UACN – Following the sustained increase in domestic sales, UACN posted an impressive topline performance of 25.63% YoY in Q1:2022 to NGN27.67 from NGN22.02bn in Q1:2021. All business segments recorded notable sales growth, including the Paint segment (+110.71%), QSR segment (+30.12%), Animal Feeds segment (+18.79%), and Packaged Food segment (+9.64%).
NASCON – NASCON’s revenue grew impressively in Q1:2022, registering a growth rate of 29.06% to NGN10.76bn, anchored on increased sales in different regions – East (+48.28%), West (+7.62%), and North (+37.76%).
Due to the 73.64% uptick in material cost, the firm’s production cost increased by 62.35% to NGN7.99bn, leading
cost to sales ratio to 74.03% (vs. 59.07% in Q1:2021). Operating expenses sustained a similar trend and rose by
10.45% bolstered by higher distribution (12.19%) and administrative expenses (6.09%).
NESTLE – In Q1:2022, NESTLE delivered remarkable revenue growth of 26.32% YoY to NGN110.23bn from NGN87.26bn in the corresponding period last year. We attribute the positive topline growth to the improved domestic market demand (+26.06% YoY). As a result, the food and beverage segments both expanded by 26.32% YoY.