Top 10 Most Profitable Companies in Nigeria 2023

Agricultural companies are at the forefront as the most profitable companies in Nigeria, with banks following closely.

The agricultural sector accounts for around 35 percent of the country’s total employment, and it is expected to see a rise in employment as the country moves toward empowering the agriculture sector.

Read on to discover the most profitable companies in Nigeria as of September 2023. The data is sourced from nairametrics, with the companies’ return on equity serving as the key measuring indicator.

  1. Okomu Oil
  2. Presco Plc
  3. National Salt Company of Nigeria (NASCON)
  4. MTN Nigeria
  5. BUA Foods
  6. Cornerstone Insurance
  7. Zenith Bank
  8. Guaranty Trust Holding Company (GTCO)
  9. United Bank for Africa (UBA)
  10. Aza Mansard Insurance

Top 10 Most Profitable Companies in Nigeria

1. Okomu Oil – 53.96%

Okomu Oil is a Nigerian palm oil producer with a focus on sustainable agriculture. The company operates two oil palm estates in Edo State, Nigeria, and has a total land area of over 33,000 hectares. 

Okomu Oil top the most profitable company in Nigeria, with a net income of N20.9 billion in the first 9 months of 2023. The company’s year-on-year growth of 15.9% is indicative of its strong financial performance.

2. Presco – 50.24%

Presco Plc is the leading producer of palm oil in Nigeria. They are involved in the processing of palm oil, groundnut oil, and other related products.

As of September 2023, Presco Plc recorded a net income of N23.48 billion, representing a year-on-year increase of 47.8% from the corresponding period in 2022. The company’s year-to-date net assets growth also increased by 19.2%. 

3. National Salt Company of Nigeria (NASCON) – 47.40%

National Salt Company of Nigeria (NASCON), a subsidiary of the Dangote Group, is the leading producer of salt in Nigeria. The company operates two salt refineries in Lagos and Rivers States, Nigeria, and has a total installed capacity of 400,000 tonnes per annum. 

Despite the company’s net income for the first nine months of 2023 was only N11 billion, it still managed to achieve a remarkable year-on-year growth of 282% compared to the same period in 2022. Additionally, the company’s net assets grew by 43.9% year-to-date.

4. MTN Nigeria – 45.64%

MTN Nigeria is a leading telecommunications company in Nigeria and a subsidiary of the South African multinational mobile telecommunications company, MTN Group.

In 2022, MTN Nigeria was recognized as Nigeria’s highest profit generator, reflecting its strong financial performance and market position. However, in 2023, the company experienced significant losses due to foreign exchange exposures, leading to a decline in its nine-month net income to N147.4 billion. This represented a 45.2% year-on-year decline from the corresponding period in 2022.

MTN Nigeria delivered an impressive return on equity of 45.64% in the first nine months of 2023, despite a decline in net income. This performance is noteworthy, considering that the group’s shareholders’ equity also declined by 7.6% year-to-date.

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5. BUA Foods – 43.42%

BUA Foods is One of Nigeria’s largest firms with a strong presence in the food industry. The company has a wide range of products, including sugar, flour, pasta, and rice,catering to the needs of both domestic and international markets

The group recorded a net income of N105.6 billion during the nine months of 2023, marking a 53.6% year-on-year growth from the corresponding period in 2022. 

Additionally, the group achieved a year-to-date net assets growth of 10.7%, reflecting its sustained financial strength and strategic management.

6. Cornerstone Insurance – 41.72%

Cornerstone Insurance provide a wide range of insurance products and services to individuals and businesses across the country. The company is Nigeria’s most profitable financial institution in 2023 with a remarkable return on equity of 41.7%.

In spite of a net income loss of N388 million in Q3 2023, Cornerstone Insurance recorded a net income of N11.4 billion throughout the nine months, marking a 2667.7% increase from the same period in 2022.

This impressive performance is linked to the net foreign exchange gain of N11.9 billion within the period under review.

7. Zenith Bank – 39.27%

Zenith Bank offers a wide range of banking products and services, including personal and corporate banking, investment banking, asset management, and electronic banking. 

Zenith Bank also ranks as the most profitable bank in the country based on return on equity. With a nine-month net income of N647.7 billion, representing a 412.6% year-on-year growth, and a year-to-date net assets growth of 39.2%, the group has recorded a return on equity of 39.3%. The group’s earnings per share have grown year-on-year by 149% to N13.82.

8. GTCO – 33.34%

GTCO operates through its subsidiaries, including Guaranty Trust Bank, which is one of the top commercial banks in Nigeria,

GTCO posted a return on equity of 33.34% despite a lower net income in the nine months ended September 2023.

The group’s net income grew by 181.9% year-on-year to N367.4 billion, and its net assets grew by 36.7% within the same period.

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9. United Bank for Africa – 33.28%

United Bank for Africa (UBA) is a pan-African financial services group with a strong presence in 20 countries across Africa, Dubai, France, and UK.

UBA’s earnings per share saw substantial growth, increasing by 295.4% year-on-year to N12.93. This indicates significant returns for shareholders’ equity and reflects the bank’s ability to generate value for its investors.

With a pre-tax profit of N502.1 billion in 9 months of 2023, UBA net assets year-to-date have grown by 92.8%, with a RoE of 33.28%. Additionally, its net income within the same period grew by an impressive 287.2%, demonstrating the bank’s robust financial performance.

AXA Mansard Insurance – 33.19%

AXA Mansard Insurance is a prominent insurance group in Nigeria, offering a wide range of insurance products and financial services to individuals, businesses, and organizations. 

With a net income of N12.56 billion within the nine months ending September 2023, AXA Mansard Insurance recorded a return on equity of 33.19%, while it net assets grew by 23.8% year-to-date.

The group’s net income increased by 738% from the corresponding period in 2022 to its nine-month period ending September 2023, demonstrating substantial growth and profitability.

While the group did not disclose dividend details for the current period, its earnings per share increased 700% from last year’s N0.17 to N1.36.

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