40 firms listed on the Nigerian Exchange Limited (NGX) reported combined revenue of N6.78 trillion for the six-month period ending June 30, 2022, despite internal and global macroeconomic concerns.
In comparison to the N5.4 trillion reported during the same time in H1 2021, the total revenue in H1 2022 is 26% greater.
Additionally, the 40 firms reported a 26.3 percent rise in profit before tax to N1.55 trillion during the review period compared to N1.23 trillion in H1 2021.
The 40 companies helped the Gross Domestic Product (GDP) grow by 3.54 percent in the second quarter (Q2 2022) compared to the 3.11 percent growth it saw in the first quarter (Q1 2021), which was impacted by low consumer purchasing power, double-digit inflation, unstable foreign exchange, increases in operating expenses, and fierce competition.
The 40 enterprises include, among others, 12 banks, 6 petroleum marketing/FCMG companies each, 3 cement/breweries manufacturing companies, 4 health companies, and 1 communications company.
The company with the largest revenue during the time was MTN Nigeria Communications Plc, which was followed by Dangote Cement Plc, Ecobank Transnational Incorporated (ETI), and Nigerian Breweries Plc.
MTN Nigeria Communications reported sales of N950.09 billion in H1 2022, up 20.07 percent from N791.26 billion in H1 2021, while Dangote Cement reported revenue of N808.04 billion in H1 2022, up 17% from N690.55 billion in H1 2021.
MTN Nigeria, which posted a profit before taxes of N268.64 billion in H1 2022 compared to N215.12 billion in H1 2021, is in first place overall. Dangote Cement is closely behind with a profit before taxes of N264.89 billion in H1 2022 compared to N281.25 billion in the preceding year.
ETI led the performance table for revenue creation, even though the banking industry contributed 31.13 percent, or N2.55 trillion, of the N6.8 trillion in revenue reported in H1 2022. Zenith Bank came in second with revenue of N404.76 billion, up from N345.6 billion in H1 2021, followed by ETI, whose revenue increased by 15% to N503.6 billion in H1 2022 from N439.49 billion in H1 2021.
The six petroleum marketing companies reported N605.89billion revenue in H1 2022 from N415.16billion in H1 2021, while profit before tax grew significantly by 151.43 per cent to N103.56billion in H1 2022 from N41.2billion reported in H1 2021. Petroleum marketing companies benefited from the increase in the price of Premium Motor Spirit (PMS), and Automotive Gasoline/grease Oil (AGO) also called diesel.