Zenith Bank, Access Bank, MTN and seven other companies quoted on the floor of the Nigerian Stock Exchange are among the list of ten most profitable companies operating in Nigeria in the first nine months of 2023.
Among the ten, seven are banks, which is a pointer to the increased interest income banks are generating due to rising interest rates.
Analyzing the profits of the companies according to their audited financial reports, Zenith Bank leads as the highest profit-generating company in Nigeria so far with a pre-tax profit of N505 billion in the nine months ending September 2023.
In only nine months, the group has already surpassed its 2022 earnings. For instance, in 2022, Zenith Bank made N284.7 billion profit before tax, but in the first nine months of 2023, the group’s profit after tax already reached N434.2 billion.
Trailing second is UBA which recorded a profit before tax of N502.1 billion in the period under review, marking a year-on-year increase of 262.5 per cent from the corresponding period last year.
The bank also recorded a profit after tax of N449.3 billion during the nine months, marking a year-on-year surge of 287.2 per cent from the corresponding period last year.
GTCO Holding, the parent group of GT Bank recorded a nine-month profit before tax of N433.2 billion, representing a year-on-year increase of 155.2 per cent from the same period in 2022.
The group also recorded a profit after tax of N367.4 billion during the nine-month period, representing a year-on-year increase of 181.9 per cent from the corresponding period last year.
With nine months’ profit before tax of N404.9 billion in 2023, Dangote Cement Plc ranks fourth on the list of companies with the highest profits so far.
The group’s nine months profit after tax of N277.5 billion represents a 30.2 per cent year-on-year increase from the corresponding period in 2022.
Access Holdings ranked fifth on the list of Nigerian companies with the highest profits as of September 2023 with a nine-month pre-tax profit of N294.4 billion, representing a year-on-year increase of 100.2 per cent from the corresponding period last year.
The group’s profit after tax of N250.4 billion during the nine-month period was also an 83 per cent year-on-year increase from the same period in 2022.
FBN Holdings’ nine-month profit before tax of N270.3 billion in 2023 represented a 156.3 per cent year-on-year appreciation from the corresponding period in 2022.
The group also recorded a profit after tax of N236.5 billion, marking a 159.1 per cent year-on-year increase from the same period last year.
From being the most profitable company in Nigeria in 2022, MTN Nigeria has suffered a decline in its pre-tax profit in the nine months ending September 2023.
The group recorded a nine-month pre-tax profit of N232.5 billion, representing a 42 per cent year-on-year decline from the corresponding period in 2022.
Despite unveiling only its financial results for the first half of 2023, Ecobank sits comfortably at the eight positions revealing a pre-tax profit of N150.2 billion.
In 2022, Stanbic IBTC Holdings recorded a pre-tax profit of N100.3 billion. However, within the first nine months of 2023 alone, the group has recorded a profit before tax of N129.5 billion, representing a year-on-year increase of 87.8 per cent from the corresponding period in 2022.
The group also recorded a profit after tax of N109.2 billion during the nine months, representing a year-on-year increase of 98 per cent from the corresponding period in 2022.
BUA Foods ranks tenth on the list of companies with the highest profits so far in 2023, as the group recorded a nine-month pre-tax profit of N111.4 billion, representing a year-on-year growth of 50 per cent from the corresponding period last year.
