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Technology and telecommunications companies listed on the Nigerian Exchange (NGX) recorded varying revenue performances in 2026, with some reporting double-digit growth while others struggled to maintain their previous-year earnings.
An analysis of the latest financial statements of nine selected NGX-listed companies shows that Omatek Ventures recorded the highest revenue growth at 650%, although the increase came from a very low base. NCR Nigeria and CWG followed, with growth rates of 29.3% and 29.1%, respectively.
The ranking covers companies operating across telecommunications, electronic payments, information technology infrastructure, internet services and related technology businesses. It compares their reported revenue growth with the corresponding periods of 2025, using the latest available financial statements as of November 8, 2026.
The reporting periods are not identical. Seven companies reported for the nine months ended September 2026, Airtel Africa reported half-year results to September 2026, while Legend Internet’s income statement covers the 12 months ended July 2026.
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Airtel’s figures are also reported in US dollars and cover its operations across multiple African markets, rather than Nigeria alone.
9: Legend Internet – Revenue declines 7.4%
Legend Internet recorded the weakest revenue performance among the nine companies, with revenue falling by 7.4% to N1.10 billion for the 12 months ended July 31, 2026, from N1.19 billion in the corresponding period.
Gross profit also declined to N714 million from N761.43 million, reflecting the lower revenue recorded during the period.
The company’s operating performance came under further pressure from administrative expenses, which increased by 88.9% to N1.06 billion from N560.18 million. This contributed to an operating loss of N344.05 million before other income.
However, a N672 million gain on disposal of assets helped lift operating profit before finance costs to N327.95 million. Finance costs rose sharply to N314.74 million from N28.58 million, leaving profit after tax at N13.21 million, compared with N142.46 million a year earlier.
8: eTranzact – Revenue grows 4.4%
eTranzact International Plc recorded a 4.4% increase in revenue to N20.99 billion for the nine months ended September 30, 2026, from N20.11 billion in the corresponding period of 2025.
However, the increase in revenue did not translate into higher profitability, as cost of sales rose by 13.1% to N11.55 billion from N10.21 billion. Consequently, gross profit declined by 4.7% to N9.44 billion from N9.91 billion.
Administrative expenses also increased by 20.3% to N7.20 billion from N5.99 billion. Although selling and marketing costs declined by 36.3% to N494.69 million from N776.67 million, the increase in cost of sales and administrative expenses contributed to a 44.4% decline in operating profit to N1.75 billion from N3.14 billion.
Profit after tax fell by 42.7% to N1.38 billion from N2.41 billion, showing that the company’s modest revenue growth was accompanied by significant pressure on its margins and earnings.
7: Briclinks Africa – Revenue rises 11.5%
Briclinks Africa Plc recorded an 11.5% increase in revenue to N451.19 million for the nine months ended September 30, 2026, compared with N404.54 million in the corresponding period of 2025.
The company, whose principal activities include telecommunications services, internet service provision and installation services, also recorded an improvement in gross profit, which rose by 21.9% to N171.69 million from N140.90 million.
Profit after tax increased by 76.9% to N54.74 million from N30.93 million in the corresponding period, indicating stronger bottom-line growth than the increase in revenue.
6: Chams Holding – Revenue increases 16.6%
Chams Holding Company Plc reported a 16.6% increase in revenue to N15.69 billion for the nine months ended September 30, 2026, from N13.45 billion a year earlier.
Gross profit grew by 35.4% to N4.06 billion from N2.99 billion, reflecting an improvement in the company’s gross earnings despite higher operating costs.
However, administrative expenses increased by 69.6% to N3.19 billion from N1.88 billion, contributing to a decline in operating profit, which fell by 30.8% to N881.11 million from N1.27 billion.
Despite the weaker operating result, profit after tax increased by 56.1% to N781.45 million from N500.71 million. The company recorded finance income of N784.51 million during the period, compared with N18.11 million a year earlier, providing a significant boost to its bottom line.
5: MTN Nigeria – Revenue grows 23.6%
MTN Nigeria Communications Plc recorded a 23.6% increase in revenue to N4.61 trillion for the nine months ended September 30, 2026, from N3.73 trillion in the corresponding period of 2025.
