According to the latest Nairametrics report, Nigeria’s largest companies earned a whopping sum of N1.9 trillion as revenue in the first quarter of 2022, outpacing their earnings in the corresponding period of 2021 of N1.4 trillion.
This is according to the information contained in the quarterly financial statements of these companies published in the first quarter of this year and compiled by Nairametrics research.
The revenue growth recorded by the companies is remarkable, considering economic disruptions in the global economy occasioned by the ripple effect on energy, power, and food cost, amongst others, caused by the Russia-Ukraine face-off and the aftermath of the covid-19 pandemic.
Our metrics are simply the revenue reported in the first 3 months of this year based on calendar months. We also excluded banks, which we compile in a different report due to their business model.
This is a list of the top ten companies by revenues in Nigeria based on published financial statements.
10. Dangote Sugar – N94.4 billion (down by 2 spots)
Despite seeing its revenue gain a whopping 40% when compared to its previous quarter of 2021 it dropped from 8 positions to 10th.
9. BUA Cement – N96.9 billion (up by one spot)
The cement conglomerate gained an impressive 58.5% YoY helping it rise from 10th position same period last year to 9th position today.
8. Total Plc – N97.6 billion (up by one spot)
Oil and gas firms are smiling to the bank due to higher oil prices and oil marketing firms like Total are no exception. It has seen revenues rise by 46.3% YoY gaining one step from the same period last year.
7. Seplat Plc – N100.6 billion (up by 4 spots)
This is the only oil-producing company to have declared results this year and it did not disappoint. With oil prices galloping past $120 Seplat has gained immensely in revenues. Its revenues rose 73.7% YoY taking it to 7th position. It used to be in the 11th position. Seplat is our biggest move this quarter.
6. Julius Berger – N106.4 billion (up by one spot)
The construction giant has had its fair share of challenges in recent years. However, restructuring and an uptick in demand from the government have improved its fortunes. Revenues are up 49.5% YoY taking it to 6th position on our list. It used to be 7th.
5. Nestle – N110.2 billion (flat)
The consumer goods giant has profited from higher prices and demand as Nigerians spend more on food. Its revenues are up 26.3% YoY.
4. Nigeria Breweries – N110.2 billion (flat)
The Brewery Giant continues to dominate market share despite a ravaging economy. In the first quarter of this year, revenue is already up 30.4% YoY.
3. Flourmills – N338.8 billion (flat)
The consumer goods giant reports its financial year-end on March 31st. But for this calculation, we used its Jan – March revenue which would have been its fourth quarter. The prevailing economic situation has also favoured the company helping its revenue rise by 56.7% YoY.
2. Dangote Cement – N413 billion (flat)
The largest cement company in Africa maintained its number 2 position in the country gaining 24.2% YoY. The company can claim its makes $1 billion assuming CBN preferred exchange rate. Dangote Cement is also benefitting from a growing real estate and construction sector.
1 MTN – N470.9 billion (flat)
The telecoms giant maintains the number position as the company that generates the highest revenue in Nigeria as of the first quarter of this year. Only Dangote Cement earned higher than N400 billion in the first quarter of the year. Their revenue is up by 22.2% and has been aided by increased data revenue and a resilient call revenue. It will take a lot to dislodge MTN.