Kayode Tokede
Despite persistent macro-economic pressures arising from inflationary trends, high interest rates and geopolitical tensions, Nigeria’s leading corporates demonstrated remarkable resilience in the first half of 2026.
At the close of business for the first half ended June 30, 2026, 10 of the country’s largest listed companies posting a combined revenue of approximately N14.4 trillion, representing a 36 per cent increase over the N10.59 trillion recorded in the corresponding period of 2025.
The companies also recorded a combined profit before tax (PBT) of N4.99 trillion, up by 66.7 per cent from N2.99 trillion declared in the first half of last year, underscoring their ability to sustain earnings despite a challenging operating environment.
The companies, drawn from key sectors of the economy, including telecommunications, cement manufacturing, oil and gas, brewing, consumer goods, and conglomerates, continued to benefit from strong consumer demand, improved operational efficiency, and strategic pricing, analysts said.
The impressive performance came against a backdrop of persistent economic uncertainty.
An analysis of the unaudited half-year financial statements of the companies showed that MTN Nigeria Communications Plc emerged as the highest revenue earner with N2.99 trillion, representing a 25.9 per cent increase from N2.38 trillion recorded in the corresponding period of 2025.
It was closely followed by Dangote Cement Plc, which reported N2.51 trillion in revenue, a 21.4 per cent increase over N2.07 trillion recorded a year earlier.
Seplat Energy Plc posted N2.50 trillion in revenue, representing a 15.5 per cent increase from N2.17 trillion, while Aradel Holdings Plc delivered one of the strongest performances, with revenue surging by 576.9 per cent to N2.49 trillion from N368.08 billion in the corresponding period of 2025.
MTN Nigeria also topped the profitability ranking, reporting N1.09 trillion in profit before tax, compared with N622.26 billion in the first half of 2025.
Explaining the performance, the telecommunications operator attributed the growth to sustained demand for its services, disciplined commercial execution and increasing customer adoption of data and digital products.
According to the company, data revenue rose by 38.4 per cent, driven by growth in active data subscribers, improved smartphone penetration and rising demand for high-speed connectivity.
It added that network data traffic increased by 25.8 per cent, while average data consumption per subscriber grew by 15.2 per cent to 14.8 gigabytes, with smartphone penetration reaching 66.4 per cent, reinforcing data services as its most significant long-term growth opportunity.
Commenting on the results, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said the company recorded strong commercial momentum, improved profitability and robust cash generation despite prevailing macroeconomic challenges.
According to him, the relative stability of the naira, which closed at N1,380/$ at the end of the first half of 2026 compared with N1,530/$ in the corresponding period of 2025, improved planning and moderated some cost pressures.
Aradel Holdings attributed its exceptional performance to significantly higher production volumes and stronger realised crude oil and gas prices. The company disclosed that production averaged 139.5 thousand barrels of oil equivalent per day (kboepd) during the period, compared with 22.4 kboepd in the first half of 2025, while average daily crude oil production rose to 55.6 thousand barrels per day from 15.5 thousand barrels per day.
Among other companies, Nigerian Breweries Plc recorded N803.68 billion in revenue, up 8.9 per cent from N738.14 billion, while BUA Cement Plc posted N728.93 billion, representing a 25.6 per cent increase over N580.30 billion reported a year earlier.
HBM Nigeria Plc grew revenue by 31.2 per cent to N678.41 billion, while Nestlé Nigeria Plc increased revenue by nearly 12 per cent to N650.76 billion.
However, BUA Foods Plc reported a 16.2 per cent decline in revenue to N765.12 billion from N912.50 billion, while Transnational Corporation Plc (Transcorp) posted N241.53 billion, representing a 13.4 per cent decline from N279.04 billion in the corresponding period of 2025.
Market analysts attributed the strong revenue growth largely to the ability of corporates to adjust prices in response to higher operating costs, particularly following increases in petroleum product prices, while maintaining demand across key segments of the economy.
Commenting, investment banker and stockbroker, Mr. Tajudeen Olayinka said the strong topline growth reflected prevailing economic realities.
According to him, higher petrol and diesel prices significantly increased production and distribution costs, compelling many companies to review the prices of their goods and services, thereby boosting revenue.
He noted, however, that while some firms were yet to translate higher revenue into stronger shareholder returns through dividend payments, their ability to sustain revenue growth and improve profitability demonstrated resilience and positioned them for stronger earnings performance in the coming years.
Nigeria’s headline inflation rose to 15.91 per cent in June 2026 from 15.15 per cent in December 2025, while the Monetary Policy Rate remained elevated at 26.50 per cent, sustaining pressure on borrowing costs and business operations.
The operating environment was further complicated by renewed geopolitical tensions in the Middle East, particularly the conflict involving the United States, Israel and Iran, which heightened volatility in global energy markets and added to inflationary pressures across emerging economies.