What a Year! 10 Best Nigerian Companies for 2021 with a Combined Profit After Tax of over N1trillion

• Dangote Cement and MTN once again in 2021 dominate companies listed in the Nigeria exchange
• The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation
• Data from Nigeria Exchange shows this two companies led a group of ten with massive profit declaration

Many Nigerian firms will remember 2021 fondly, but for ten, it was a beautiful year, given how difficult 2020 was owing to the COVID-19 outbreak and economic hardship.

The companies which cut across various sectors financial, consumer, telecommunication and industrial recorded over N1 trillion in profit after paying their taxes.

Data obtained from Nigerian Exchange shows these 10 companies recorded a massive 1.03 trillion in profit in just nine months.

This figure is expected to hit near to N2 trillion when the 3 months results for 2021 is released mirroring the how Nigeria's economy is recovering from 2020 recession.

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What are the secrets

These companies during the year leveraged on a combination of factors, including strong unit volume growth, pricing and favourable base effects to post significant upticks in both top-line and bottom-line figures according to BusinessDay report.

Here are the list of top 10 companies and how much they made so far in 2021

Dangote Cement

Dangote Cement is Africa’s largest cement company made the biggest profit after paying all its tax and continue to be the most efficient cement maker.

NGX Data shows Dangote Cement pocketed a total of N278 billion in the first nine months of 2021.

When compared to 2020, the amount recorded this year is a 33 percent increase from N208.6 billion in the nine-month period of 2020.

MTN

MTN Nigeria, telecommunication gaint between January and September deposited in its bank accounts N220.3 billion after paying all due taxes to the federal government of Nigeria.

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The profit recorded this year is a 52.74 percent increase compared with N144.2 billion profit after tax from the same period last year.

Zenith Bank

Zenith Bank is the third most profitable company as it made N160.59 billion in the first nine months of 2021.

This represents an increase of 0.8 percent when compared with N159.32 billion in the same period under review for 2020.

GTCO

Guaranty Trust Holding Company(GTCO) the parent company of GTbank landed in fourth place in profitability with a profit after tax of N129.4 billion in the first nine months of 2021.

Sadly, its profit dropped by 9.96 percent compared with N142.28 billion in the first nine months of 2020.

BUA Cement

BUA, Another cement giant made the list, as it reported a 23.22 percent increase in its profit after tax in the period ended September 30, 2021, to N65.91 billion from N 53.49 billion in the same period of 2020.

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Nestle

Nestle ranked fifth with a profit after tax of N33.5 billion in nine months September 2021. This is an improvement by 5 percent from N31.9 billion realised in the corresponding period of 2020.

Other companies to complete the best 10

FBNH

First Bank of Nigeria Holdings recorded a profit of N40.79 billion in the first nine months of 2021.

WAPCO

WAPCO made a profit of N40.39 billion in the nine months to September report of 2021

Stanbic IBTC

Stanbic IBTC made a profit of N39.95 billion in the first nine months of 2021

Seplat Energy

Seplat Energy, though the least among the top 10 profitable companies, recorded a profit of N13.90 billion in the first nine months of 2021.

Investors lose N2.6 Billion in 24 Hours as First Bank

Legit.ng had earlier reported on the confusion about the highest majority shareholder of FBN Holdings.

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As of Wednesday, 27th October 2021 the total shares outstanding is 35,895,292,792.00 out of which 1,818,551,625 is held by Otedola which is just over 5 percent.

First Bank has however come out to explain that Tunde Hassan-Odukale has 5.36 percent stake through his 0.07 percent direct shares and 5.29 percent indirect stake through Leadway Holdings Limited subsidiaries.

Source: Legit.ng