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
Managing Director/CEO, Fidelity Bank Plc Nneka Onyeali-Ikpe
Fidelity Bank Plc ranked eighth in Nigeria’s most profitable companies in 2024, reporting a Profit After Tax (PAT) of N278.11 billion, a significant 180% jump from N99.45 billion in 2023.
The bank also posted a Profit Before Tax (PBT) of N385.22 billion in 2024, up 210% from N124.26 billion in the previous year.
Fidelity Bank paid an interim dividend of N0.85 per share and declared a final dividend of N1.25 per share. This brings the total dividend paid to N27,210 million in dividends paid.
The bank recorded a 39% increase in revenue for the 2024 financial year, rising to N385.21 billion from N278.11 billion in 2023.
In Q1 2025, the bank posted an impressive result. Its PAT surged from N31.44 billion the previous year to N91.10 billion, while its PBT also rose sharply from N39.50 billion in Q1 2025 to N105.77 billion.
