Nigeria’s most profitable companies wrapped up 2024 with a remarkable display of resilience, collectively posting record-breaking earnings.
Despite macroeconomic challenges, these companies delivered strong bottom-line growth, outperforming previous years and sustaining investor confidence.
For the full year 2024, Nigeria’s GDP grew by 3.40%, an increase from 2.74% in 2023.
In nominal terms, aggregate GDP for Q4 2024 stood at N78.37 trillion, reflecting an 18.91% increase from N65.91 trillion recorded in Q4 2023. Despite the positive momentum, inflationary pressures remained high.
Nairametrics Research has compiled a list of the top 10 most profitable companies in Nigeria in 2024 based on their profit after tax (PAT).
PAT is the net earnings a company retains after settling all tax obligations; it represents the actual profit available to shareholders and for reinvestment.
The companies posted a combined Profit After Tax (PAT) of N8.19 trillion, a significant jump from the N5.76 trillion recorded in 2023, reflecting improved earnings performance across key sectors
An analysis of the top 10 most profitable companies in 2024 shows that the banking sector dominated the list, accounting for 70% of the companies. Cement manufacturing, consumer goods, and oil and gas sectors each made up 10% of the ranking.
So far in the first quarter of 2025, these 10 top-performing companies have collectively recorded a PAT of N1.76 trillion.
Below is the list of the 10 most profitable companies in Nigeria in 2024
Chief Executive Officer, Aradel Holdings Plc Adegbite Falade
Aradel Holdings Plc rounded out the top 10 as the tenth most profitable company in Nigeria in 2024, reporting a Profit After Tax (PAT) of N259.07 billion.
This marked an extraordinary 382% rise from the N53.74 billion posted in the prior year, positioning Aradel as one of the biggest turnaround stories in the Nigerian corporate scene.
The company delivered a significant year-on-year revenue growth among listed companies, with a 163% surge to N581.15 billion in 2024, compared to N221.14 billion in 2023.
The oil & gas conglomerate paid an interim dividend of N8 per share and a final dividend of N22 per share, bringing the total dividend payout to an impressive N71.91 billion.
Aradel reported a PAT of N34.20 billion in Q1 2025, up from N22.09 billion in the same period last year, while the company’s PBT rose from N39.49 billion in Q1 2024 to N67.17 billion in Q1 2025.
