Narrative Update • Jul 09
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Nigerian (NSE) Food Industry Analysis
UpdatedJul 10, 2026
DataAggregated Company Financials
Companies15
- 7D0.3%
- 3M12.5%
- 1Y96.3%
- YTD26.4%
Over the last 7 days, the Food industry has remained flat, although notably Dangote Sugar Refinery gained 4.3%. As for the the longer term, the industry is up 96% over the past 12 months. Looking forward, earnings are forecast to grow by 40% annually.
Industry Valuation and Performance
Has the Nigerian Food Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 10 Jul 2026 | ₦25.8t | ₦5.5t | ₦885.0b | 21.8x | 29.1x | 4.7x |
| Sun, 07 Jun 2026 | ₦26.2t | ₦5.5t | ₦885.0b | 22.8x | 29.6x | 4.7x |
| Tue, 05 May 2026 | ₦24.2t | ₦4.2t | ₦708.2b | 21.3x | 34.2x | 5.8x |
| Thu, 02 Apr 2026 | ₦20.3t | ₦4.2t | ₦696.6b | 19.3x | 29.1x | 4.8x |
| Sat, 28 Feb 2026 | ₦20.8t | ₦4.2t | ₦739.3b | 23x | 28.1x | 4.9x |
| Mon, 26 Jan 2026 | ₦19.0t | ₦4.2t | ₦708.7b | 30.3x | 26.8x | 4.5x |
| Wed, 24 Dec 2025 | ₦17.6t | ₦4.2t | ₦708.7b | 14.7x | 24.8x | 4.2x |
| Fri, 21 Nov 2025 | ₦16.5t | ₦4.2t | ₦708.7b | 14.7x | 23.3x | 3.9x |
| Sun, 19 Oct 2025 | ₦15.8t | ₦4.1t | ₦575.5b | 13.5x | 27.4x | 3.9x |
| Tue, 16 Sep 2025 | ₦15.4t | ₦4.0t | ₦570.9b | 14.5x | 27x | 3.8x |
| Thu, 14 Aug 2025 | ₦14.7t | ₦4.0t | ₦570.5b | 14.5x | 25.7x | 3.6x |
| Sat, 12 Jul 2025 | ₦11.7t | ₦3.7t | ₦376.9b | 14.9x | 31x | 3.1x |
| Mon, 09 Jun 2025 | ₦10.5t | ₦3.7t | ₦376.9b | 12.8x | 27.9x | 2.8x |
| Wed, 07 May 2025 | ₦9.9t | ₦3.7t | ₦372.4b | 11.6x | 26.5x | 2.7x |
| Fri, 04 Apr 2025 | ₦9.6t | ₦3.3t | ₦248.6b | 11.2x | 38.5x | 2.9x |
| Sun, 02 Mar 2025 | ₦9.2t | ₦2.6t | ₦446.8b | 12.8x | 20.6x | 3.6x |
| Tue, 28 Jan 2025 | ₦8.7t | ₦2.2t | ₦322.6b | 12.3x | 27.1x | 4x |
| Thu, 26 Dec 2024 | ₦8.6t | ₦5.2t | ₦351.1b | 9.9x | 24.4x | 1.6x |
| Sat, 23 Nov 2024 | ₦8.4t | ₦5.2t | ₦351.0b | 9.6x | 24x | 1.6x |
| Mon, 21 Oct 2024 | ₦8.4t | ₦4.5t | ₦269.7b | 13.1x | 31.1x | 1.9x |
| Wed, 18 Sep 2024 | ₦8.4t | ₦4.5t | ₦269.7b | 13.4x | 31.3x | 1.9x |
| Fri, 16 Aug 2024 | ₦8.0t | ₦4.5t | ₦270.9b | 10x | 29.6x | 1.8x |
| Sun, 14 Jul 2024 | ₦7.9t | ₦4.0t | ₦189.0b | 10.9x | 41.7x | 2x |
| Tue, 11 Jun 2024 | ₦7.8t | ₦4.0t | ₦200.8b | 16.3x | 38.6x | 2x |
| Thu, 09 May 2024 | ₦7.8t | ₦3.7t | ₦206.3b | 9.5x | 37.6x | 2.1x |
| Sat, 06 Apr 2024 | ₦8.4t | ₦3.7t | ₦131.6b | 11.4x | 63.8x | 2.3x |
| Mon, 04 Mar 2024 | ₦8.4t | ₦3.7t | ₦131.4b | 11.4x | 63.8x | 2.3x |
| Wed, 31 Jan 2024 | ₦6.9t | ₦3.4t | ₦205.9b | 13.7x | 33.5x | 2x |
| Fri, 29 Dec 2023 | ₦5.1t | ₦3.4t | ₦203.6b | 12.1x | 24.9x | 1.5x |
| Sun, 26 Nov 2023 | ₦5.2t | ₦3.4t | ₦203.6b | 11.6x | 25.4x | 1.5x |
| Tue, 24 Oct 2023 | ₦5.2t | ₦3.2t | ₦215.2b | 14.9x | 24x | 1.6x |
| Thu, 21 Sep 2023 | ₦5.0t | ₦3.2t | ₦215.2b | 16.2x | 23.3x | 1.6x |
| Sat, 19 Aug 2023 | ₦3.7t | ₦3.0t | ₦209.3b | 13.6x | 17.7x | 1.2x |
| Mon, 17 Jul 2023 | ₦4.5t | ₦3.4t | ₦266.0b | 12.9x | 16.9x | 1.3x |
Price to Earnings Ratio
16.9x
Current Industry PE
- Investors are relatively neutral on the Nigerian Food industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 31.0x.
- The 3-year average PS ratio of 2.8x is lower than the industry's current PS ratio of 4.7x.
Past Earnings Growth
- The earnings for companies in the Food industry have grown 49% per year over the last three years.
- Revenues for these companies have grown 18% 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 | 7.41% | |
| Consumer Staples | 1.80% | |
| Food | 0.31% | |
| Packaged Foods and Meats | 0.32% | |
| Agricultural Products | 0.26% | |
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 40.0x.
- Analysts are expecting annual earnings growth of 32.3%, which is lower than the prior year's growth of 63.4% 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 12.4x.
Forecasted Growth
- Analysts are most optimistic on the Agricultural Products industry, expecting annual earnings growth of 50% over the next 5 years.
- This is better than its past earnings growth rate of 26% per year.
- In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 32% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| DANGSUGAR Dangote Sugar Refinery | ₦72.00 | 4.3% +₦36.4b | 38.7% | PS1.1x | |
| HONYFLOUR Honeywell Flour Mills | ₦17.00 | 21.4% +₦23.8b | -38.2% | PE8.2x | |
| CADBURY Cadbury Nigeria | ₦61.60 | 10.0% +₦12.8b | 12.0% | PE21.2x | |
| FTNCOCOA FTN Cocoa Processors | ₦8.50 | 23.2% +₦6.2b | 24.6% | PE26x | |
| ZICHIS Zichis Agro Allied Industries | ₦29.28 | 21.0% +₦6.1b | n/a | n/a |