Airtel Africa, BUA Foods, and 11 others have officially joined the elite trillionaire club as of the beginning of 2025, analysis by BusinessDay has shown.
Last year was tough for companies in Africa’s fourth biggest economy due to the spike in diesel prices, combined with foreign exchange losses and high input costs. Only 10 companies made the list of the trillionaire club.
However, 2025 brings glimmers of hope to the economy as 13 companies stand out with a market valuation of over N1 trillion, making them the most valuable companies in Nigeria and signifying its growing global influence.
BusinessDay analysis of the company results of the top 30 companies on the Nigerian Exchange Limited (NGX), popularly known as the ‘NGX30’, revealed that these firms combined market capitalisation amounted to N44.4 trillion.
Top on the list is Airtel Africa with N8.1 trillion, followed by BUA Foods with a market valuation of N7.5 trillion, and Dangote Cement with N6.8 trillion value.
Market capitalisation is the value of a company traded on the stock market, calculated by multiplying the total number of shares by the present share price. The top three firms that recorded high valuations saw significant growth in their share price.
Read also: Airtel Africa’s half-year revenue falls to $2.37bn on weak naira
Airtel Africa reported a 7.8 percent growth in its share price to N2,156.90 at the end of trading on January 17, 2025, from N2000 reported in the same period last year.
BUA Foods also reported a 72.9 percent increase in its share price while Dangote Cement’s share price fell by 11.6 percent during the period surveyed.
These companies, spanning industries from telecommunications to consumer goods, banking industrial goods, and energy owe their success to a combination of innovation, strategic leadership, and a keen understanding of the Nigerian and African markets.
According to the National Gross Domestic third quarter report, Nigeria’s GDP grew by 3.46 percent (year-on-year) in the service sector. However, the National Bureau of Statistics (NBS) is planning to rebase Nigeria’s GDP and the Consumer Price Index (CPI) to ensure our economic indicators are accurate, reflecting the updated structure of our economy.
The rebasing of the figure has shown significant structural changes in Nigeria’s economy, with crop production, trade, and real estate emerging as the three largest contributors to the economy.
Telecommunications, crude petroleum and natural gas, construction, food beverages, and tobacco made the top seven.
Crude oil and natural gas processing has been displaced by real estate from being the third economic activity, placing it at the fifth position.
Also, food beverages, and tobacco ranks 7th, construction enters as the 6th largest, while public administration is displaced from the top seventh largest.
Market analysts predict that the continued growth of these sectors will inspire investor confidence and drive increased foreign direct investment into Nigeria. Moreover, their leadership in market capitalisation could encourage other sectors to innovate and improve their competitiveness.
Airtel Africa
Airtel Africa’s market capitalisation stands at N8.1 trillion as of Friday. The firm’s share price amounted to N2,156.9 with a trading volume of 640.00 as of January 17, 2025.
The telecommunication which reports its financial in dollars revealed that it recorded total revenue of $2.3 billion in the first half of 2024 from N2.6 billion in the same period of 2023.
Profit after tax stood at N79 million, marking a bounce back to profitability after posting a $13 million net loss in the corresponding period in the previous financial year.
Earnings per share amounted to $0.8 per share from N-1.5 per share in the comparable period.
BUA Foods
BUA Foods’ market capitalisation stands at N7.47 trillion as of Friday. The firm’s share price amounted to N415 with a trading volume of 970,996 as of January 17, 2025.
The consumer goods revenue surged 104 percent to N1.07 trillion from N524.4 billion, while input cost grew to N736.9 billion from N340.6 billion.
Net profit after tax grew by 91 percent to N201.4 billion from N105.6 billion.
BUA Foods’ earnings per share grew to N11.19 per share from N5.87 per share during the period reviewed.
Read also: Dangote Cement, BUA Foods, 11 others see 97% surge in production cost
Dangote Cement
Dangote Cement, the multinational cement manufacturer reported a market valuation of N6.8 trillion as of Friday. The firm’s share price amounted to N400 with a trading volume of 6,639,944 as of January 17, 2025.
In its nine months financials, the firm reported N2.5 trillion in revenue largely fueled by increased local market sales.
After-tax profit during the period increased by a single-digit 0.55 percent to N279.09 billion from N277.5 billion.
The firm’s earnings per share rose to N16.55 from N16.08.
MTN Nigeria
MTN Nigeria’s market capitalisation stands at N4.9 trillion as of Friday. The firm’s share price amounted to N with a trading volume of 1,924,392.
As of January 17, 2025.
The telecommunication recorded revenue of N2.37 trillion in the nine months of 2024 from N1.7 trillion in the same period of 2023.
The firm reported a loss after tax of N514 billion from N14.9 billion. Earnings per share amounted to N-24,51 per share from N-0.68 per share in the comparable period.
BUA Cement
BUA Cement’s market capitalisation stands at N3.2 trillion as of Friday. The firm’s share price amounted to N93 with a trading volume of 720,285 as of January 17, 2025.
The cement company recorded a revenue of N583 billion in the 9M’24 from N335 billion in the same period of 2023.
Profit after tax fell to N48.9 billion from N76 billion. BUA Cement’s basic earnings per share stood at N145 per share from N225 per share in the reviewed period.
Geregu Power
The market capitalisation of Geregu Power as of January 17, 2025, stood at N2.9 trillion. The power-generating firm share price amounted to N1,150 with a trading volume of 414.00.
Geregu Power’s after-tax profit rose to N24.1 billion in 9M’24 from N11.3 billion in the corresponding period of 2023. The company’s revenue rose to N112.5 billion from N55.7 billion aided by energy sales.
During the reviewed periods, its finance income rose to N6.5 billion from N6.08 billion in 2023 and its finance cost fell to N7.3 billion from N8.4 billion. The firm’s earnings per share rose to N9.68 from N4.54.
Read also: Five banks raise N1.27trn amid recapitalisation race
Seplat Energy
Seplat Energy began the year with a market capitisation of N3.35 trillion. The firm’s share price amounted to N5,700 with a trading volume of 3,146.00 as of January 17, 2025.
The energy firm recorded revenue of N1.07 trillion in the 9M’24 from N478 billion in the same period the previous year. Profit after tax increased to N52.7 billion from N46.9 billion.
Zenith Bank
Zenith Bank’s market capitalisation stands at N1.5 trillion as of Friday. The firm’s share price amounted to N46.8 with a trading volume of 7,521,769 as of January 17, 2025.
Zenith Bank Plc has reported a Profit After Tax (PAT) of N827 billion for the nine months ending September 30, 2024 (9M 2024), reflecting a 91 percent year-on-year increase from the N434.2 billion recorded in the same period of 2023.
The bank’s N2.9 trillion gross earnings during 9M 2024 marked a 118 percent YoY growth from the N1.3 trillion gross earnings posted in 9M 2023. It also marks the highest revenue generated by any Nigerian business during the nine months.
Transcorp Hotel
The hospitality company reported a market capitalisation of N1.3 trillion, and its share price amounted to N127.35 with a trading volume of 86,387 as of January 17, 2025.
The after-tax profit of Transcorp Hotel increased to N10.2 billion from N4.1 billion during the period. The firm’s cost of sales rose to N14 billion claiming 28 percent of the company’s revenue.
The company’s finance cost fell to N2.9 in 9M from N2.95 billion while income tax rose to N6.1 billion from N1.4 billion. Earnings per share rose to N100 from N40 in the same period of 2023.
GTCO
Guaranty Trust Holding Company (GTCO), a tier-one bank in Nigeria market valuation rose to N1.7 trillion, its share price amounted to N58 with a trading volume of 65,052,416 as of January 17, 2025
The holding company recorded an after-tax profit of N1.08 trillion in the nine months of 2024 driven by interest income.
GTCO’s interest income grew by 161 percent to N980 billion, compared to N374.5 billion during the same period in 2023.
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