Twenty-two listed companies on the Nigerian Exchange Limited (NGX) have reported a combined profit before tax of N12.1 trillion for the nine months ended September 30, 2026. This represents a 35.4% increase compared to N8.94 trillion recorded in the same period of 2025. The companies, including MTN Nigeria Communications Plc, Dangote Cement Plc, and Seplat Energy Plc, span various sectors such as cement manufacturing and financial institutions.
The 22 companies generated an estimated N7.6 trillion profit after tax in the nine months of 2026, up by 22.1% from N6.2 trillion in the same period of 2025. This growth in profitability occurred despite the country facing macroeconomic headwinds, including insecurity, weak purchasing power, and inflation. Nigeria's inflation rate eased to 14.63% as of September 2026 from 15.15% in December 2025.
The Naira, Nigeria's currency, closed at N1,331.50 against the dollar on September 30, 2026, compared to N1,478.00 against the dollar on September 30, 2025. The ongoing unrest in the Middle East between the US, Israel, and Iran has impacted global oil prices, leading to uncertainties that have affected companies in Nigeria.
MTN Nigeria Communications Plc recorded the highest profit, followed by Dangote Cement Plc and Seplat Energy Plc. MTN declared a profit before tax of N1.79 trillion in the nine months of 2026, representing a 59.4% increase from N1.13 trillion reported in the same period of 2025.
According to MTN Nigeria's CEO, Karl Toriola, the company delivered a strong third quarter, reversing the temporary slowdown in Q2. Service revenue grew 19.7%, with growth accelerating each month to 21.6% in September. Profitability grew even faster, with Q3 EBITDA rising 32.8% and the EBITDA margin widening by 5.8% to 58.7%.
Dangote Cement announced a profit before tax of N1.47 trillion, representing a 41.45% increase over N1.04 trillion in the corresponding period of 2025. Seplat Energy declared a profit before tax of N1.34 trillion, marking a 52.7% growth from N878.99 billion in the nine months of 2025.
The global economy faces a fresh shock from the war in the Middle East, with growth projected to slow to 3.1% in 2026 and 3.2% in 2027, weighed down by rising geopolitical tensions. Despite these challenges, the 22 Nigerian companies demonstrated resilience, with their profit before tax growth outpacing the country's economic growth.
Key points
- The 22 listed companies reported a combined profit before tax of N12.1 trillion for the nine months ended September 30, 2026.
- MTN Nigeria Communications Plc recorded the highest profit, followed by Dangote Cement Plc and Seplat Energy Plc.
- The companies' profit growth occurred despite macroeconomic headwinds, including insecurity, weak purchasing power, and inflation.
