Get Guardian on GoogleBusiness expansion, stronger sales, in addition to improved operating margins have lifted the combined revenues of UAC of Nigeria Plc (UACN), SCOA Nigeria Plc and Unilever Nigeria Plc to N714.5 billion in their nine months of operations, representing an increase of 123.4 per cent over N319.85 billion achieved in the corresponding period of 2025.
The three firms also recorded a combined profit before tax (PBT) of N84.02 billion, representing a 74.60 per cent increase over N48.12 billion achieved in the same period last year.
A breakdown of their nine-month performance indicated that the unprecedented rise was largely driven by UACN’s expanded business following its acquisition of C.H.I. Limited, alongside stronger sales and improved profitability across key business segments.
UACN accounted for the largest contribution to the growth, recording revenue of N522.9 billion in the nine months ended September 30, 2026, up from N159.6 billion posted in the corresponding period of 2025. This represented an increase of 227.7 per cent.
The company’s PBT also rose by 262.5 per cent to N37.7 billion from N10.4 billion, while profit after tax increased by 307.1 per cent to N21.9 billion from N5.4 billion.
Operators attribute the firm’s improved performance to the impact of its acquisition of C.H.I. Limited, the producer of Chivita and Hollandia brands, which was completed in October 2025.
According to them, the 2026 results represent the first full nine-month reporting period in which the acquired business was consolidated into the group’s financial statements.
The Group Managing Director, Fola Aiyesimoju, said the performance reflected progress in the company’s business objectives, with the Packaged Food and Beverages and Paints businesses driving growth.
Similarly, Unilever Nigeria recorded revenue of N184 billion, representing an 18.4 per cent rise when compared with N155.4 billion posted in the corresponding period of 2025.
Its PBT also increased by 21.8 per cent to N45.6 billion from N37.4 billion recorded in the previous year.
The company’s performance was supported by growth in its Foods business, which generated revenue of N123 billion, compared to N94.8 billion in the corresponding period of 2025.
For SCOA Nigeria Plc, its revenue also rose by 53.5 per cent to N7.4 billion within the same period from N4.9 billion posted in the previous year, while the company’s PBT increased to N752.7 million from N311.9 million, representing a growth of approximately 141.3 per cent.
The company’s revenue performance was supported largely by its equipment business, which accounted for N6.28 billion of its reported nine-month revenue.
The results indicated that the three companies benefited from different growth drivers, including business expansion, stronger sales in selected product categories, improved gross margins and better earnings from their operations.
Head of Equity Research, West Africa, at Stanbic IBTC Bank, Muyiwa Oni, had noted in his assessment of the consumer goods sector that inflationary pressures were moderating, with input costs and selling prices rising at slower rates.
Analysts at Cordros Research have also argued that improved profitability among consumer goods manufacturers should not be viewed simply as evidence of stronger consumer demand, but also as a reflection of cost discipline, better sourcing, operating efficiency and improved control of expenses.
They noted that purchasing power remained under pressure, making margin protection and efficient cost management important for manufacturers.
This suggested that while the companies are recording stronger financial performances, sustaining the growth will depend on their ability to maintain sales volumes, manage production and distribution costs and protect consumers’ purchasing power.
The improved financial performance of the three companies was also reflected in their share price movements on the Nigerian Exchange (NGX), as investors continued to show interest in their stocks.
