“BUA Foods, Dangote Sugar, and Nascon: Performance and Value Compared”

BUA Foods Plc, Nascon Allied Industries Plc, and Dangote Sugar Refinery Plc are key players in Nigeria’s consumer-goods and food-production sector.

Market Capitalization and Share Performance
BUA Foods leads the pack on the NGX with a market capitalization of N12.5 trillion, followed by Dangote Sugar at N680 billion and Nascon at N280 billion.

Year-to-date (YtD) share performance tells a different story: Nascon surged 230% as of November 19, 2025, outpacing Dangote Sugar’s 72.3% gain and BUA Foods’ 66.9% increase from a starting price of N415.

Revenue Growth
For the nine months ended September 30, 2025:

• Dangote Sugar generated N626.24 billion, up 29.3% YoY, driven by higher product prices and backward-integration projects despite maintenance shutdowns.

• BUA Foods posted N1.42 trillion, up 32.7%, fueled by broad-based demand across sugar, flour, edible oils, and other staples.

• Nascon recorded N117.35 billion, a 47.2% jump, boosted by higher salt prices and expansion in seasonings and food products.

Verdict: BUA Foods leads in absolute revenue, Nascon in revenue growth, while BUA Foods maintains strong long-term growth with a 4-year CAGR of 66%.

Profitability and Margins

• Dangote Sugar saw a major turnaround, with gross profit rising 251% to N90.06 billion and operating profit climbing to N81.12 billion. Pre-tax losses narrowed to N8 billion.

• BUA Foods posted a gross profit of N429 billion (37% margin) and doubled pre-tax profit to N432.6 billion.

• Nascon achieved a gross profit of N57.18 billion (49% margin) and more than doubled pre-tax profit to N36.7 billion.

Verdict: BUA Foods remains the most profitable, Nascon shows the fastest YoY profitability gains, and Dangote Sugar is still recovering.

Balance Sheet Strength

• Dangote Sugar is highly leveraged, with N736 billion in borrowings and a debt-to-equity ratio of 3.71x.

• BUA Foods has moderate leverage (0.53x debt-to-equity) with N319.2 billion in debt.

• Nascon has the strongest balance sheet, with minimal debt of N67.2 million and a near-zero debt-to-equity ratio.

Dividend History

• BUA Foods: N13 per share for FY 2024, 89% payout ratio.

• Nascon: N2 per share, 35% payout ratio.

• Dangote Sugar: No dividends since 2023 due to earnings volatility.

Valuation and Market Sentiment

• BUA Foods trades at a premium with a P/E of 27x, reflecting investor confidence.

• Nascon is reasonably valued with a P/E of 8.64x.

• Dangote Sugar trades at a negative P/E of –37x, reflecting caution amid ongoing recovery.

Bottom Line
BUA Foods dominates in scale, profitability, and shareholder returns. Nascon delivers the fastest growth and a robust balance sheet. Dangote Sugar shows a remarkable recovery but remains the most leveraged and discounted of the three.