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Nigerian (NSE) Food Industry Analysis

UpdatedAug 25, 2026
DataAggregated Company Financials
Companies15
  • 7D0.2%
  • 3M-18.0%
  • 1Y33.1%
  • YTD7.6%

The Food is pretty flat in the last 7 days, but UAC of Nigeria has stood out, gaining 6.6%. As for the the longer term, the industry is up 33% over the past 12 months. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

Has the Nigerian Food Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 25 Aug 2026₦22.0t₦5.6t₦918.3b21.1x23.9x3.9x
Thu, 23 Jul 2026₦23.9t₦5.5t₦885.0b21.7x26.9x4.3x
Sat, 20 Jun 2026₦25.8t₦5.5t₦885.0b21.8x29.2x4.7x
Mon, 18 May 2026₦27.0t₦5.5t₦879.4b21.8x30.7x4.9x
Wed, 15 Apr 2026₦20.3t₦4.2t₦708.2b19.7x28.6x4.8x
Fri, 13 Mar 2026₦20.5t₦4.2t₦696.6b19.1x29.4x4.8x
Sun, 08 Feb 2026₦19.4t₦4.2t₦740.1b16.4x26.2x4.6x
Tue, 06 Jan 2026₦18.7t₦4.2t₦708.7b19.2x26.3x4.4x
Thu, 04 Dec 2025₦16.5t₦4.2t₦708.8b14.7x23.3x3.9x
Sat, 01 Nov 2025₦16.6t₦4.1t₦583.7b15.4x28.4x4.1x
Mon, 29 Sep 2025₦15.4t₦4.0t₦570.9b14.3x27x3.8x
Wed, 27 Aug 2025₦14.7t₦4.0t₦570.5b14.5x25.8x3.6x
Fri, 25 Jul 2025₦12.2t₦3.7t₦376.9b14.7x32.3x3.3x
Sun, 22 Jun 2025₦11.5t₦3.7t₦376.9b11.7x30.4x3.1x
Tue, 20 May 2025₦10.0t₦3.7t₦372.4b12.1x26.9x2.7x
Thu, 17 Apr 2025₦9.6t₦3.4t₦210.2b11.1x45.9x2.8x
Sat, 15 Mar 2025₦9.6t₦3.3t₦257.9b12.6x37.3x3x
Mon, 10 Feb 2025₦9.0t₦2.6t₦446.8b9.6x20.2x3.5x
Wed, 08 Jan 2025₦8.7t₦2.2t₦322.6b10.3x26.8x4x
Fri, 06 Dec 2024₦8.4t₦5.2t₦351.1b8.9x24x1.6x
Sun, 03 Nov 2024₦8.4t₦5.1t₦338.6b8.9x24.8x1.6x
Tue, 01 Oct 2024₦8.4t₦4.5t₦269.7b13.8x31.2x1.9x
Thu, 29 Aug 2024₦8.4t₦4.5t₦270.9b10x30.9x1.9x
Sat, 27 Jul 2024₦7.9t₦3.9t₦218.9b10.9x36x2x
Mon, 24 Jun 2024₦7.8t₦4.0t₦200.8b17.6x39.1x2x
Wed, 22 May 2024₦7.7t₦3.7t₦206.3b9.5x37.4x2.1x
Fri, 19 Apr 2024₦8.2t₦3.7t₦122.1b11.4x67.4x2.2x
Sun, 17 Mar 2024₦8.4t₦3.7t₦131.6b11x64x2.3x
Tue, 13 Feb 2024₦7.2t₦3.7t₦207.4b16.2x34.7x1.9x
Thu, 11 Jan 2024₦5.7t₦3.4t₦203.6b12.9x28x1.7x
Sat, 09 Dec 2023₦5.1t₦3.4t₦203.6b11.4x24.8x1.5x
Mon, 06 Nov 2023₦5.2t₦3.4t₦207.2b11.6x25.1x1.5x
Wed, 04 Oct 2023₦5.1t₦3.2t₦215.2b16x23.7x1.6x
Fri, 01 Sep 2023₦4.7t₦3.0t₦218.0b14.5x21.6x1.5x
Price to Earnings Ratio

21.6x


Total Market Cap: ₦4.7tTotal Earnings: ₦218.0bTotal Revenue: ₦3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Food Industry Price to Earnings3Y Average 31.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Nigerian Food industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 23.9x which is lower than its 3-year average PE of 31.4x.
  • The 3-year average PS ratio of 3.0x is lower than the industry's current PS ratio of 3.9x.
Past Earnings Growth
  • The earnings for companies in the Food industry have grown 62% per year over the last three years.
  • Revenues for these companies have grown 23% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Consumer Staples industry?

