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
Group Managing Director/CEO, Zenith Bank Plc, Adaora Umeoji
Zenith Bank Plc led the pack in 2024 as Nigeria’s most profitable company, recording a remarkable Profit After Tax (PAT) of N1.03 trillion, up 53% from the N676.91 billion reported in 2023.
The bank’s exceptional bottom-line growth was supported by a strong topline performance. Zenith’s revenue rose by 86% to N3.97 trillion, up from N2.13 trillion in 2023.
In terms of Profit Before Tax (PBT), the bank posted N1.33 trillion, representing a 67% increase from the N795.96 billion recorded in the previous year.
Zenith’s impressive profitability also translated to robust returns for shareholders. The bank declared an interim dividend of N1.00 and a final dividend of N4.00. This brought its total dividend payout to N125,586 million.
So far in Q1 2025, Zenith Bank continues to lead the earnings chart. The bank’s PAT rose from N258.34 billion in the same period the previous year to N311.83 billion, while its PBT grew from N320.19 billion in Q1 2024 to N350.82 billion, reflecting a 9.6% increase.
