Dangote Sugar Refinery, BUA Foods, and Nigerian Breweries Lead in Largest Shareholders Equity

According to recent research, BUA Foods, Dangote Sugar Refinery, and Nigerian Breweries, in the first nine months of 2023, recorded the most significant shareholder equity compared to their fast-moving consumer goods (FMCG) counterparts.

Every company in Nigeria's net worth is determined by its shareholder's equity, which can also be described as the amount that will be distributed to shareholders in naira (#) if a company's total assets are liquidated, and all of its debts are repaid.

The companies analyzed in this published research include 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.

The released financial statements of the company listed above reveal that the shareholder's equity of BUA Foods was N255.6 billion, while Dangote Sugar and Nigerian Breweries recorded N125.9 billion and N122.5 billion, respectively. On the list are International Breweries’ shareholders equity of 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

BUA Foods shareholders' equity stood at N255.6 billion for the first nine months of 2023, a significant increase from the corresponding year, which settled at N206.48 billion in 2022.

The company's shareholders' equity was driven by share capital, which generated N9 billion; retained earnings produced N247.5 billion; and reorganization and other reserves generated N943.2 million.

BUA Foods cash and cash equivalents rose to N79.8 billion from N30.5 billion. The firm recorded earnings per share of N5.87 per share, up from N3.83 per share.

Dangote Sugar Refinery

Dangote Sugar Refinery shareholders' equity stood at N125.9 billion for the first nine months of 2023, a significant decrease from the corresponding year, which settled at N141.3  billion in 2022.

The company shareholders' equity was driven by share capital, which generated N6.07 billion; retained earnings produced N113.6 billion, while non-controlling interest stood at N26.2 million.

Dangote Sugar Refinery's cash and cash equivalents declined to N159.2 billion from N169.8 billion. The firm recorded a loss per share of N2.22 per share, up from N2.04 per share.

Nigerian Breweries

Nigerian Breweries shareholders' equity stood at N122.5 billion for the first nine months of 2023, a significant decrease from the corresponding year, which settled at N184.4 billion in 2022.

The company's 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.

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

International Breweries

International Breweries shareholders' equity stood at N115.2 billion for the first nine months of 2023, a significant decrease from the corresponding year, which settled at N414.9 billion in 2022.

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

International Breweries' 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. Deductions were made for employee benefit reserves and retained losses, which stood at N227.3 million and N86.7 billion, respectively.

Unilever Nigeria

Unilever Nigeria shareholders equity stood at N67.8 billion for the first nine months of 2023, a significant increase from the corresponding year that settled at N62.54  billion in 2022.

The company shareholders’ equity was driven by a share premium of N56.8 billion, retained earnings of N8.11 billion, and ordinary share capital of N2.87 billion. 

Unilever Nigeria's cash and cash equivalent grew to N73.8 billion, up from N61.55 billion. 

The firm recorded a loss of N0.19 per share from a loss of N0.39 per share.

Nestle Nigeria

Nestle Nigeria shareholders' equity stood at N41.7 billion for the first nine months of 2023, which saw a decrease from the corresponding year that settled at N41.27 billion in 2022.

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

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

Nascon Allied Industries

Nasco Allied Industries shareholders' equity stood at N41.7 billion for the first nine months of 2023, which decreased from the corresponding year and settled at N41.27 billion in 2022.

The company's 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.

Nascon Allied Industries cash and cash equivalent increased to N22.8 billion from N11.44 billion. The firm recorded earnings per share of N5.54, up from N1.45.

Champion Breweries

Champion Breweries shareholders' equity stood at N11.04 billion for the first nine months of 2023, which saw an increase from the corresponding year that settled at N10.48 billion in 2022.

The company's 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 a share premium of N519.1 million.

Champion Breweries cash and cash equivalents increased to N1.33 billion, down from N2.37 billion. The firm recorded a loss per share of N0.99 per share, down from N16.09.

Cadbury Nigeria

Cadbury Nigeria shareholders' equity stood at N2.87 billion for the first nine months of 2023, a significant decrease from the corresponding year, which settled at N15.5 billion in 2022.

The company's 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, and share-based payment reserve at N176.9 million. At the same time, deductions were made for retained earnings, which amounted to N1.95 billion.

Cadbury Nigeria's cash and cash equivalents increased to N41.5 billion from N23.84 billion. The firm recorded a loss per share, which stood at N545.3 from N149.9.