BUA Meals Plc, Nascon Allied Industries Plc, and Dangote Sugar Refinery Plc function inside Nigeria’s consumer-goods and food-production sector.
Among the many trio, BUA Meals stands as probably the most worthwhile on the NGX with a market capitalization of N12.5 trillion, adopted by Dangote Sugar at N680 billion, whereas Nascon sits at N280 billion.
Regardless of its smaller measurement, Nascon has delivered one of the best share-price efficiency, gaining 230% year-to-date (YtD) as of November 19, 2025.
Dangote Sugar has risen 72.3% YtD, whereas BUA Meals has gained 66.9% YtD from a beginning value of N415.
The three firms lately launched their unaudited outcomes for the 9 months ended September 30, 2025.
Beneath is an in depth breakdown of their efficiency.
In 9M 2025, Dangote Sugar generated N626.24 billion in income, up 29.33% from N484.43 billion in 9M 2024.
BUA Meals recorded N1.42 trillion in income, up 32.7% from N1.07 trillion in 9M 2024.
Nascon posted N117.35 billion in income, a 47.2% enhance from N79.89 billion a yr earlier.
Verdict
On a longer-term foundation, BUA Meals maintains dominance with a 4-year CAGR of 66%, forward of Nascon’s 44% CAGR and Dangote Sugar’s 33% CAGR.
General, BUA Meals presents the strongest long-term funding case, Nascon the quickest progress momentum, and Dangote Sugar, the slowest growth.
Dangote Sugar recorded a significant turnaround in profitability in 9M 2025. Gross revenue rose to N90.06 billion, up 251% YoY, with a 14.4% gross margin.
BUA Meals posted one other margin-driven, robust efficiency.
Nascon additionally delivered spectacular profitability positive aspects.
Verdict
Who has been extra worthwhile and what’s driving it?
In 9M 2025, Dangote Sugar posted a a lot smaller pre-tax lack of N8 billion, in comparison with a N276 billion loss within the prior interval.
BUA Meals remained the clear profitability chief with N432.6 billion in pre-tax revenue, supported by robust margins, improved pricing, and disciplined value management throughout diversified enterprise strains.
Nascon reported N36.7 billion in pre-tax revenue, greater than doubling YoY attributable to effectivity positive aspects and sharply decrease finance prices.
Verdict
Steadiness sheet energy: Who’s carrying extra debt?
Dangote Sugar reported N1.24 trillion in whole property and N198.5 billion in fairness, which means property are greater than six occasions shareholders’ funds.
BUA Meals reported N1.63 trillion in property and N609 billion in fairness, giving an fairness a number of of two.07x, down from 2.55x in 2024.
Nascon recorded N112.48 billion in property and N61.98 billion in fairness, with an fairness a number of of 1.81x, indicating that whole property will not be double of shareholders’ funds, which is wholesome and good
Verdict
Nascon has the strongest steadiness sheet, with extraordinarily low leverage. BUA Meals maintains reasonable and wholesome gearing, whereas Dangote Sugar carries the very best debt load relative to fairness.
BUA Meals has maintained a robust dividend tradition since itemizing.
BUA Meals has maintained a robust dividend tradition since itemizing.
Nascon has additionally remained constant.
• It paid N2 per share for FY 2024, amounting to N5.404 billion, representing a 35% payout ratio.
