Afrigather On the again of ever-rising rates of interest in Nigeria, banks have risen to the event to turn out to be a few of the most worthwhile entities in Nigeria in 2023.
As of the 9 months ending September 30, 2023, Zenith Financial institution, UBA, and GTCO Holdings made the listing of essentially the most worthwhile firms within the nation, whereas non-banking firms like Dangote Cement additionally made the listing on the again of improved income.
Shares within the NGX are at present experiencing among the best buying and selling years but because the All-Share Index has crossed the 70,000 mark for the primary time.
Nevertheless, firms have additionally suffered important overseas alternate losses after the Naira devaluation in June 2023, forcing firms like Airtel Africa to report losses.
Nairametrics highlights firms with the best earnings in Nigeria up to now, analyzing the latest nine-month monetary reviews of firms listed on the NGX.
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BUA Meals (Shopper items)
BUA Meals ranks tenth on the listing of firms with the best earnings up to now in 2023, because the group recorded a nine-month pre-tax revenue of N111.4 billion, representing a year-on-year development of fifty% from the corresponding interval final yr.
The group additionally recorded a nine-month revenue after tax of N105.6 billion, up by 53.6% year-on-year from the identical interval final yr.
Regardless of rating as some of the invaluable firms within the nation, BUA Meals’ revenue stage is much behind most of the banking establishments within the nation.
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Stanbic IBTC (Banking)
In 2022, Stanbic IBTC Holdings recorded a pre-tax revenue of N100.3 billion. Nevertheless, inside the first 9 months of 2023 alone, the group has recorded a revenue earlier than tax of N129.5 billion, representing a year-on-year enhance of 87.8% from the corresponding interval in 2022.
The group additionally recorded a revenue after tax of N109.2 billion throughout the 9 months, representing a year-on-year enhance of 98% from the corresponding interval in 2022.
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Ecobank Transnational Integrated (Banking)
At present, the group has solely unveiled its monetary outcomes for the primary half of 2023, revealing a pre-tax revenue of N150.2 billion. This positions the corporate as one of many high performers on the NGX this yr.
Nevertheless, Ecobank Nigeria Restricted in H1 2023 reported a $29 million revenue earlier than tax, whereas the majority of the group’s revenue got here from its UEMOA (West African Financial and Financial Union) division.
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MTN Nigeria (Telecommunications)
From being essentially the most worthwhile firm in Nigeria in 2022, MTN Nigeria has suffered a decline in its pre-tax revenue within the 9 months ending September 2023. The group recorded a nine-month pre-tax revenue of N232.5 billion, representing a 42% year-on-year decline from the corresponding interval in 2022.
The group’s nine-month revenue after tax was N147.4 billion, representing a forty five.2% year-on-year decline from the corresponding interval final yr. Regardless of reporting a nine-month income of N1.77 trillion, marking a 21.8% year-on-year income development, the corporate’s finance prices throughout the interval soared by 173.4% year-on-year to N397.1 billion.
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FBN Holdings (Banking)
The group’s nine-month revenue earlier than tax of N270.3 billion in 2023 represented a 156.3% year-on-year appreciation from the corresponding interval in 2022. The group additionally recorded a revenue after tax of N236.5 billion, marking a 159.1% year-on-year enhance from the identical interval final yr.
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Entry Holdings (Banking)
Entry Holdings ranked fifth on the listing of Nigerian firms with the best earnings as of September 2023 with a nine-month pre-tax revenue of N294.4 billion, representing a year-on-year enhance of 100.2% from the corresponding interval final yr.
The group’s revenue after tax of N250.4 billion throughout the nine-month interval was additionally an 83% year-on-year enhance from the identical interval in 2022.
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Dangote Cement (Industrial items)
With 9 months’ revenue earlier than tax of N404.9 billion in 2023, Dangote Cement Plc ranks fourth on the listing of firms with the best earnings up to now. The group’s 9 months revenue after tax of N277.5 billion represents a 30.2% year-on-year enhance from the corresponding interval in 2022.
The group reported a income of N1.5 trillion throughout the 9 months, marking a 20.5% year-on-year development from the corresponding interval in 2022.
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GTCO Holding (Banking)
GTCO Holding, the dad or mum group of GT Financial institution recorded a nine-month revenue earlier than tax of N433.2 billion, representing a year-on-year enhance of 155.2% from the identical interval in 2022. The group additionally recorded a revenue after tax of N367.4 billion throughout the nine-month interval, representing a year-on-year enhance of 181.9% from the corresponding interval final yr.
The group recorded a internet curiosity revenue of N297.5 billion throughout the 9 months, representing a year-on-year enhance of 56.9% from final yr’s determine.
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United Financial institution for Africa (Banking)
In the course of the 9 months ending September 2023, UBA recorded a revenue earlier than tax of N502.1 billion, marking a year-on-year enhance of 262.5% from the corresponding interval final yr. The financial institution additionally recorded a revenue after tax of N449.3 billion throughout the 9 months, marking a year-on-year surge of 287.2% from the corresponding interval final yr.
UBA has been one of many main beneficiaries of rising rates of interest in Nigeria, because it has led to rising curiosity revenue for the financial institution.
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Zenith Financial institution (Banking)
Coming in as the best profit-generating firm in Nigeria up to now is Zenith Financial institution Plc. With a pre-tax revenue of N505 billion within the 9 months ending September 2023, the corporate has recorded a big surge from the N202.5 billion reported throughout the corresponding interval final yr.
In solely 9 months, the group has already surpassed its 2022 earnings. As an example, in 2022, Zenith Financial institution made N284.7 billion revenue earlier than tax, however within the first 9 months of 2023, the group’s revenue after tax already reached N434.2 billion.
Different Notable Mentions
- Constancy Financial institution Plc with a pre-tax revenue of N111 billion in 9M 2023
- Seplat Power Plc with a pre-tax revenue of N62.9 billion in 9M 2023
- Lafarge Africa Plc with a pre-tax revenue of N61.2 billion in 9M 2023
- FCMB Plc with a pre-tax of N38.2 billion in H1 2023
What you must know
Among the many ten highest profit-generating firms in Nigeria up to now, seven are banks, which is a pointer to the elevated curiosity revenue banks are producing because of rising borrowing rates of interest. This development has led to amplified curiosity earnings for banks whereas concurrently driving up monetary prices for non-banking entities.
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