According to the company’s unaudited financial results for the three months ended March 31, 2026, revenue grew by 7% year-on-year to N39.83 billion from N37.23 billion in Q1 2025. The growth was largely driven by the refreshment beverages segment in Nigeria, which contributed N24.03 billion, while confectionery revenue stood at N15.15 billion.

Despite the increase in revenue, profitability was eroded by a sharp rise in expenses. Cost of sales climbed 15.5% to N28.94 billion, while selling and distribution expenses surged by 128.5% to N5.16 billion. Administrative expenses also increased by 21.2% to N724.78 million. As a result, gross profit declined by 10.4% to N10.89 billion.

Post-tax profit fell in line with pre-tax performance, dropping 39.2% to N3.64 billion, while earnings per share declined to 160 kobo. Finance costs, however, decreased significantly by 58.2% to N477.92 million.

On the balance sheet, total assets rose slightly by 1.8% to N76.74 billion, while total liabilities declined by 3.6% to N59.68 billion. Total equity increased by 27% to N17.06 billion.

In a separate development, Ibukun Awosika has resigned from the company’s board after more than 16 years of service. The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.

The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.