NGX30 Firms’ Profit Hits N5.09trn, Driven by Consumer Goods, Cement

Consumer goods firms and cement makers are the NGX30 profit engine and investors have rewarded them for this stellar performance, while the banks who were the previous star performers saw profit dip.

It is important to note that the NGX30 is the list of thirty most capitalised and liquid financial and non-financial firms that are being tracked by the index.

Data gathered by MoneyCentral shows these companies collectively posted net income of N5.09 trillion as at June 2025, which is 95.97 percent higher than June 2024’s N2.60 trillion.

As of September 24, 2025, the NGX ASI contracted by 15bps to close at 140,716.10pts, dragging YTD returns to 36.72 percent.

The consumer goods firms posted a cumulative profit of N416.07 billion in the first six months of the year, from a combined loss after tax of N381.9782. billion as at June 2o24.

Dangote Cement, BUA Cement, and Lafarge Africa, who are the largest producers of the building materials saw their combined profit surge by 197.97 percent to N653.12 billion as at June 2025, according to data gathered by MoneyCentral.

A combination of relative stability in the foreign exchange market and a hike in the price of key products to fend off the effect of rising inflation are the major drivers of earnings for these firms.

Analysts at Chapel Hill Denham have raised their full-year (FY)-25E earnings per share (EPS) target for the firms.

“Our forecast is supported by stronger volumes in Nigeria, improved pricing, cost efficiencies and the sustained USD/NGN stability in H1-25, which we expect will continue through H2-25E,” said analysts at Chapel Hill Denham.

It is worth noting that the consumer goods firms stocks have been topping the NGX index since January as shares of sector players have been outperforming the index.

BUA Foods has a year to date (YTD) return of (+51.05 percent); Nigerian Breweries, (+118.75 percent); Nestle Nigeria, (+113.71 percent); International Breweries, (+140.45 percent), and Dangote Sugar Refinery (+82.77 percent).

This monstrous rally in consumer goods firms shares is expected to continue into the end of the year on the back of expectation of bumper dividends as recent macroeconomic indicators are propitious.

For instance, the cut in the monetary policy rate by the central bank who is winning the war on inflation indicates a reduction in borrowing costs for firms that will strengthen earnings.

Annual inflation fell in August to 20.1 percent from 21.9 percent the prior month and is down from 24.5% percent since the start of the year, according to data from the National Bureau of Statistics (NBS).

Nigeria’s gross domestic product (GDP) surged by 4.23 percent in the second quarter (Q2) of 2025. Total GDP was equivalent to N51.2 trillion, compared to N49.12 trillion in Q2 2024.

Banks are laggards so far in 2025 as the sudden disappearance of foreign exchange gains undermined earnings. The cumulative profit of the lenders on the index dipped by 2.10 percent to N2.80 trillion as at June 2025 from N2.87 trillion as at June 2024.

The good tiding is that lenders still trade at an attractive valuation that is an appropriate entry point for value investors.

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