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
Acting Group Chief Executive Officer, Access Holdings Plc, Bolaji Agbede
Access Holdings Plc ranked sixth among Nigeria’s most profitable companies in 2024, delivering a Profit After Tax (PAT) of N642.22 billion, a slight increase of 4% from the N619.32 billion reported in 2023.
The group’s revenue surged by 88% to N4.88 trillion, a significant rise from N2.59 trillion in the previous year.
In terms of Profit Before Tax (PBT), Access recorded N867.02 billion, representing a 19% increase from the N729.00 billion reported in 2023.
The bank declared an interim dividend of N0.45 kobo per share for the 2024 financial year and a final dividend of N2.05 per share, leading to a total dividend payment of N74,645 million.
Access Holdings recorded an increase in performance in Q1 2025. The bank’s PAT grew from N159.29 billion the previous year to N182.75 billion, while PBT rose from N202.74 billion in Q1 2024 to N222.78 billion in the same period this year.
