UACN Q1 2026 – UACN Q1 2026 – CHI Limited Acquisition Begins to Reflect in Earnings

Highlights

• UACN’s acquisition of CHI Limited in Q4 2025 for ₦180.40 positively impacts Q1 2026 results.
• Total assets remained stable at ₦597.61 billion in Q1 2026 from ₦597.06 billion in FY 2025.
• Shareholders’ fund increased by 20% from ₦69.77 billion in FY 2025 to 83.95 billion in Q1 2026.
• Revenue grew by 241% from ₦56.00 billion in Q1 2025 to ₦191.22 billion in Q1 2026.
• Profit after tax increased by 325% from ₦3.10 billion (Q1 2025) to ₦13.14 billion (Q1 2026).
• Earnings Per Share increased from ₦1.06k in Q1 2025 to ₦4.49k in Q1 2026.

Outlook

UACN is expected to continue its positive earnings trajectory through FY 2026 as the Group continues to fully benefit from the synergy of CHI Limited, supported by continued growth across its Packaged Food & Beverages and Paints segments, which contribute about 70%-80% of total revenue. Additionally, volatility on raw materials prices is not expected, as the exchange rate environment remained stable. Demand for products is also expected to be sustained in the market in the face of disinflation in the environment.

Our analysis shows UACN is well-positioned to deliver stronger earnings in FY 2026, underpinned by improving operational performance and continued execution of its growth strategy. Our outlook on UACN remains as in our last report, a good addition for a value investor with a 2–3 year outlook.

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