Telecoms Top List, As 40 NGX Companies Record N6.78 Trillion Revenue in 2022

The 40 companies comprise of 12 banks, three cement/ breweries manufacturing companies, four health companies, six petroleum marketing/ Fast-moving Consumer Goods (FCMG) companies each, one telecommunication company, among others.

In H1, 2022, MTN reported N950.09 billion revenue, a 20.07 percent increase from N791.26billion recorded in H1 2021, Dangote Cement followed closely with revenue of N808.04billion in H1 2022, a figure which represents an increase of 17 per cent compared with N690.55billion reported in H1 2021

Apart from revenue earnings, MTN Nigeria also recorded a high profit before tax in H1,2022 reporting N268.64 billion profit from N215.12billion in H1 2021.

Dangote Cement closely followed with a profit before tax figure of N264.89billion in H1,2022 from N281.25 billion reported in the corresponding period in 2021.

The data posted by the 40 companies in the period under review shows a profit before tax figure of N1.55 trillion, which represents a 26.3% increase as against N1.23 trillion in H1 2021.

There was also a noticeable improvement in the banking sector as it contributed 31.13 percent or N2.55 trillion to the N6.8 trillion revenue recorded in H1 2022,

The performance chart highlighting growth improvement in revenue generation for the review period was topped by Ecobank Transnational Incorporated, ETI.

The bank’s revenue grew to N503.6billion in H1 2022, representing an increase of 15 per cent from N439.49billion in H1 2021, Zenith bank followed closely with 404.76billion in revenue from N345.6billion in H1 2021.

According to the Managing Director, High Cap Securities Limited, David Adonri, the revenue growth witnessed by Tier-1 banks can be ascribed to the hike in interest rate in H1 2022 hence, improving gross earnings and impacting profit. The banks benefitted from the exercise and were able to increase profits through stern cost reduction measures.

There was also a noticeable revenue increase from the petroleum sector as six petroleum marketing companies reported N605.89 billion revenue in H1 2022 from N415.16billion in H1 2021, while profit before tax grew significantly by 151.43 percent to N103.56billion in H1 2022 from N41.2billion reported in H1 2021.

This revenue increment would be attributed to the increase in the price of Premium Motor Spirit (PMS), and Automotive Gas Oil (AGO) also called diesel.