Zenith, GTCO, UBA Top List of Most Profitable Firms in Nigeria

Nigeria’s corporate profit hit a record in 2024, even as inflationary pressure disrupts asset prices, impoverishes consumer wallets, and balloons input costs while the United States tariffs add to another layer of worries.

Of course, banks are the star performers as all sector players recorded improvement in earnings, benefitting from a higher interest environment that lifts the net interest income.

The consumer goods firms are the hardest hit from an unstable macroeconomic environment as the unification of the foreign exchange rate created huge foreign exchange revaluation losses that tipped bellwether over the edge.

Nigeria’s annual inflation rate rose for the first time since the data was rebased in January, advancing by 24.2% in March, compared with 23.2% a month earlier, according to data published by the National Bureau of Statistics (NBS).

Nigeria 10 year bond yield was 19.89 percent on Tuesday April 15, according to over-the-counter interbank yield quotes for this government bond maturity. Historically, the Nigeria 10-Year Government Bond Yield reached an all-time high of 22.35 in January of 2025.

The U.S 14 percent tariff on Nigeria’s export which has been suspended for 90 days is expected to undermine manufacturers’ earnings, a double whammy for companies who are reeling from huge losses.

Here are the Nigeria firms with the highest annual profits in their sector. Data is based on the fiscal year ending on December 2024 across companies in the NGXASI index

Zenith Bank is the most profitable company in Nigeria. It crosses the N1trillion profit mark in 2022, it outpaces the profit leaders in the oil and gas combined. Furthermore, at the end of 2022, its net profit margin stood at nearly 25.94%.

Dangote Cement saw the highest profit in the building material sector. As the nation’s largest cement maker, it saw a 10.46 percent jump at the bottom line.

BUA Foods is the cream of the crop in the consumer goods space as it thrives even as peer rivals struggle. It saw its profit surged by 137.22 %, making it the best consumer goods stock.

Within the oil and gas sector, Aradel took the top spot with record profit of N247 billion. Profit surged by 361.10% as the company continues to expand its operations with a view to increasing share of the market.