NASCON’s revenue expanded by 43.01% YoY to NGN25.13bn in H1:2022 (vs.NGN17.57bn in H1:2021) anchored
on improved volume growth across its product offerings. On a geographical basis, the firm maintained its strong footing in all regions, recording higher revenue from the North (+57.76%YoY), East (+39.71%YoY), West (+15.63%YoY).
NESTLE, in its H1:2022 financial scorecard, recorded strong double-digit growth (+29.75% YoY) in topline to NGN222.45bn from NGN171.44bn in H1:2021. The performance was supported by a marked improvement in sales across its business segments with the food segment expanding by +30.94% YoY while the beverage segment increased by +28.04% YoY.
Reflecting the impact of the weak operating environment, UACN’s Q2:2022 standalone revenue performance declined marginally by 0.41% YoY to NGN24.38bn. Cumulatively, its H1:2022 revenue expanded by 11.92% to NGN52.04bn (vs. NGN46.50bn in H1:2021). All business segment recorded sales growth, including the animal feeds and other edibles (+9.43% YoY), paints (+30.09% YoY), quick service restaurant (+5.97%YoY), and Packaged Food segment (+28.25% YoY).
CADBURY posted an impressive H1:2022 financial performance, recording a double-digit growth (+50.50%) in
topline to NGN27.88bn. This was largely on the account of the improvement (+51.55% YoY and +24.62% YoY) in its domestic and export sales. Consequently, both the refreshment beverage (64.42% YoY) and confectionary business (+27.29% YoY) improved from previous level.
UNILEVER in its H1:2022 financial scorecard, recorded impressive double-digit growth (+35.12% YoY) in revenue to NGN43.81bn (vs. NGN32.42bn in H1:2021). The performance was bolstered by a marked improvement in domestic (+33.77% YoY) and export sales (+249.08% YoY).
FLOURMILL’s revenue expanded by 45.31% YoY to NGN339.60bn in Q1:2023 – year end is March. This performance was driven by an increase in volume growth across all business segments. Thus, revenue from all the segments recorded significant growth; Food (+45.08%), Agro-allied (+37.67%), Sugar (+3.58%), Support Services (+64.11%).
Earnings Update – NASCON, NESTLE, CADBURY, UACN, UNILEVER, & FLOURMILL
