MTN Nigeria Telecommunications Plc (MTNN) has emerged the largest company by revenue in Africa’s most populous nation, according to data gathered by MoneyCentral.
MTNN posted revenue of N1.15 trillion as at June 2023, as it maintained a strong database, payment service business, and the launch of 5G.
Second on the list of firms with the largest bottom line is Eco Bank Incorporated Plc with a revenue of N1.0 trillion; United Bank for Africa, (N981.77 billion); Zenith Bank, (N967.26 billion); Airtel Africa (N963.90 billion); Dangote Cement, (N950.83 billion); Access Holdings, (N940.31 billion); Guaranty Trust Holdings, (N672.60 billion); FBN Holdings, (N656.06 billion), and Flour Mills of Nigeria, (N456.37 percent).
The total revenue of the companies in the NGX 30 Index rose by 43.70 percent year on year (yoy) in the first six months of the year to N12.19 trillion.
It must be noted that the 44 percent uptick at the top line (revenue) was driven by Guaranty Trust Holdings Company (+181.06 percent surge), United Bank for Africa (UBA), Zenith Bank, (+163.66 percent), and BUA Foods Plc, (+90 percent).
Despite the macroeconomic headwinds, 100 percent of firms on the Index recorded expansion in sales that are driven by higher interest rates which bolstered interest income for banks, a hike in key products by manufacturers to compensate for rising input costs, and higher crude oil prices.
Moving past the election era and into the post-election period, the local bourse has reached new heights, closing at 66,454.57 Friday (+29.66% ytd).
However, stable foreign currency and benign macroeconomic environment will pave the way for firms to translate top line (sales) impressive performance to bottom line (profit) growth