Tantalizers Swings to First Profit in 3 Years While Rival Mr Bigg’s Posts Wider Loss

Tantalizers Plc, one of Nigeria’s oldest quick-service restaurant (QSR) chains, returned to profitability in the first nine months of 2025 for the first time in three years, according to a Markets Reporters analysis.

Data from the company’s latest financial statements show that it reported an after-tax profit of N41.1 million, reversing a loss of N231.6 million in the same period of 2024. The improvement came despite weaker top-line performance, as revenue fell to N2.05 billion from N2.16 billion while cost of sales rose to N602.8 million from N547.7 million.

The company’s shares have also turned a corner. It began the year trading at N2.05 per share and has since gained 17.1 percent, ranking 100th on the Nigerian Exchange Limited (NGX) by year-to-date performance, according to data from African Exchange. The fast-food operator also ranks as the 32nd most traded stock on the NGX between August and October 2025.

Tantalizers underwent a major leadership and ownership shake-up in October last year, following a significant acquisition by new shareholders. In March 2025, the 27-year-old company diversified into Nigeria’s blue economy through the acquisition of 10 fully equipped modern trawlers and a partnership with US-based Quinn Fisheries and Harvester Fishing, led by Charles Quinn.

From market leader to underdog

Founded in the late 1990s, Tantalizers grew rapidly in the early 2000s, expanding to over 20 outlets nationwide and becoming a household name for affordable, locally styled meals. It competed closely with Mr Bigg’s and was among the early brands to define Nigeria’s formal fast-food culture.

However, by the mid-2010s, its dominance began to fade as competition intensified. The entry of global chains such as KFC, Domino’s, and Pizza Hut reshaped consumer expectations, while local rivals like Chicken Republic adapted faster by offering lower-cost menus, improved delivery options, and digital ordering platforms.

Data from Euromonitor International show that in 2023, Tantalizers recorded the lowest sales among five legacy QSR brands, generating N2.49 billion in sales. In contrast, Chicken Republic led the market with N60.9 billion, followed by Sweet Sensation with N4.58 billion and Mr Bigg’s with N2.68 billion.

Mr Bigg’s struggles deepen

While Tantalizers has begun to recover, Mr Bigg’s, another early pioneer in Nigeria’s fast-food industry, continues to struggle. Its loss widened to N1.15 billion in the first nine months from N883 million a year earlier, according to the financial statements of its parent company, UAC of Nigeria (UAC).

The business has continued to report losses since 2019 as competition stiffened amid a cost-of-living crisis that has crimped consumer spending.

Its revenue fell to N1.92 billion from N1.99 billion a year earlier.

UAC Restaurants Limited, the subsidiary that operates the Mr Bigg’s and Debonairs Pizza brands, is a joint venture between UAC and South Africa’s Famous Brands, which acquired a 49 percent stake in 2013. Despite efforts to streamline operations, the segment’s profitability has yet to recover.

In the third quarter of 2025, revenue at UAC’s QSR segment rose by 19 percent to N644 million, but its operating loss widened to N217 million from N188 million in the same period of 2024. “The losses were primarily due to elevated input and operating costs,” UAC said in its report.

The company’s cost of sales more than doubled, while fixed overheads remain high relative to its current sales base, pushing its pre-tax loss to N371 million in Q3 2025 from N293 million a year earlier.