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, BUA Foods Plc, Ayodele Abioye
BUA Foods Plc is a major player in the food and fast-moving consumer goods (FMCG) industry in Nigeria, emerging as the ninth most profitable company in Nigeria in 2024, with a Profit After Tax (PAT) of N265.99 billion, reflecting a 137% increase from the N112.10 billion posted in 2023.
The FMCG company recorded a Profit Before Tax (PBT) of N284.32 billion, representing a 162.9% increase from the prior year.
The group’s revenue rose by 109% year-on-year to N1.53 trillion in 2024, up from N729.44 billion in 2023. This is the highest annual revenue since the company’s listing on the Nigerian Exchange in 2021, when it reported N333.2 billion.
BUA Foods declared a final dividend of N13.00 per ordinary share of 50 Kobo each for the 2024 financial year, payable to shareholders listed in the Register of Members as of the close of business on 21st August 2025
The company continued its strong performance in Q1 2025, with PAT growing from N55.82 billion in Q1 2024 to N125.28 billion. Its PBT also more than doubled, climbing from N62.36 billion to N136.39 billion.