NG Market-1.74%
Consumer Staples-0.15%
Food0.19%
Packaged Foods and Meats0.25%
Agricultural Products-0.086%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry even though it's trading below its 3-year average PE ratio of 40.4x.
    • Analysts are expecting annual earnings growth of 28.1%, which is lower than the prior year's growth of 62.1% per year.
  • Investors are most pessimistic about the Agricultural Products industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 12.9x.
Forecasted Growth
  • Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 28% over the next 5 years.
  • However this is lower than its past earnings growth rate of 62% per year.
  • In contrast, the Agricultural Products industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
UACN UAC of Nigeria₦177.856.6%
+₦32.0b		122.5%PE22.7x
NESTLE Nestlé Nigeria₦2.84k1.4%
+₦31.7b		50.3%PE18.9x
CADBURY Cadbury Nigeria₦64.904.7%
+₦6.6b		12.2%PE21.4x
HONYFLOUR Honeywell Flour Mills₦17.150.3%
+₦396.5m		-25.4%PE6.5x
MCNICHOLS McNichols₦4.802.1%
+₦111.7m		37.1%PE10.4x

Latest News

HONYFLOUR
₦17.15
Honeywell Flour Mills
7D
0.3%
1Y
-25.4%
MCNICHOLS
₦4.80
McNichols
7D
2.1%
1Y
37.1%
UACN
₦177.85
UAC of Nigeria
7D
6.6%
1Y
122.5%
Narrative Update • Aug 06

UAC of Nigeria PLC Reports Strong Q1 2026 Earnings Growth Driven by Revenue Expansion and FX Gains

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) UAC of Nigeria PLC delivered a robust financial performance for the three months ended March 31, 2026, underpinned by significant revenue growth, improved operating efficiency, and strong foreign exchange gains. Revenue surged markedly by 241% YoY to ₦191.2 billion, reflecting broad-based growth across key business segments, particularly in packaged foods and beverages.
CADBURY
₦64.90
Cadbury Nigeria
7D
4.7%
1Y
12.2%
Narrative Update • Aug 04

Cadbury Nigeria Plc Delivers Strong H1 2026 Earnings Growth Despite Margin Pressure and Working Capital Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Cadbury Nigeria Plc reported a resilient financial performance for the half-year ended June 30, 2026, driven by strong revenue growth, improved export sales, and a substantial recovery in profitability. Revenue increased by 7.9% year-on-year (YoY) to ₦83.35 billion from ₦77.25 billion in H1 2025, supported by robust growth in confectionery and intermediate cocoa product sales.
NESTLE
₦2,840.00
Nestlé Nigeria
7D
1.4%
1Y
50.3%
DANGSUGAR
₦68.00
Dangote Sugar Refinery
7D
-3.0%
1Y
13.3%
LIVESTOCK
₦7.95
Livestock Feeds
7D
-6.5%
1Y
-0.6%
Narrative Update • Aug 03

Livestock Feeds Plc Delivers Strong Earnings Recovery in Q1 2026 Driven by Cost Efficiency and Lower Finance Charges

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Livestock Feeds Plc recorded a strong turnaround in performance for the period ended March 31, 2026, as profitability improved significantly despite a decline in revenue. The company benefited from sharp reductions in finance costs, improved gross margins, and tighter cost controls across operating lines.
ZICHIS
₦17.00
Zichis Agro Allied Industries
7D
-7.4%
1Y
n/a
Narrative Update • Jul 29

Reports (Unaudited) Exceptional H1 2026 Growth Driven by Expansion Across Poultry, Feed Mill, Palm Oil and Aquaculture Operations

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Zichis Agro Allied Industries Plc delivered a remarkable financial performance for the six months ended June 30, 2026, reflecting the successful scaling of its integrated agribusiness operations across poultry, feed milling, palm oil processing, and aquaculture. Revenue surged by 285.4% YoY to ₦910.47 million , while profit before tax increased by 448.6% YoY to ₦478.71 million.