Nigeria’s consumer goods market capitalization hits US$7.4M
Nigeria – The consumer goods sector on the Nigerian Exchange has reached a total market capitalisation of N11.1bn (US7.4 million) as of the latest trading data.
According to The Punch, the sector is experiencing increased performances across several companies, with beverages and food products at the forefront of this rise.
One of the standout stocks was Golden Guinea Breweries PLC, which, despite a price decline of 8.91 percent, remained a player with a market cap of N8.06 billion (US$5.4 million).
Other major beverage companies, such as Guinness Nigeria PLC and Nigerian Breweries PLC, hold their positions, with market caps of N168.66 billion (US$0.11 billion) and N1.05tn (US$1 billion), respectively.
Similarly, on the food products side, BUA Foods PLC leads with a market cap of N7.47 trillion (US$5 billion), followed by Dangote Sugar Refinery Plc, which has a market position of N443.36 trillion (US$0.3 billion).
In the food processing segment, companies like Honeywell Flour Mills PLC and Nascon Allied Industries PLC have continued to see positive price movements, contributing to the overall market growth.
As reported, 17 other companies across various sectors have achieved a combined market capitalisation of approximately N11.22 trillion (US$7.5 billion) on the Nigerian Stock Exchange, with contributions from leading players in the consumer goods, food, and personal household products sectors.
BUA Foods reports US$1.23B in revenue in 2024
In related news, BUA Foods Plc, a major food manufacturing company in Nigeria, reported that its revenue surged by 109.3% to US$1.23 billion, compared to US$586.6 million in 2023.
Its unaudited financial report shows a 145.3% rise in profit after tax, increasing from US$90.1 million in the previous year to US$220.5 million in 2024.
Gross profit climbed to US$434.5 million, marking a 107.9% increase from US$209 million recorded in 2023. Earnings per share more than doubled, reaching US$0.12, up from US$0.05 in the prior year.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew by 131.5% to US$400.5 million.
Operating expenses rose by 27.7% to US$48.2 million due to higher costs related to selling and distribution.
Sales across key product categories grew substantially, with sugar sales increasing by 74% to US$587.9 million.
Flour revenue grew by 172% to reach US$472.2 million, while pasta sales increased by 125% to US$158.3 million.
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