UAC of Nigeria PLC’s Packaged Food and Beverages segment more than doubled its revenue in 2024, reaching ₦58 billion compared to ₦28.7 billion in the prior year, as strong consumer demand and successful product innovation lifted performance across all categories.
The 102% year-on-year growth was driven by volume gains in snacks, dairy, and bottled water, as well as the launch of four new products: Gala Chin-Chin and Kingsway Loaf in the snacks category, and vanilla ice cream and yoghurt pouches under the Supreme brand in the dairy line. The new offerings contributed to a broader strategy to reinvigorate the product portfolio and tap into evolving consumer tastes in Nigeria’s increasingly competitive food market.
The segment posted an operating profit of ₦5.2 billion, up from ₦1.4 billion in 2023, representing a 277% increase. Profit before tax rose to ₦6.6 billion, nearly triple the ₦2.2 billion recorded in the prior year. Management attributed the gains to a combination of higher sales volumes, price optimisation, and improvements in operational efficiency.
Group Managing Director Fola Aiyesimoju described the segment’s performance as a “highlight of the year,” noting that its growth was a clear indicator of the Group’s ability to align with shifting market dynamics. “Our strategy of aggressive product development and disciplined execution yielded tangible results in 2024,” he said.
UAC Foods Limited, the operating company behind the segment, owns several of Nigeria’s most recognisable brands including Gala, SWAN Spring Water, Kingsway, Funtime, and Supreme. The company has invested heavily in upgrading production capacity and route-to-market capabilities over the past two years, moves which have positioned it to respond quickly to consumer demand.
The food unit’s performance helped drive UAC of Nigeria’s overall revenue to ₦197 billion in 2024, a 63% increase over 2023. Analysts see the food and beverage segment as central to UAC’s long-term growth strategy, particularly in light of Nigeria’s young population and rising urban consumption.
While inflation and currency pressures remain structural challenges, the strong rebound in packaged food sales suggests that value-focused innovation and consistent supply chain execution can deliver results even in a tough macroeconomic environment.
The company has signalled its intent to continue investing in product development and expanding its distribution footprint in 2025.
