The total cash and cash equivalents of nine fast-moving consumer goods firms in Nigeria rose by 30 percent in the first nine months of 2023, a BusinessDay analysis shows.
The firms analysed are Dangote Sugar Refinery, Nestle Nigeria, BUA Foods, Unilever Nigeria, Cadbury Nigeria, International Breweries, Nascon Allied Industries, Nigerian Breweries and Champion Breweries.
In the firms’ latest financial statements, their combined cash and cash equivalents rose to N579.7 billion as of September 2023 from N446.1 billion a year earlier.
Cash equivalents are investment securities that are meant for short-term investing. They have high credit quality and are highly liquid.
Analysis of data from individual firms
Dangote Sugar Refinery
Dangote Sugar Refinery’s cash and cash equivalents dropped to N159.21 billion at the end of the first nine months of 2023 year from N169.75 billion as of September 2022.
The firm recorded a loss after tax of N27.03 billion, up from N24.83 billion a year earlier. Current assets grew to N453.38 billion from N323.03 billion while current liabilities increased to N489.3 billion from N320.26 billion.
Nestle Nigeria
Nestle’s cash and cash equivalents rose to N152.27 billion from N107.13 billion as of September 2022.
The firm’s loss after tax stood at N43.07 billion as against a profit after tax of N40.15 billion a year earlier.
Current assets dropped to N326.27 billion from N375.44 billion while current liabilities grew to N251.47 billion from N215.02 billion.
BUA Foods
BUA Foods’ cash and cash equivalents increased to N79.78 billion from N30.47 billion as of September 2022.
The firm’s profit after tax rose to N105.62 billion from N68.76 billion.
Current assets rose to N406.25 billion from N305.82 billion while current liabilities increased to N426.04 billion from N372.71 billion.
Unilever Nigeria
Unilever Nigeria’s cash and cash equivalent grew to N73.8 billion at the end of the first nine months of 2023 from N61.55 billion as of September 2022.
The firm’s loss after tax stood at N1.09 billion from N2.25 billion.
Current assets grew to N114.39 billion from N100.88 billion while current liabilities increased to N62.52 billion from N57.91 billion.
Cadbury Nigeria
Cadbury Nigeria’s cash and cash equivalents increased to N41.54 billion from N23.84 billion as of September 2022.
The firm posted a loss after tax of N10.24 billion compared to a profit after tax of N2.82 billion.
Current assets grew to N60.86 billion from N43.73 billion while current liabilities grew to N51.8 billion from N33.61 billion.
International Breweries
International Breweries’ cash and cash equivalents increased to N27.89 billion from N24.85 billion as of September 2022.
The firm’s loss after tax widened to N28.55 billion from N2.81 billion.
Current assets grew to N280.58 billion from N118.49 billion while current liabilities dropped to N154.6 billion from N266.11 billion.
Nascon Allied Industries
Nascon’s cash and cash equivalent increased to N22.79 billion at the end of the first nine months of 2023 from N11.44 billion a year earlier.
The firm’s profit after tax rose to N11.01 billion from N2.88 billion.
Current assets rose to N62.02 billion from N38.01 billion while current liabilities grew to N45.2 billion from N33 billion.
Nigerian Breweries
Nigerian Breweries’ cash and cash equivalents increased to N21.13 billion from N14.69 billion as of September 2022.
The firm reported a loss after tax of N57.19 billion compared to a profit after tax of N14.76 billion.
Current assets grew to N209.58 billion from N159.79 billion while current liabilities increased to N525.24 billion from N332.23 billion.
Champion Breweries
Champion Breweries’ cash and cash equivalents increased to N1.33 billion from N2.37 billion as of September 2022.
The firm posted a loss after tax of N77.69 million as against a profit after tax of N1.26 billion a year earlier.
Current assets increased to N4.25 billion from N3.86 billion while current liabilities grew to N4.86 billion from N3.11 billion.
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