The 10 Most Profitable Listed Companies In Nigeria – 2024 

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

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10. Aradel Holdings Plc – N259.07 billion

Chief Executive Officer, Aradel Holdings Plc Adegbite Falade 

Aradel Holdings Plc rounded out the top 10 as the tenth most profitable company in Nigeria in 2024, reporting a Profit After Tax (PAT) of N259.07 billion.

This marked an extraordinary 382% rise from the N53.74 billion posted in the prior year, positioning Aradel as one of the biggest turnaround stories in the Nigerian corporate scene.

The company delivered a significant year-on-year revenue growth among listed companies, with a 163% surge to N581.15 billion in 2024, compared to N221.14 billion in 2023.

The oil & gas conglomerate paid an interim dividend of N8 per share and a final dividend of N22 per share, bringing the total dividend payout to an impressive N71.91 billion.

Aradel reported a PAT of N34.20 billion in Q1 2025, up from N22.09 billion in the same period last year, while the company’s PBT rose from N39.49 billion in Q1 2024 to N67.17 billion in Q1 2025.

 BUA Foods Plc – N265.99 billion

Chief Executive Officer, BUA Foods Plc, Ayodele Abioye 

BUA Foods Plc is a major player in the food and fast-moving consumer goods (FMCG) industry in Nigeria, emerging as the ninth most profitable company in Nigeria in 2024, with a Profit After Tax (PAT) of N265.99 billion, reflecting a 137% increase from the N112.10 billion posted in 2023.

The FMCG company recorded a Profit Before Tax (PBT) of N284.32 billion, representing a 162.9% increase from the prior year.

The group’s revenue rose by 109% year-on-year to N1.53 trillion in 2024, up from N729.44 billion in 2023. This is the highest annual revenue since the company’s listing on the Nigerian Exchange in 2021, when it reported N333.2 billion.

BUA Foods declared a final dividend of N13.00 per ordinary share of 50 Kobo each for the 2024 financial year, payable to shareholders listed in the Register of Members as of the close of business on 21st August 2025

The company continued its strong performance in Q1 2025, with PAT growing from N55.82 billion in Q1 2024 to N125.28 billion. Its PBT also more than doubled, climbing from N62.36 billion to N136.39 billion.

8. Fidelity Bank Plc – N278.11 billion

Managing Director/CEO, Fidelity Bank Plc Nneka Onyeali-Ikpe 

Fidelity Bank Plc ranked eighth in Nigeria’s most profitable companies in 2024, reporting a Profit After Tax (PAT) of N278.11 billion, a significant 180% jump from N99.45 billion in 2023.

The bank also posted a Profit Before Tax (PBT) of N385.22 billion in 2024, up 210% from N124.26 billion in the previous year.

Fidelity Bank paid an interim dividend of N0.85 per share and declared a final dividend of N1.25 per share. This brings the total dividend paid to N27,210 million in dividends paid.

The bank recorded a 39% increase in revenue for the 2024 financial year, rising to N385.21 billion from N278.11 billion in 2023.

In Q1 2025, the bank posted an impressive result. Its PAT surged from N31.44 billion the previous year to N91.10 billion, while its PBT also rose sharply from N39.50 billion in Q1 2025 to N105.77 billion.

7. Dangote Cement Plc – N503.25 billion

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.

6. Access Holdings Plc – N642.22 billion

Acting Group Chief Executive Officer, Access Holdings Plc, Bolaji Agbede 

Access Holdings Plc ranked sixth among Nigeria’s most profitable companies in 2024, delivering a Profit After Tax (PAT) of N642.22 billion, a slight increase of 4% from the N619.32 billion reported in 2023.

The group’s revenue surged by 88% to N4.88 trillion, a significant rise from N2.59 trillion in the previous year.

In terms of Profit Before Tax (PBT), Access recorded N867.02 billion, representing a 19% increase from the N729.00 billion reported in 2023.

