weigh on consumers’ purchasing power.
The relative stability of the naira during parts of the period also helped ease the impact of foreign exchange losses that had significantly affected companies’ earnings in previous years.
Analysts also attributed the improved performance of some manufacturers to capital-raising efforts and balance-sheet restructuring, which helped reduce finance costs.
The results underline the resilience of Nigeria’s consumer goods industry, with leading manufacturers maintaining strong revenue and profit levels despite the difficult operating environment.
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