MTN leads as Nigeria’s 28 largest companies make over N2.33 trillion revenue in three 3 months

MTN leads as Nigeria’s 28 largest companies make over N2.33 trillion revenue in three 3 months

  • The first three months of 2022 turned out to be a great one for Nigeria's largest companies despite the challenges facing Nigerians
  • From Telecommunication led by MTN to Consumer goods, the companies combined raked in over N2.33 trillion
  • Inflation, weak purchasing power, stagnant wages and insecurity have dominated the subject of the Nigerian economy

Nigeria's leading companies generated N2.33 trillion in revenue in the first quarter of 2022 (January to March).

The amount reflects a 33.2 per cent increase over the N1.75 trillion recorded by the same businesses in the first three months of 2021.

The revenue growth recorded by the companies is remarkable, considering economic disruptions in the global economy occasioned by the ripple effect on energy, power, food cost, amongst others, caused by the Russia-Ukraine face-off and the aftermath of the covid-19 pandemic

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Nigeria’s 28 largest companies revenue in three months
The trading floor of the Nigerian Exchange Credit: NGX
Source: Getty Images

The revenues of the companies are reported in their quarterly reports to the Nigerian Exchange, which was collated by Nairametrics.

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According to the compilation, 28 of the most capitalized companies on the Nigerian Stock market, operating in the manufacturing, telecommunication, oil and gas, and agricultural sectors.

Names of companies with outstanding revenue

TN Nigeria, Dangote Cement, Flour Mills, Nigerian Breweries, and Nestle Nigeria. The five companies generated a total revenue of N1.43 trillion, accounting for 61.6% of the total revenue recorded for the 28 companies.

The data shows that telco giant, MTN Nigeria recorded the highest revenue of N470.98 billion, while leading cement manufacturer, Dangote Cement followed with a N413.18 billion top-line revenue.

Other companies with outstanding revenue are BUA cement, Seplat Energy, Nigerian Breweries among others.

Seplat Energy for example gained from the bullish oil price in Q1, as its revenue ballooned from N57 billion in Q1 2021 to N100.6 billion in 2022 first three months.

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Zenith, Gtbank lead list of Nigeria's most valuable banks in January

Meanwhile in an earlier report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria as the total value of Nigerian bank closed at N194.5 billion.

In second-most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.


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