Nigerian food and beverage companies report profit growth

Major Nigerian food and beverage companies reported increased profits for the nine months ending September 30, 2026, despite facing challenges with consumer demand and pricing.

BUA Foods recorded an 11% increase in profit after tax, reaching N450.47 billion. While revenue declined by 19% to N1.15 trillion due to subdued consumer demand and softer pricing, the company saw improved margins. This growth was driven by a 34% reduction in the cost of sales and a 20% drop in operating expenses, aided by cost optimization and a more stable foreign exchange environment.

Nigerian Breweries Plc reported a 33% rise in profit after tax to N114.1 billion. The company saw revenue grow by 5% to N1.10 trillion, supported by a 78% decline in finance expenses. Managing Director and CEO Thibaut Boidin noted that the company returned to third-quarter profitability, marking a significant milestone despite declines in volumes and net revenue during that specific period.