BUA Foods Plc, Nascon Allied Industries Plc, and Dangote Sugar Refinery Plc operate within Nigeria’s consumer-goods and food-production sector.
Among the trio, BUA Foods stands as the most valuable on the NGX with a market capitalization of N12.5 trillion, followed by Dangote Sugar at N680 billion, while Nascon sits at N280 billion.
Despite its smaller size, Nascon has delivered the best share-price performance, gaining 230% year-to-date (YtD) as of November 19, 2025.
Dangote Sugar has risen 72.3% YtD, while BUA Foods has gained 66.9% YtD from a starting price of N415.
The three companies recently released their unaudited results for the nine months ended September 30, 2025.
Below is a detailed breakdown of their performance.
In 9M 2025, Dangote Sugar generated N626.24 billion in revenue, up 29.33% from N484.43 billion in 9M 2024.
BUA Foods recorded N1.42 trillion in revenue, up 32.7% from N1.07 trillion in 9M 2024.
Nascon posted N117.35 billion in revenue, a 47.2% increase from N79.89 billion a year earlier.
Verdict
On a longer-term basis, BUA Foods maintains dominance with a 4-year CAGR of 66%, ahead of Nascon’s 44% CAGR and Dangote Sugar’s 33% CAGR.
Overall, BUA Foods presents the strongest long-term investment case, Nascon the fastest growth momentum, and Dangote Sugar, the slowest expansion.
Dangote Sugar recorded a major turnaround in profitability in 9M 2025. Gross profit rose to N90.06 billion, up 251% YoY, with a 14.4% gross margin.
BUA Foods posted another margin-driven, strong performance.
Nascon also delivered impressive profitability gains.
Verdict
Verdict
Who has been more profitable and what’s driving it?
In 9M 2025, Dangote Sugar posted a much smaller pre-tax loss of N8 billion, compared to a N276 billion loss in the prior period.
BUA Foods remained the clear profitability leader with N432.6 billion in pre-tax profit, supported by strong margins, improved pricing, and disciplined cost control across diversified business lines.
Nascon reported N36.7 billion in pre-tax profit, more than doubling YoY due to efficiency gains and sharply lower finance costs.
Verdict
Balance sheet strength: Who is carrying more debt?
Dangote Sugar reported N1.24 trillion in total assets and N198.5 billion in equity, meaning assets are more than six times shareholders’ funds.
BUA Foods reported N1.63 trillion in assets and N609 billion in equity, giving an equity multiple of 2.07x, down from 2.55x in 2024.
Nascon recorded N112.48 billion in assets and N61.98 billion in equity, with an equity multiple of 1.81x, indicating that total assets are not double of shareholders’ funds, which is healthy and good
Verdict
Nascon has the strongest balance sheet, with extremely low leverage. BUA Foods maintains moderate and healthy gearing, while Dangote Sugar carries the highest debt load relative to equity.
Dividend history: Who rewards investors better?
BUA Foods has maintained a strong dividend culture since listing.
Nascon has also remained consistent.
• It paid N2 per share for FY 2024, amounting to N5.404 billion, representing a 35% payout ratio.
Dangote Sugar paid N1.50 per share for FY 2022 at a 33.28% payout ratio but has paid no dividends since 2023 due to earnings volatility and FX-driven losses.
Verdict
BUA Foods leads with the most generous and consistent dividends. Nascon follows with moderate payouts, while Dangote Sugar lags after suspending dividends.
What are they worth, and what is the market really saying?
BUA Foods currently commands one of the largest market capitalizations on NGX.
Its valuation multiple sits at a high P/E ratio of 27x, signaling that investors are willing to pay a premium for its earnings, typically a sign of strong growth expectations and confidence in the company’s long-term market position.
Dangote Sugar follows with market capitalization of N680 billion. The company currently trades at a negative P/E ratio of –37x, driven by its pre-tax losses in recent years.
Nascon has a market capitalization of N280 billion.
Its P/E ratio of 8.64x suggests that the market views Nascon as reasonably valued relative to its earnings—neither overly discounted nor priced at a premium.
Verdict: