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
Group Managing Director/CEO, Dangote Cement Plc, Arvind Pathak
Dangote Cement Plc posted a Profit After Tax (PAT) of N503.25 billion, a 10% increase from N455.58 billion recorded in 2023.
The company benefited from rising cement demand and export growth, selling across Nigeria and export markets, helping it to report a 62% surge in revenue to N3.58 trillion from N2.21 trillion the previous year.
The cement manufacturer posted a Profit Before Tax (PBT) of N732.54 billion, a 32% increase from N553.10 billion in 2023.
In line with its strong profitability, Nairametrics reported that the company paid an interim dividend of N30.00 per share and a final dividend of N30 per share, bringing the total dividend payout to N511,215 million for the 2024 financial year.
The company had a strong start to the year. Its Q1 2025 PAT nearly doubled, rising from N112.67 billion in Q1 2024 to N209.25 billion, while PBT jumped from N166.40 billion in Q1 2024 to N311.97 billion in the same period this year.
