BUA Foods Surpasses MTN Nigeria as Market Cap Hits ₦10.4 Trillion to Become Nigeria’s Most Valuable Company

BUA Foods Plc has officially overtaken MTN Nigeria to become the most valuable publicly listed company on the Nigerian Exchange (NGX), hitting a record market capitalisation of ₦10.4 trillion on Thursday, August 7, 2025.

The food processing heavyweight achieved this milestone after an 8.7% rise in its share price to ₦574.90, up from ₦528.90 the previous day.

This remarkable climb places BUA Foods among a rare class of Nigerian corporates, becoming only the third firm in NGX history to cross the ₦10 trillion threshold.

While MTN Nigeria, which reached the mark just days earlier on August 1, has slipped to ₦10.1 trillion, Dangote Cement, which led the charge earlier in January 2024, now trails behind at ₦9.74 trillion

BUA Foods’ market rally reflects growing investor confidence, underpinned by its stellar half-year (H1 2025) financial performance. The company reported a 100% increase in net earnings to ₦276.1 billion , while revenue surged 36% year-on-year to ₦912.5 billion , powered by across-the-board growth in its product portfolio.

The most eye-catching result was a 2,923% rise in rice segment revenue, validating its aggressive expansion into Nigeria’s local rice value chain. Gross profit climbed 55%, with margins improving to 37.2% from 32.4% in H1 2024, reflecting both scale and cost efficiency.

Total assets rose to ₦1.33 trillion, while shareholders’ equity increased by 60.6%, highlighting the company’s strengthened balance sheet. Managing Director Ayodele Abioye attributed the performance to the company’s strategic investments, stating, “Amidst evolving macroeconomic dynamics, we remain focused on scale, affordability, and consistent value delivery.”

He added that BUA Foods’ continued push into backward integration and manufacturing expansion is setting the foundation for “long-term sustainable growth” in Nigeria’s competitive fast-moving consumer goods (FMCG) sector.

BUA Foods has gained 38.5% year-to-date, beginning 2025 at ₦415 per share. Over the last month alone, the stock has climbed 25%, ranking it the 38th best-performing stock on the NGX.

With its new valuation, BUA Foods now accounts for approximately 11.2% of the total market cap of the NGX, underscoring its commanding position on the bourse.

The company operates five major divisions, sugar, flour, pasta, rice, and edible oils, making it one of Nigeria’s most diversified and essential FMCG players.

As its sister company, BUA Cement, holds a market value of ₦5.93 trillion ($3.87 billion), the BUA Group is now firmly entrenched as a dominant force in Nigerian industry and capital markets.

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