The bank declared an interim dividend of N0.45 kobo per share for the 2024 financial year and a final dividend of N2.05 per share, leading to a total dividend payment of N74,645 million.

Access Holdings recorded an increase in performance in Q1 2025. The bank’s PAT grew from N159.29 billion the previous year to N182.75 billion, while PBT rose from N202.74 billion in Q1 2024 to N222.78 billion in the same period this year.

5. First HoldCo Plc– N663.49 billion 

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.

4. Ecobank Transnational Inc. – N735.90 billion

Group Chief Executive Officer, Ecobank Transnational Inc., Jeremy Awori 

Ecobank Transnational Incorporated (ETI), emerged as Nigeria’s fourth most profitable company in 2024, delivering an exceptional Profit After Tax (PAT) of N735.90 billion.

This represents a staggering 179% jump from the N263.52 billion posted in 2023, one of the strongest bottom-line growth figures among the top ten companies.

Ecobank’s phenomenal profit growth was matched by a surge in revenue. The group’s revenue rose by 131% year-on-year, reaching N4.22 trillion, up from N1.82 trillion in the previous year.

The pan-African banking group also recorded an impressive Profit Before Tax (PBT) of N980.68 billion, an increase of 160% from N376.49 billion in 2023.

At the time of this report, the bank has yet to disclose dividend information for the 2024 financial year.

The bank sustained its positive momentum into 2025. The bank’s PAT rose from N140.90 billion in Q1 2024 to N187.11 billion in Q1 2025, while PBT also climbed from N201.46 billion to N267.30 billion.

3. United Bank for Africa (UBA) Plc – N766.57 billion

Group Managing Director/CEO, United Bank for Africa Plc, Oliver Alawuba 

United Bank for Africa (UBA), a leading pan-African financial services institution ranked as the third most profitable company in 2024, with a Profit After Tax (PAT) of N766.57 billion. This marked a 26% growth from the N607.70 billion recorded in 2023.

UBA, a member of the elite Stocks Worth Over One Trillion Naira (SWOOTs) in market capitalization, also reported strong top-line growth. Its revenue rose by 54% year-on-year to N3.19 trillion, up from N2.07 trillion in 2023.

While profit after tax grew significantly, the Profit Before Tax (PBT) saw only a modest uptick of 6%, reaching N803.73 billion compared to N757.68 billion in the previous year.

The bank declared an interim dividend of N2 per share, a final dividend of N3.00 kobo for every ordinary share of 50 kobo, with a total dividend payment of N95,758 million for the financial year ended December 31, 2024

For the first quarter of 2025, UBA delivered solid growth as its PAT increased from N142.58 billion in Q1 2024 to N189.84 billion, a 33.1% rise, while PBT grew from N156.34 billion the previous year to N204.27 billion.

2. GTCO Plc – N1,02 trillion

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.

1. Zenith Bank Plc – N1,03 trillion 

Group Managing Director/CEO, Zenith Bank Plc, Adaora Umeoji 

Zenith Bank Plc led the pack in 2024 as Nigeria’s most profitable company, recording a remarkable Profit After Tax (PAT) of N1.03 trillion, up 53% from the N676.91 billion reported in 2023.

The bank’s exceptional bottom-line growth was supported by a strong topline performance. Zenith’s revenue rose by 86% to N3.97 trillion, up from N2.13 trillion in 2023.

In terms of Profit Before Tax (PBT), the bank posted N1.33 trillion, representing a 67% increase from the N795.96 billion recorded in the previous year.

Zenith’s impressive profitability also translated to robust returns for shareholders. The bank declared an interim dividend of N1.00 and a final dividend of N4.00. This brought its total dividend payout to N125,586 million.

So far in Q1 2025, Zenith Bank continues to lead the earnings chart. The bank’s PAT rose from N258.34 billion in the same period the previous year to N311.83 billion, while its PBT grew from N320.19 billion in Q1 2024 to N350.82 billion, reflecting a 9.6% increase.