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Nigeria's Biggest Companies Post Bumper Earnings as Economy Strengthens

Strategic Insights

— 2 min read

Nigeria's largest corporations are benefitting from a strengthening economy, marked by easing inflation and a more stable naira, as they deliver robust earnings in the first six months of 2025. A BusinessDay analysis shows that the combined after-tax profits of listed companies in the consumer goods, financial services, cement makers, palm oil makers, oil and gas, telecommunications, and power sectors surged by 70.5 percent compared to the previous year, when reform policies curtailed their earnings.

Key Takeaways:

  • Oil and gas listed companies on the Nigerian Exchange Limited (NGX) reported growth in profit and revenue, with reported profit jumping to N251 billion in H1'25, up from N234 billion reported in H1'24.
  • Financial services sector combined profits reached N2.37 trillion, down from N2.80 trillion, with notable declines at Guaranty Trust Holding Company (GTCO) and First Bank Holdings, but steady growth at Stanbic IBTC Holdings and United Bank for Africa (UBA).
  • Consumer goods companies recorded a combined profit turnaround of N440 billion in the first half of 2025, compared with a N236 billion loss recorded in the same period last year, driven by strong growth at BUA Foods, Nigerian Breweries, International Breweries, and Nestle Nigeria.
  • Nigeria's oil palm sector saw significant growth, with combined H1 2025 profit of N136.2 billion, 15.8 percent higher than their entire 2024 full-year profit of N117.7 billion and 131 percent above the N59.1 billion posted in the first half of last year.
  • Cement makers recorded their best half-year performance ever in 2025, with a combined net income of N834.01 billion, more than triple the figures they earned in the same period the previous year, driven by price adjustments, operational efficiency, and a stable naira.
  • The power sector recorded a combined after-tax profit of N65 billion in the first half of 2025, up from N56 billion in the corresponding period of 2024.
  • MTN Nigeria reported a net income of N414.9 billion for H1 2025, marking a 180 percent year-on-year growth from the N519.1 billion net loss reported in H1 2024.

Statistics:

  • Combined after-tax profits of listed companies in the consumer goods, financial services, cement makers, palm oil makers, oil and gas, telecommunications, and power sectors surged by 70.5 percent in H1'25 compared to the previous year.
  • Oil and gas listed companies on the NGX reported a 7.4 percent increase in profit to N251 billion in H1'25.
  • Financial services sector combined profits reached N2.37 trillion in H1'25.
  • Consumer goods companies recorded a combined profit turnaround of N440 billion in the first half of 2025.
  • Nigeria's oil palm sector saw a 131 percent increase in combined H1 2025 profit to N136.2 billion.
  • Cement makers recorded a combined net income of N834.01 billion in H1'25, more than triple the figures they earned in the same period the previous year.
  • The power sector recorded a combined after-tax profit of N65 billion in H1'25.
  • MTN Nigeria reported a 180 percent year-on-year growth in net income to N414.9 billion in H1'25.

Sources:

  • BusinessDay, "Nigeria's biggest companies post bumper earnings as economy strengthens" (unspecified date)
  • Nigerian Exchange Limited (NGX), H1 2025 financial results
  • BusinessDay, "Oil and gas firms post strong earnings" (unspecified date)
  • BusinessDay, "Financial services firms report mixed earnings" (unspecified date)
  • BusinessDay, "Consumer goods companies deliver strong earnings" (unspecified date)
  • BusinessDay, "Nigeria's oil palm sector sees significant growth" (unspecified date)
  • BusinessDay, "Cement makers record best half-year performance" (unspecified date)
  • BusinessDay, "Power sector records improved earnings" (unspecified date)
  • BusinessDay, "MTN Nigeria reports strong earnings" (unspecified date)

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