Listed firms under the conglomerate sectors have benefited from improved operating conditions as UAC of Nigeria Plc and Unilever Nigeria Plc recorded a combined profit before tax of N63.65 billion in the first half of 2026, representing an 80.6 per cent increase from N35.25 billion recorded in the corresponding period of 2025.

The strong performance was spurred by significant growth in revenue and improved earnings recorded by the two companies during the period, with UACN accounting for the larger increase.

Data from the Nigerian Exchange Limited (NGX) showed that the combined revenue of the two companies rose by N276.38 billion, from N208.51 billion in H1 2025 to N484.89 billion in H1 2026, representing a 132.6 per cent increase.

Also, their profit before tax increased by N28.40 billion, from N35.25 billion in H1 2025 to N63.65 billion in H1 2026.

A breakdown of the results indicated that UACN reported a profit before tax of N34.45 billion for the six months ended June 30, representing a 210.4 per cent increase from N11.10 billion recorded in the corresponding period of 2025.

The company’s revenue rose by 230.6 per cent to N364.97 billion from N110.41 billion, while profit after tax increased by 176.7 per cent to N19.26 billion from N6.96 billion.

Also, Unilever Nigeria recorded growth in earnings, posting a profit before tax of N29.2 billion in the first half of 2026, up 20.9 per cent from N24.154 billion recorded in the same period of 2025.

The company’s revenue increased by 22.2 per cent to N119.92 billion from N98.1 billion, while profit after tax rose to N15.597 billion from N14.51 billion.

The performance reflects the stronger earnings position of the two companies as businesses continue to adjust to changes in the operating environment, rising costs and shifting consumer demand.

The improved earnings have also culminated in a strong recovery in the share prices of the companies, following years of weak investor sentiment that had severely depressed valuations across the sector.

From the beginning of the previous administration in 2015 to 2023, several stocks in the sector lost more than 80 per cent of their value as prolonged weak investor confidence weighed on equities.

For instance, UACN’s share price fell from about N43 in 2015 to N8 in 2023, reflecting the difficult period experienced by the company and the wider market.

The stock has, however, staged a remarkable recovery in 2026. UACN closed trading on Friday at N178.05 kobo per share, compared with N91 at which it resumed trading in January 2026. This represents a gain of about 95.7 per cent since the beginning of the year, while its market capitalisation stood at about N521 billion.

Unilever Nigeria has also recorded a significant turnaround in its share price. Its stock, which traded at about N36 in 2015, declined to N14.80 by December 2023.

The shares have since recovered strongly, closing at N145.95 on Friday, August 7, 2026. From the N72 price at which it resumed trading in January, the stock has gained about 102.7 per cent while its market capitalisation stood at approximately N838 billion.

The contrasting performance of the companies between 2015 and 2026 reflects the sharp change in investor sentiment towards selected stocks, as improved earnings, stronger balance sheets and renewed confidence in the equities market have supported a significant repricing of several fundamentally strong companies.

The development also underscores the extent of the losses suffered by shareholders during the prolonged bearish period and the subsequent gains recorded by investors who have endured the long period of capital depreciation.