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Guinness Nigeria, Transnational Corporation of Nigeria, Ecobank Transnational, Sterling Bank, and Presco have recorded the fastest profit expansion among the most liquid and capitalised firms in Nigeria or NGX 30.
Amid a punitive regulatory environment and investors’ apathy towards the banking stocks, Ecobank and Sterling Bank recorded net income expansion of 140.21 percent and 118.95 percent respectively.
That compares to peer rivals Zenith Bank that recorded profit growth of with (+9.68 percent); Union Bank, (-10.57 percent); Union Bank for Africa (8.76 percent); Stanbic IBTC Holdings, (+33.87 percent); First Bank Holdings, (+21.47 percent); Guaranty Trust Bank, (+5.13 percent), and Access Bank, (+9.23 percent).
Ecobank shares have gained 28.74 percent so far, outperforming the 24.13 percent rise in the NGXASI index.
Among the consumer goods firms who are reeling from inflationary pressures that are squeezing consumer wallets, foreign exchange scarcity, and decrepit infrastructure, Guinness Nigeria recorded net income expansion of 731.23 percent.
That compares with Flour Mills of Nigeria’s (+9.64 percent), Dangote Sugar (+6.84); Nigerian Breweries, (+77.73 percent); Nestle, (+45 percent); Nascon Allied (+29.06 percent).
Unilever and International Breweries reverted back to the path of profitability as both like their peers jerked up the price of key products to fend off rising input costs that consumers are bearing at the moment.
Guinness shares price has appreciated by 132.05 percent year to date (ytd) to close at N90 and it has also outperformed the NGX ASI (+24.53 %).
Transnational Corporation of Nigeria, the largest conglomerate in Africa’s largest economy, saw net income surge by 146.96 percent as at March 2022.
The conglomerate with interest in hotels, oil and gas, and Agric has a year to date of 35.42 percent, which outperformed the NGXASI index (+24.53).
Data gathered by MoneyCentral shows 25 out 30 firms (83.33 percent) on the index recorded profit growth.
The total net profit of the NGX 30 companies rose by 35.41 percent year on year (yoy) to N746.60 billion as at March 2022, according to data gathered by MoneyCentral.