Pre-tax profit rose to N13.4 billion, marking a notable increase from N10.7 billion recorded in the same period of 2025. This growth was largely underpinned by a robust topline performance, as revenue surged by 25.96% year-on-year to N59.1 billion, up from N46.9 billion.
A breakdown of revenue shows that the Foods segment—driven primarily by savoury offerings—remained the dominant contributor, accounting for 63.7% of total sales. Personal care products followed with a 26.8% share, while Beauty & Wellbeing products made up the balance. In absolute terms, Foods generated N37.6 billion, personal care contributed N15.8 billion, and Beauty & Wellbeing added N5.6 billion to the topline.
Rising costs accompanied the revenue growth, though at a more moderate pace. Cost of sales increased by 15.77% to N32.5 billion, compared to N28.1 billion a year earlier. This allowed gross profit to expand significantly, climbing 41.17% to N26.6 billion from N18.8 billion, highlighting improved efficiency and pricing strength.
Operating performance remained resilient despite higher expenses. Selling and distribution costs edged slightly higher to N1.8 billion, while marketing and administrative expenses rose more sharply to N13.5 billion from N9.08 billion. Even so, the company recorded an operating profit of N11.4 billion, representing a 38.88% increase year-on-year.
Additional income streams provided further support. An impairment gain of N26.1 million and other income of N295.2 million—largely linked to promissory notes—boosted earnings. Combined with a net finance income of N1.9 billion, these factors helped lift pre-tax profit to N13.4 billion.
After accounting for a tax charge of N6.4 billion, post-tax profit stood at N7.01 billion, up 26.43% from N5.5 billion recorded in the corresponding period of 2025. Earnings per share also improved to N1.22, compared to N0.97 previously, reinforcing the company’s stronger profitability position.
The balance sheet reflects continued expansion and liquidity strength. Total assets increased to N189.9 billion from N180.1 billion, with cash and cash equivalents—amounting to N114.4 billion—remaining the largest component. Liabilities rose modestly to N75.5 billion, driven primarily by trade and other payables of N44.4 billion.
On the equity side, retained earnings grew by 14.69% to N54.7 billion, lifting total equity to N114.4 billion from N107.4 billion in the prior year. This indicates sustained value creation for shareholders amid a challenging operating environment.
Investor sentiment appears positive ahead of the market’s full reaction to the results. The company’s shares were priced at N110 in pre-market trading as of April 23, 2026, reflecting a strong year-to-date gain of 52.78%. Market participants are expected to closely monitor subsequent trading sessions as they digest the implications of the company’s Q1 performance.