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 Chief Executive Officer, Guaranty Trust Holding Company Plc, Segun Agbaje
Guaranty Trust Holding Company (GTCO) is the second most profitable company in Nigeria in 2024, reporting a Profit After Tax (PAT) of N1.02 trillion, representing an 89% surge from the N539.65 billion recorded in 2023.
The tier one bank’s revenue grew by 81%, reaching N2.15 trillion in 2024, up from N1.18 trillion in the previous year.
In terms of profitability before tax, the group recorded a Profit Before Tax (PBT) of N1.27 trillion, up 108% from N609.31 billion in 2023.
The bank issued a final dividend of N7.03 per share for the 2024 financial year and declared a total dividend payout of N94,180 million.
GTCO started 2025 on a slower note, posting a Profit After Tax (PAT) of N258.03 billion in Q1, down from N457.02 billion in the same period last year. Its Profit Before Tax (PBT) also declined to N300.38 billion, reflecting a 41% drop compared to Q1 2024.