BUA Foods, Dangote Sugar lead consumer firms in shareholders’ funds

BUA Foods, Dangote Sugar Refinery and Nigerian Breweries have recorded the highest shareholders’ equity compared to their fast-moving consumer goods (FMCGs) peers for the first nine months of 2023, a BusinessDay analysis has shown.

Shareholders’ equity represents the net worth of a company, which is the naira amount that would be returned to shareholders if a company’s total assets were liquidated, and all of its debts were repaid.

The firms analysed are BUA Foods, Dangote Sugar Refinery, Nigerian Breweries, International Breweries, Unilever Nigeria, Nestle Nigeria, Nascon Allied Industries, Champion Breweries and Cadbury Nigeria.

The latest financial statements of the companies show that the shareholders’ equity of BUA Foods was N255.6 billion while Dangote Sugar and Nigerian Breweries recorded N125.9 billion and N122.5 billion respectively.

International Breweries’ shareholders equity stood at N115.2 billion, Unilever Nigeria (N67.8 billion), Nestle Nigeria (N41.7 billion), Nascon Allied Industries (N27.4 billion), Champion Breweries (N11.04 billion), and Cadbury Nigeria (N2.87 billion).

Firm-by-firm analysis

BUA Foods

The shareholders’ equity of BUA Foods stood at N255.6 billion in the first nine months of this year, up from N206.48 billion in the same period of 2022.

Its shareholders’ equity was driven by share capital which amounted to N9 billion, retained earnings at N247.5 billion, while reorganisation and other reserves stood at N943.2 million.

Cash and cash equivalents increased to N79.8 billion from N30.5 billion. BUA Foods recorded earnings per share of N5.87 per share, up from N3.82 per share.

Dangote Sugar Refinery

The shareholders’ equity of the company stood at N125.9 billion, down in the first nine months of this year from N141.3 billion in the same period of 2022.

Its total equity was driven by retained earnings which amounted to N113.6 billion, share premium at N6.32 billion, share capital at N6.07 billion while non-controlling interest stood at N26.2 million.

Cash and cash equivalents dropped to N159.2 billion from N169.8 billion. Dangote Sugar recorded loss per share stood at N2.22, up from earnings per share of N2.04.

Nigerian Breweries

The shareholders’ equity of Nigerian Breweries stood at N122.5 billion in the first nine months of this year, down from N184.4 billion in the same period of 2022.

Its shareholders’ equity was driven by share capital which stood at N5.14 billion, share premium at N82.9 billion, share-based payment reserve at N1.27 billion, retained earnings at N22.9 billion and non-controlling interest at N113.4 billion.

Cash and cash equivalents increased to N21.1 billion, up from N14.7 billion. Nigerian Breweries’ loss per share stood at N6.89 from N182.

International Breweries

The shareholders’ equity of the company stood at N115.2 billion in the first nine months of this year, down from N414.9 billion in the same period of 2022.

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Its shareholders’ equity was driven by share premium which amounted to N159.8 billion, cash flow hedge reserve which stood at N27.6 billion, share capital stood at N13.4 billion, and other reserves at N1.36 billion.

Deductions were made for employee benefit reserves and retained losses which stood at N227.3 million and N86.7 billion respectively. Cash and cash equivalents increased to N27.8 billion from N24.9 billion. International Breweries’ loss per share stood at N1.06 from a loss per share of N0.10.

Unilever Nigeria

The shareholders’ equity of Unilever rose to N67.8 billion in the first nine months of this year from N62.54 billion.

Its shareholders’ equity was driven by share premium at N56.8 billion, retained earnings at N8.11 billion and ordinary share capital at N2.87 billion. Cash and cash equivalent grew to N73.8 billion, up from N61.55 billion. Unilever recorded a loss per share of N0.19 per share from a loss per share of N0.39.

Nestle Nigeria

The shareholders’ equity of the company stood at N41.7 billion in the first nine months of this year from N41.27 billion in the same period of 2022.

Its shareholders’ equity was driven by share capital which amounted to N396.3 million, share-based payment reserve at N126.3 million, and share premium at N32.3 million, retained earnings deducted stood at N42.23 billion.

Cash and cash equivalents increased to N152.3 billion from N107.1 billion. Nestle Nigeria recorded a loss per share of N54.3 from N50.7.

Nascon Allied Industries

The company’s shareholders equity rose to N27.4 billion in the first nine months of this year from N16.5 billion.

Its shareholders’ equity was driven by retained earnings which stood at N25.6 billion, share capital at N1.32 billion and share premium at N434.0 million.

Cash and cash equivalent increased to N22.8 billion from N11.44 billion. NASCON recorded an earnings per share of N5.54, up from N1.45.

Champion Breweries

The shareholders’ equity of the company rose to N11.04 billion in the first nine months of the year from N10.48 billion in the same period of 2022.

Its shareholders’ equity was driven by share capital which stood at N3.91 billion, other reserves at N3.7 billion, accumulated losses/gains at N2.91 billion and share premium at N519.1 million.

Cash and cash equivalents increased to N1.33 billion, down from N2.37 billion. Champion Brewery’s loss per share stood at N0.99 per share, down from N16.09.

Cadbury Nigeria

The shareholders’ equity of the company dropped to N2.87 billion in the first nine months of the year from N15.5 billion in the same period of 2022.

Its shareholders’ equity was driven by share capital which stood at N939.1 million, share premium at N272.3 million, other reserves at N3.44 billion, Share-based payment reserve stood at N176.9 million while deductions were made for retained earnings which amounted to N1.95 billion.

Cash and cash equivalents increased to N41.5 billion from N23.84 billion. Cadbury Nigeria’s loss per share stood at N545.3 from N149.9.