As of Q3 2024, the Nigerian Exchange (NGX) showcases over 160 companies, with a select few exceeding the $1 billion valuation benchmark. These firms highlight the diversity and value concentration within Nigeria’s economy, providing significant investment opportunities for individuals and institutions.
Market Overview
The NGX records a total market capitalization of N58.91 trillion ($35.31 billion), with its top nine companies contributing 70.31% of this figure. Airtel Africa, Dangote Cement, and BUA Foods lead the market, jointly accounting for N23.535 trillion ($14.046 billion) or 39.77% of the total valuation.
Here are the top publicly traded companies with market capitalizations exceeding $1 billion, based on an exchange rate of N1,675.49 as of October 31, 2024:
9. Aradel Holdings (Oil & Gas) – $1.28 Billion
Aradel Holdings holds a market value of N2.15 trillion ($1.28 billion), representing 3.64% of the equity market. Despite a 29.54% drop in its share price after listing in October, the company reports a revenue of N377.58 billion and a pre-tax profit of N191.45 billion for the first nine months of 2024.
8. Transcorp Power (Energy) – $1.61 Billion
Transcorp Power operates the Ughelli Power Plant, one of Nigeria’s largest, and has a market value of N2.69 trillion ($1.61 billion). The company posts strong results, with N223.55 billion in revenue and N81.12 billion in pre-tax profit, demonstrating its significant role in the energy sector.
7. Geregu Power (Energy) – $1.71 Billion
Geregu Power, with a market capitalization of N2.87 trillion ($1.71 billion), accounts for 4.86% of the market value. The company reports steady growth, with its share price rising 188.22% year-to-date, reflecting solid investor confidence in its operations.
6. BUA Cement (Industrial Goods) – $1.97 Billion
BUA Cement records a market value of $1.97 billion (N3.31 trillion). Its operations generate N583.40 billion in revenue and N63.01 billion in pre-tax profit for the first nine months of 2024, solidifying its presence in Nigeria’s industrial goods sector.
5. Seplat Energy (Oil & Gas) – $2.00 Billion
Seplat Energy stands out in the oil and gas sector with a market capitalization of N3.35 trillion ($2.00 billion). The company strengthens its position through the acquisition of ExxonMobil’s Nigerian assets while reporting N1.07 trillion in revenue and N366.71 billion in pre-tax profit.
4. MTN Nigeria (ICT) – $2.19 Billion
MTN Nigeria holds a market value of N3.67 trillion ($2.19 billion), making up 6.21% of the equity market. Despite economic challenges, the telecom giant generates N2.37 trillion in service revenue, showcasing its resilience and market leadership.
3. BUA Foods (Consumer Goods) – $4.24 Billion
BUA Foods, with a valuation of N7.10 trillion ($4.24 billion), ranks as a top player in the consumer goods sector. The company reports N1.07 trillion in revenue and N217.65 billion in pre-tax profit for the first nine months of 2024.
2. Dangote Cement (Industrial Goods) – $4.86 Billion
Dangote Cement, valued at N8.15 trillion ($4.86 billion), ranks as the second-largest publicly traded company. It posts N2.56 trillion in revenue and N406.38 billion in pre-tax profit, maintaining its leadership in Nigeria’s industrial sector.
1. Airtel Africa (ICT) – $4.93 Billion
Airtel Africa leads the market with a valuation of N8.26 trillion ($4.93 billion), representing 13.97% of the NGX. The company records $2.37 billion in revenue and $178 million in pre-tax profit for the half-year ending September 2024, underscoring its dominance in the telecommunications industry.
Conclusion
These companies showcase Nigeria’s economic strengths, with their valuations spanning key sectors such as energy, industrial goods, ICT, and consumer goods. Their performance reflects the opportunities and challenges within the Nigerian Exchange, highlighting the potential for substantial growth and investment returns.
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