Three major conglomerates listed on the NGX mainboard; Transnational Corporation Plc (Transcorp), UAC of Nigeria Plc (UACN), and Unilever Nigeria Plc, have released their Q3 2025 unaudited results, showing contrasting financial and market performances in 2025.
Transcorp has experienced a 6% drop in its share price year-to-date (YtD), while UACN and Unilever have posted impressive YtD gains of 143% and 119%, respectively.
This divergence comes amid a broader market downturn, especially in November, where UACN managed to remain bullish with a 15% gain, pushing its market capitalization to N223 billion.
Meanwhile, Transcorp’s share price has fallen by 18% in November, and Unilever saw a 6.5% drop, bringing their respective market caps down to N416.642 billion and N413.640 billion.
Although Transcorp still leads in market capitalization, UACN has outperformed in terms of share price growth.
When we compare their closing prices to their 52-week highs, Unilever, trading at 90% of its peak, is closest to its 52-week high, suggesting limited room for significant upside.
UACN, despite its strong YtD gains, trades at 76% of its 52-week high, indicating considerable upside potential.
Transcorp, on the other hand, appears to have the highest upside, having closed at just 67% of its 52-week high, suggesting greater potential for growth if market conditions improve.
This suggests that Transcorp is trading the furthest from its 52-week high, making it potentially the most undervalued relative to the other two companies.
Now, let’s look at how they have performed financially and which company is executing better.
In the first nine months of 2025, Transcorp led with N413 billion in revenue.
UACN posted N159 billion in revenue, marking a 19.82% growth.
Unilever posted the lowest revenue at N155 billion but had the highest growth rate at 49.65%. This growth suggests that Unilever’s revenue, driven by its food segment, is expanding rapidly.
Verdict
While Transcorp leads in absolute revenue, Unilever wins in terms of revenue growth.
Over the long term, Transcorp remains the top performer in both growth and absolute figures. Transcorp Nigeria recorded a 5-year total revenue of N925 billion with a CAGR of 53%, followed by UACN with N609 billion and a CAGR of 25%.
Over the long term, Transcorp remains the top performer in both growth and absolute figures. Transcorp Nigeria recorded a 5-year total revenue of N925 billion with a CAGR of 53%, followed by UACN with N609 billion and a CAGR of 25%.
Unilever, with a 5-year total revenue of N444.775 billion, has a CAGR of 30%.
In 2025, the companies showed a significant shift in their cost management and margin performance. The average gross profit margin improved by 6.61%, reaching 36.11% in 9M 2025.
Verdict
Transcorp leads in cost efficiency and margins, with the highest gross profit and post-tax margins, making it the best performer in managing costs effectively.
However, when it comes to asset efficiency, UACN takes the lead with an asset turnover ratio of 1.07, meaning it is generating more revenue per unit of assets compared to Transcorp and Unilever.
On profitability, the situation is mixed. While all three companies have managed to sustain profitability in 2025, the growth rates differ significantly.
Verdict
Transcorp leads in overall profitability, while Unilever shows the highest growth rate.
How strong are their balance sheets and who is carrying more debt?
When it comes to balance sheet strength, the companies display varying levels of asset size and debt profiles.
Verdict
Unilever has the strongest balance sheet with the lowest debt and leverage, indicating the most conservative and sustainable financial position among the three companies.
The companies have been relatively consistent in their dividend payments over the past five years, but the size and growth of those payments vary.