The six agricultural companies listed on the Nigerian Exchange (NGX) have posted a combined profit after tax of N123.48 billion for the first half of 2026 (H1 2026), according to financial statement analysis.
The earnings performance represents 70.75 per cent of the N174.51 billion total net profit delivered by the same firms across the entire 2025 financial year, reflecting strong operational tailwinds across the sector.
The combined revenue for the six listed entities, Presco Plc, Okomu Oil Palm Plc, Zichis, FTN Cocoa Processors Plc, Livestock Feeds Plc, and Ellah Lakes Plc, reached N688.88 billion in H1 2026.
This top-line expansion surpassed their total FY2025 revenue of N574.09 billion by approximately 20 per cent within six months.
Driven by strong earnings, their combined market capitalisation surged by N1.03 trillion year-to-date (YTD) to hit N3.884 trillion as of August 10, 2026, accounting for 2.42 per cent of the total NGX equity market valuation.
Presco delivered a modest 41.74 per cent YTD gain, offering quality growth at a reasonable price with an indicative PEG ratio of 0.34 and a sector-lowest Price-to-Book multiple of 4.76 times.
Okomu Oil recorded the highest Return on Equity in the sector at 65 per cent alongside 50 per cent annual profit growth over five years, though its valuation trades at a premium P/E multiple of 26.97 times.
In contrast, thinner-capitalised firms present elevated risks for value investors. Newly listed Zichis surged 1,016 per cent YTD to trade at 36 times earnings without an established track record.
FTN Cocoa carries a Price-to-Book ratio of 40.31 times with equity funding only 3.3 per cent of total assets, while Livestock Feeds holds a thin 10 per cent equity base alongside negative return on equity.
Ellah Lakes stands out as the sole agricultural equity in the red this year, down 35.07 per cent YTD.
While still unprofitable, the company has steadily narrowed its losses to N0.28 per share in H1 2026, backed by a clean balance sheet that is 98 per cent equity-funded and a low Price-to-Book ratio of 2.15 times.
Source: Nairametrics
Image Credit: African Market