The growth was supported by its data business, with data revenue increasing by 35.8% to N2.68 trillion from N1.98 trillion. Voice revenue also rose by 11.1% to N1.50 trillion from N1.35 trillion.
The telecom operator’s active data users increased by 12% to 57.2 million, while average monthly data usage per active user rose by 16.2% to 15.3GB. Total subscribers grew by 10.9% to 94.7 million.
Operating profit increased by 38.2% to N1.99 trillion from N1.44 trillion, while profit after tax rose by 55.3% to N1.17 trillion from N750.19 billion.
4: Airtel Africa – Revenue rises 28.2%
Airtel Africa Plc recorded a 28.2% increase in reported-currency revenue to $3.82 billion for the six months ended September 30, 2026, compared with $2.98 billion in the corresponding period.
Its mobile services business generated revenue of $3.14 billion, up from $2.50 billion, while mobile money revenue increased by 34.8% to $840 million from $623 million.
Data revenue also rose by 35.3% to $1.57 billion from $1.16 billion, reflecting continued growth in demand for mobile internet services across its markets.
Underlying EBITDA increased by 32.8% to $1.92 billion from $1.45 billion, while profit after tax grew by 20.5% to $452 million from $376 million.
The company’s revenue growth was 20.8% on a constant-currency basis, compared with the 28.2% reported-currency increase.
3: CWG – Revenue increases 29.1%
CWG Plc recorded a 29.1% increase in revenue to N63.15 billion for the nine months ended September 30, 2026, from N48.94 billion in the corresponding period of 2025.
The company’s revenue growth was driven by contributions from its technology business segments, including IT infrastructure, managed and support services, software and platform operations.
Revenue from IT infrastructure increased to N21.74 billion from N11.38 billion, while managed and support services generated N14.35 billion, compared with N13.80 billion a year earlier.
Software revenue rose to N25.96 billion from N22.77 billion, while platform revenue increased to N1.10 billion from N983.38 million.
However, the increase in revenue came alongside higher operating costs. Cost of sales rose by 36.9% to N50.37 billion from N36.78 billion, while gross profit increased by just 5.2% to N12.78 billion from N12.15 billion.
Profit after tax declined by 11.9% to N4.18 billion from N4.75 billion, showing that the company’s revenue expansion did not translate into higher earnings during the period.
2: NCR Nigeria – Revenue grows 29.3%
NCR Nigeria Plc recorded a 29.3% increase in revenue to N1.94 billion for the nine months ended September 30, 2026, from N1.50 billion in the corresponding period of 2025.
The company, which is involved in the sale and servicing of information technology solutions and computer consumables, recorded an increase in gross profit to N533.07 million from N321.90 million, representing a 65.6% growth.
Revenue from its World Customer Services segment increased to N1.64 billion from N1.10 billion, more than offsetting the decline in revenue from its Financial Services Group, which fell to N298.86 million from N396.81 million.
Profit after tax increased to N473.55 million from N237.98 million, representing almost double the previous year’s figure.
However, the company’s operating cash flow turned negative at N118.25 million, compared with a positive N1.21 billion in the corresponding period, partly reflecting a significant movement in trade and other payables.
1: Omatek Ventures – Revenue jumps 650%
Omatek Ventures Plc recorded the highest revenue growth among the nine companies, with revenue increasing by 650% to approximately N1.5 million for the nine months ended September 30, 2026, from N200,000 in the corresponding period of 2025.
The company operates in the computer and electronics market, with business interests spanning computers, inverters and solar products, alongside the manufacturing, distribution, sales and servicing of computer and home entertainment products through its subsidiaries.
Cost of sales stood at N300,000, compared with no cost of sales reported in the corresponding period, leaving gross profit at N1.2 million compared with N200,000 a year earlier.
However, administrative expenses rose sharply by 282.8% to N48.35 million from N12.63 million. This contributed to an operating loss of N47.15 million, compared with N12.43 million in the corresponding period of 2025.
The company also recorded a consolidated loss after tax of N47.15 million, compared with N12.43 million a year earlier.
