UAC of Nigeria PLC has reported a significant surge in its financial performance for the first quarter of 2026, with revenue reaching ₦191 billion, a 241% increase compared to ₦56 billion in the same period of 2025.
This growth was primarily fueled by the consolidation of C.H.I. Limited following its acquisition from The Coca-Cola Company in late 2025, alongside strong sales in the Paints and Packaged Food and Beverages segments.
Gross profit for the quarter rose nearly fourfold to ₦55 billion, while the gross margin expanded to 28.7% due to an improved earnings mix and optimized input costs.
The Group’s operating profit saw a substantial rise to ₦28 billion, up from ₦6.8 billion in Q1 2025, supported by scale efficiencies and expanded margins.
Profit before tax followed a similar trajectory, increasing 4.5 times to ₦23 billion, a result that included a ₦6.8 billion gain from one-off foreign exchange revaluations.
Consequently, basic earnings per share soared to 449 kobo, representing more than four times the 106 kobo reported in the previous year’s first quarter.
Segment performance was varied across the Group’s diverse portfolio. The Packaged Food and Beverages segment saw revenue grow 8.4 times to ₦161 billion, benefiting from organic volume growth and pricing optimization.
The Paints segment also performed well, with revenue increasing 15% to ₦11.6 billion, driven by improved product availability and the launch of new offerings like Dulux Spruce.
Conversely, the Edibles and Feed segment experienced a 31% revenue decline due to pricing pressures in agricultural commodities, while the Quick Service Restaurants segment saw a 6% dip in revenue following the closure of several stores.
Group Managing Director Fola Aiyesimoju noted that the results reflect the successful integration of C.H.I. and the continued strength of the Group’s core businesses.
While net finance costs rose to ₦6.5 billion due to acquisition-related borrowing, the Group’s weighted average cost of debt was reduced to 16% through refinancing efforts completed in December 2025.
Despite being encouraged by the early progress of the 2026 fiscal year, leadership remains focused on the significant work required to maintain this performance.