Tag: #revenue

The Top 10 African Governments With The Highest Tax Revenues

A nation’s economy depends heavily on its government income, which provides the financing necessary for many vital initiatives, infrastructure, and public services.

The general government revenue as a percentage of GDP is one important indicator used to assess a country’s fiscal health.

Expressing government revenue as a percentage of GDP allows for a standardized comparison across different countries and economic conditions. This ratio provides insights into the size and efficiency of the government’s fiscal activities relative to the overall economic activity within the country.

To this effect, the International Monetary Fund has a database covering the government revenues as a product of the percentage of GDP for every country, categorizing each country under one of the 3 financial groups, advanced economies, emerging market and middle-income economies, and low-income developing countries.

Sub-Saharan African countries under low-income developing countries, average a general government revenue of 14.6, while African countries under MENA which includes North African countries average 29.7.

The list below detailing the African countries with the highest general government revenue can be found in the IMF’s Fiscal Monitor Climate Crossroads: Fiscal Policies in a Warming World, report.

With that said, below are the 10 African governments with the highest government revenues.

Rank	Country	Government revenue (% of GDP)
1.	Algeria	33.7
2.	Morocco	27.8
3.	Mozambique	27.4
4.	Chad	27.3
5.	South Africa	26.8
6.	Congo	26.6
7.	Rwanda	22.8
8.	Angola	22.2
9.	Senegal	21.4
10.	Mali	21.3

November 18, 2023

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

40 companies listed in the Nigerian Stock Exchange, NGX have defied the domestic and global macroeconomic challenges to announce a combined revenue of N6.78 trillion in H1, 2022 with the Telecommunication industry contributing a major share.

According to a report, the Telecoms sector led the pack as MTN Nigeria Communications recorded the highest revenue earnings during the period in review.

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.

Source – Thisday

September 12, 2022
Flour Mills Nigeria Posts N1.2bn Revenue

The Flour Mills of Nigeria Plc, a food and agro-allied company, says its revenue stood at N1.2 billion as at March.

Its Chairman, John Coumantaros, was quoted in a statement to have said this during the company’s 62nd Annual General Meeting (AGM) in Lagos.

Coumantaros, who was represented by Vice-Chairman, FMN, Paul Gbededo, said the group’s increased earnings was as a result of the company’s resiliency as well as shareholders’ support.

According to him, the group completed the acquisition of Honeywell Flour Mills Plc within the fiscal year.

Resolutions made at the meeting held on Wednesday included the shareholders’ approval of payment of N2.15 dividend for the 2022 fiscal year.

The shareholders also approved the request for company’s board of directors to raise N200 billion in additional capital.

Coumantaros said, “This acquisition created a more resilient national champion for Nigeria in the food industry, laying the groundwork for long-term growth and food security.

“Our food division’s strategic priorities are motivated by the need to become Africa’s leading consumer and business-to-business (B2B) food brand, with the goal of more than doubling earnings before interest, taxes, depreciation, and amortization (EBITDA).”

It also announced its first quarter unaudited results for the period ended 30 June 2022, which increased by 45.3 per cent in revenue to stand at N339.601 billion from N233.703 billion in 2021.

The company recorded the increase despite rising effects of inflation on the prices of goods and services.

The audited results, which were released to the Nigerian Exchange Group (NGX), showed that cost of sales increased by 47 per cent to N306.352 billion from N208.004 billion achieved in 2021.

In its financial statement, the company’s food segment contributed 63 per cent growth of the revenue to N213.166 billion from N146.925 billion in 2021.

Also, the Agro Allied segment was next with 45 per cent of the revenue with N65.652 billion from N47.588 billion in 2021, while profit after tax rose marginally by 0.89 per to N5.495 billion in 2022 from N 5.446 billion in 2021.

NEWS AGENCY OF NIGERIA

September 10, 2022

Tag: #revenue

The Top 10 African Governments With The Highest Tax Revenues

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

Flour Mills Nigeria Posts N1.2bn Revenue