UAC’s C.H.I. Deal Drives ₦523bn Revenue as Debt Risks Remain

UAC of Nigeria’s acquisition of C.H.I. Limited, maker of Chivita and Hollandia, has reshaped the company into a major player in Nigeria’s packaged juice and dairy market. For the nine months ended 30 September 2026, revenue rose to ₦523 billion, while profit after tax reached ₦21.9 billion. The company generated ₦103 billion in operating cash flow and reduced interest-bearing borrowings to ₦263 billion from ₦345 billion at the end of 2025. However, ₦103 billion of the debt falls due within one year, while net finance costs reached ₦24 billion during the period. UAC plans to raise further liquidity through the disposal of its DP World Logistics stake and remaining UPDC shares. The key issue for investors is whether stronger cash flow can reduce leverage quickly enough and support smooth refinancing of its short-term facilities.

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