Three listed firms under the fast-moving consumer goods (FMCG) sector with market capitalisation of N1.6 trillion have achieved a combined profit after tax (PAT) of N67.14 billion in their nine months of operations, representing an increase of 38.29 per cent over N48.55 billion posted in the corresponding period of 2025.

The companies, Guinness Nigeria Plc, Unilever Nigeria Plc and Union Dicon Salt Plc, recorded improved earnings during the period as the combined profit of the three companies increased by N18.59 billion, driven largely by the strong earnings of Guinness Nigeria and Unilever Nigeria, while Union Dicon Salt returned to profitability after posting a loss in the previous year.

A breakdown of their performance indicated that Guinness Nigeria recorded PAT of N40.69 billion in the nine months to September 2026, compared with N26.59 billion in the corresponding period of 2025, representing an increase of approximately 53.05 per cent.

The brewer’s revenue rose to N403.33 billion from N335.07 billion, while profit before tax increased to N61.65 billion from N39.69 billion, according to its unaudited financial statements filed with the Nigerian Exchange Limited (NGX).

Similarly, Unilever Nigeria also recorded improved earnings, with profit after tax rising to N26.40 billion from N21.98 billion, an increase of approximately 20.11 per cent.

The consumer goods manufacturer’s revenue increased to N184.01 billion from N155.41 billion, while gross profit rose to N85.46 billion from N63.97 billion. Its operating profit also increased to N38.54 billion from N30.46 billion achieved in 2025.

The company’s profit before tax also rose to N45.58 billion, up from N37.41 billion recorded in the corresponding period of 2025.

For Union Dicon Salt, the firm returned to profitability with a profit after tax of N50.15 million in the first nine months of 2026, compared with a loss of N14.59 million in the corresponding period of 2025.

The company’s sales also increased to N20.04 million from N3.43 million posted in the previous year.

Operators linked the improved performance to higher sales, stronger profit margins and lower finance costs, noting that increased revenue and improved cost management supported earnings growth at Guinness Nigeria and Unilever Nigeria, while Union Dicon Salt’s return to profitability also contributed to the overall improvement.

A look at the share-price performance as of Wednesday, October 28, 2026, indicated that Guinness Nigeria, with a market capitalisation of about N927 billion, began the year at a share price of N349.90 per share but has gained 20.9 per cent on that price valuation to close at N423 on Wednesday.

Unilever Nigeria, with a market capitalisation of about N626.21 billion, also recorded a significant appreciation in its share price. The stock began the year at N72 per share and closed at N109 on October 28, representing a gain of approximately 51.4 per cent.

Union Dicon Salt achieved a market capitalisation of about N6.49 billion. Its shares, which began the year at N6.90, had traded as high as N23.75, representing an increase of 244 per cent.

President of the Independent Shareholders Association of Nigeria, Moses Igbrude, attributed the improved earnings to greater stability in the foreign exchange market, noting that reduced uncertainty in exchange rates and naira devaluation had enabled companies to plan and execute their business strategies more effectively.

He said that although consumers’ purchasing power remained weak, the companies’ results showed that Nigerians continued to purchase and use various products, supporting sales and revenue growth.

Igbrude said investors were pleased with the improved performance while expressing optimism that sustained foreign exchange stability and better corporate earnings would strengthen investor confidence.