MTN makes N554bn to beat Dangote and others as most profitable company in Nigeria

MTN Nigeria Communications (MTNN) Plc has beaten Dangote Cement Plc, and others to emerge as the most profitable company in Nigeria in 2022 after making N553.97 billion.

This is based on information gathered from the companies audited results released on the Nigerian Exchange (NGX).

According to the NGX, Nigerian economy expanded by 3.1% in real terms in 2022, representing slow growth when compared to the previous year’s 3.4% expansion. Headline inflation also rose to a 21-year high of 18.77% in 2022 due to the pass-through effect of the Russia-Ukraine war.

NEW: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Nonetheless, businesses in the country have been able to increase their income, whilst giving value in the form of dividends to their shareholders.

In 2022, fifty (50) top companies were listed on the Nigerian Exchange (NGX) posted profit before tax of N3.54 trillion, surpassing the previous year by 8.1% (N3.27 trillion).


Post-tax profit also increased by 9.8% to N2.69 trillion as the firms paid a sum of N1.39 trillion as total dividends to their shareholders in the period. It is worth noting that while inflation and FX challenges impacted the expenses of the companies, they were able to post impressive numbers, hence, competing for the most profitable companies.

MTN Nigeria in 2022 topped the list of the most profitable companies in Nigeria in 2022 based on their profit before tax (PBT). PBT is an important metric in determining how well a company is performing especially from a shareholder’s perspective as dividends payment will come from the net income, which is the remnant when taxes are deducted from the PBT.

The leading telecommunications company with over 75.6 million mobile subscribers and 39.5 million data subscribers, recorded a PBT of N533.97 billion in 2022, representing a 22% increase from N436.7 billion in 2021. The company attributed its growth to increased revenue from data, fintech, and digital services, as well as cost optimization and operational efficiency.

Revenue surged by 22% to N2.01 trillion, representing the first Nigerian company to post revenue above N2 trillion. Its operating profit despite rising costs increased by 25% to N733.29 billion while PAT was stated at N175.1 billion. MTN incurred N175.1 billion as income taxes for the year.

MTN Nigeria rewarded its shareholders with a total dividend of N15.6 per share for the year, up from N13.12 per share in 2021. The company’s total dividend summed up to N317.53 billion from N267.1 billion in the previous year.

UPDATE: You can receive News updates directly on your WhatsApp, click “HERE” to join our group.

Dangote Cement, the largest cement producer in Africa posted a PBT of N524 billion in 2022, down marginally by 2.7% from N538.4 billion in 2021. The firm, which made most of its revenue from the sales of cement and clinker saw its revenue increase by 17% to N1.62 trillion from N1.38 trillion a year ago, despite a decline in sales volume.

Operating profit improved slightly by 0.6% to N585.9 billion as net income increased by 4.9% to N382.3 billion, due to a decline in income tax expenses, which fell by 18.5% to N141.7 billion.

Dangote Cement declared a total dividend of N20 per share, amounting to a payment of N340.8 billion in 2022.

Airtel Africa Plc, which is third on the list earned about 40% of its revenue from Nigeria, and recorded a profit before tax of N461.3 billion in 2022 compared to N513.5 billion in the previous year.

Others in the top 10 most profitable companies in Nigeria in 2022 as compiled by Nairametrics include;

Zenith Bank Plc – N284.7 billion

Guaranty Trust Holdings – N214.2 billion

UBA – N200.9 billion

Access Holdings – N167.7 billion

FBN Holdings Plc – N157.9 billion

BUA Cement – N120.2 billion

BUA Foods – N107.2 billion

Share News with us via WhatsApp: 07041591544 or Email:

📡Join Our Social Media Channels:


- Advertisement -