4 hours ago
5
Nigerian companies are making strides in every competitive market with massive profitability recorded in nine months of 2024, despite the constant economic headwinds,
BusinessDay’s analysis of ten listed companies on the Nigerian Stock Exchange Limited (NGX) revealed that Nigerian banks such as Guarantee Trust Holding, Zenith Bank, United Bank for Africa, FBN Holdings Plc and Access Holdings Plc are the top five most profitable companies.
Other companies analysed are Dangote Cement, BUA Foods, Stanbic IBTC, Aradel Holdings and Lafarge Plc.
It is interesting to know that return on equity is a crucial financial metric that measures a company’s ability to generate profits from its shareholders’ funds.
Read also: 10 firms grow profits by 80% on demand, cost management
It tells a story of how efficiently a company is using its shareholders’ funds to create value, hence making it a key indicator of profitability.
Here are the top ten most profitable Nigerian companies in Q3 2024
Guarantee Trust Holding Company Plc – N1.08 trillion
Guaranty Trust Holding Company (GTCO) is a tier-one bank in Nigeria with a net profit of N1.08 trillion generated in the nine months of 2024 due to a higher interest income of N980 billion. The leading financial services institution was founded three decades ago (1990) and operates in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Uganda, Sierra Leone, Tanzania, and the United Kingdom. It provides banking products and services for the retail, commercial, and corporate banking sectors
Zenith Bank Plc – N827.3 billion
Zenith Bank Plc is another tier-one bank that recorded a huge increase in net profit of N827.3 billion from N434 billion in nine months. The leading multinational financial institution was established in May 1990 and commenced operations in July of the same year. The Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004, following a highly successful Initial Public Offering (IPO).
Read also: Top 10 ‘most valuable brand’ in Nigeria 2024
FBN Holdings – N527 billion
FBN Holdings Plc is the parent company of Nigeria’s oldest bank, First Bank. It recorded a huge net profit of N527 billion in nine months of 2024. The Bank was founded in 1894 but the Holdings was incorporated in 2012 and now operates in 874 business locations across 12 countries. The company offers banking products and services for the commercial, corporate, investment, and merchant banking sectors.
United Bank for Africa – N525.3 billion
United Bank for Africa Plc is a multinational pan-African financial services group headquartered in Lagos Nigeria. It reported a net profit of N525.3 billion in nine months of 2024. The bank known as Africa’s Global Bank was founded in 1949 and now has subsidiaries in 20 African countries with offices in London, Paris, and New York.
Read also: Here are the most valuable companies by continent
Access Holdings Plc – N457.7 billion
Access Holdings Plc formerly Access Bank Plc is a leading financial institution established in 1989. Despite economic headwinds, it had a net profit of N457.7 billion in nine months of 2024. The bank has grown its national and international footprint to approximately 300 branches offering solutions for corporate and investment banking, commercial banking, personal banking, and business banking.
Dangote Cement – N280 billion
Dangote Cement Plc is a multinational cement manufacturer founded on November 4, 1992. It engages in the manufacture, preparation, import, packaging, and distribution of cement and related products in Nigeria with plants or import terminals in nine other African countries. The company recorded a net profit of N280 billion in nine months of 2024.
BUA Foods – N201.4 billion
BUA Foods Plc is a leading Food and Fast-moving consumer goods (FMCG) with a net profit of N201.4 billion in nine months of 2024. The firm founded in 1988 is a part of BUA conglomerate and Its business activities include the production, processing, and distribution of food products through its sugar, flour, pasta, rice and edible oils divisions.
Read also: Top 10 biggest companies by market capitalization in 2024
Stanbic IBTC – N182.8 billion
Stanbic IBTC Holdings is a commercial banking firm founded in 1989 and based in Victoria Island, Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, Trustees, Insurance Brokerage, and Life Insurance businesses. The company is a member of the Standard Bank Group, a financial service giant in South Africa. It offers services such as loans, bank accounts, card services, and other banking services with an increasing net profit of N182.8 billion in nine months of 2024.
Aradel Holdings Plc – N110.4 billion
Aradel Holdings Plc, formerly known as Niger Delta Exploration & Production Plc, is a leading indigenous energy company in Nigeria. Established in 1992, the company has grown to become an integrated energy company with operations spanning upstream, midstream, downstream, power, and renewables. The company was listed on the Nigerian Stock Exchange Limited (NGX) on October 14 and has a net profit of N110.4 billion in nine months of 2024.
Lafarge Plc — N60 billion
Lafarge Plc is a cement and building materials manufacturer in Nigeria. It was incorporated on February 24, 1959, and listed on the Nigerian Stock Exchange in 1979. The company has grown into a major player in the African construction sector with N60 billion net profit recorded in nine months of 2024. Lafarge Africa’s offerings include cement, concrete, aggregates, and innovative building solutions catering to a diverse client base.
