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, First HoldCo Plc Adebowale Oyedeji
First HoldCo Plc, the parent company of First Bank of Nigeria, is the fifth most profitable company in Nigeria, with a Profit After Tax (PAT) of N663.49 billion.
This N663.49 billion reported marked a 115% increase from the N308.43 billion recorded in 2023, as the holding company behind First Bank of Nigeria Limited staged one of the most notable profit rebounds in the industry.
The group’s revenue surged by 101% year-on-year, reaching N3.21 trillion, up from N1.60 trillion in the previous year.
The Profit Before Tax (PBT) followed a similarly strong trajectory, growing by 124% to N796.47 billion, compared to N356.15 billion in 2023
First HoldCo Plc declared a final dividend of N0.6 kobo per share, resulting in a total dividend payment of N14,358 million for the 2024 financial year.
The holding company posted a slower start in 2025, with PAT declining from N208.11 billion in Q1 2024 to N171.10 billion, while its PBT also fell from N234.17 billion to N186.48 billion.
