Telecom tops list as 40 NGX companies report revenue of N6.78 trillion in H1 2022


The 40 companies include 12 banks, three cement/brewery companies, four healthcare companies, six petroleum marketing/fast moving consumer goods (FCMG) companies each, one telecommunications company, among others.

In the first half of 2022, MTN recorded revenue of N950.09 billion, an increase of 20.07% from the N791.26 billion recorded in the first half of 2021, Dangote Cement closely followed with revenue of N808.04 billion in the first half of 2022, a figure that represents a 17% increase from the N690.55 billion reported in the first half of 2021

Apart from revenue, MTN Nigeria also recorded a strong pre-tax profit in the first half of 2022 recording a profit of N268.64 billion compared to N215.12 billion in the first half of 2021.

Dangote Cement followed closely with a pre-tax profit of N264.89 billion in the first half of 2022, compared to N281.25 billion reported in the corresponding period in 2021.

Data released by the 40 companies during the reporting period shows a pre-tax profit of N1.55 trillion, representing a 26.3% increase from N1.23 trillion in the first half of 2021.

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

The performance chart highlighting improved revenue generation growth for the reporting period was topped by Ecobank Transnational Incorporated, ETI.

The bank’s revenue reached 503.6 billion naira in the first half of 2022, an increase of 15% compared to 439.49 billion naira in the first half of 2021, Zenith Bank followed closely with 404.76 billion revenue compared to N345.6 billion in the first half of 2021.

According to the general manager, High Cap Securities Limited, David Adoni, the revenue growth seen by Tier 1 banks can be attributed to higher interest rates in the first half of 2022, improving gross profits and impacting earnings. Banks benefited from the exercise and were able to increase their profits thanks to tough cost-cutting measures.

There was also a noticeable increase in revenue from the oil sector, with six oil marketing companies reporting revenue of N605.89 billion in the first half of 2022 compared to N415.16 billion in the first half of 2021, while the Pre-tax profit increased significantly by 151.43% to N103.56 billion in H1 2022. N41.2 billion reported in H1 2021.

This increase in revenue would be attributed to the increase in the price of High-end motor spirit (PMS), and automotive gas Oil (AGO) also called diesel.

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