BUA Foods Leads Nigeria's Consumer Goods Profitability

In the first half of 2026, BUA Foods (NGX: BUAFOODS) emerged as Nigeria’s most profitable consumer goods company, achieving a net profit margin of 38.2%, up from 28.52% in H1 2025, despite a 16.1% decline in revenue to N765 billion. The company's profit after tax rose 12.4% to N292.27 billion.

Nascon Allied Industries (NGX: NASCON) ranked second with a profit margin increase to 24.2% from 2%, generating N19.6 billion in profit on N81 billion in revenue. Dangote Sugar Refinery (NGX: DANGSUGAR) experienced a turnaround, moving from a negative 5.64% margin in H1 2025 to a positive 10.5% in H1 2026, with profits rising to N41.51 billion despite a revenue drop to N392 billion.

Nestlé Nigeria also improved its margin to 9%, while some companies like Nigerian Breweries (NGX: NB) and Unilever Nigeria (NGX: UNILEVER) reported declines in profit margins. The overall consumer market in Nigeria is facing mixed cost pressures, affecting manufacturers' ability to maintain margins.