"Belgrade, Serbia - May 21, 2011: Ice Cold Bottle of Guinness Beer, in a Bar Setting, Guinness is made in Ireland"
It’s a royal rumble in Nigeria’s corporate arena, and the crowns sit firmly on the heads of three titans; Guinness, Cadbury, and BUA. These profit kings aren’t just leading the race; they’re rewriting the rules, posting figures that leave competitors gasping for breath. While others limp behind, blaming economic headwinds, these giants are turning turbulence into triumph and daring the rest to keep up or be crushed under the weight of their dominance
Data gathered by MoneyCentral shows Guinness Nigeria recorded return on average equity (ROAE) of 315.76 percent; Cadbury Nigeria, (214.96 percent), BUA Foods (93.03 percent), and Nascon Allied Industries, (72.03 percent).
Return on average equity (ROAE) is a financial metric used across various industries to measure how efficiently a company uses shareholders’ equity to generate profits.
ROAE compares a company’s net income to its average shareholders’ equity over a period, offering a normalized view of profitability that accounts for changes in equity throughout the period.
A higher ROAE means these companies are multiplying their profits without investing new equity capital, which validates the financial health of these entities that are delivering higher returns to their shareholders in the form of share appreciation.
On the other hand, the profit burner whose ROAEs are lower than the industry average are: Unilever Nigeria, (32.47 percent), Nigeria Breweries, (32.09 percent); International Breweries, (17.59 percent); Honeywell, (13.40 percent), (-80.90 percent), and Nestle Nigeria (-150.93 percent).
Consumer good firms posted record profit buoyed by a gradual macro stability and an increment in the price of key products to fend off rising input costs.
The 10 largest consumer goods firms collectively posted a profit of N475.05 billion in June 2025, from a loss position of N435.85 billion, according to data gathered by MoneyCentral.
They were worst hit by a sharp depreciation of the Naira a few years ago which brought on foreign exchange revaluation losses that they have surmounted as well as elevated inflation.
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate fell to 21.88 percent in July 2025, down from 22.22 percent in June.
Of course, consumer good firms are the star performer of the NGXASI index as investors are sanguine that these firms will continue to magnify their earnings.
Cadbury Nigeria Plc has a year to date (YTD) return of 178.14 percent; Dangote Sugar Refinery (72.15 percent); Guinness Nigeria (+121.71 percent); Honeywell Flour Mills, (260.32 percent); Nascon Allied Industries (188.68 percent); Nigerian Breweries (123.40 percent); Nestle Nigeria (116.0 percent); Unilever Nigeria, (117.0 percent); BUA Foods, (41.60 percent).
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