Amid Improved Business Environment, 20 Blue-Chip Firms Declare N27.8trn Revenue

Kayode Tokede 

Driven by stability in the foreign exchange market, among others a total of 20 clue-chip companies listed on the Nigerian Exchange Limited (NGX) earned N27.8trillion revenue the in 2025 financial year.

This represents an increase of 28.7 per cent when compared to the N21.62 trillion reported in the corresponding period of 2024.  

Analysis of their audited/unaudited result and accounts for the full year indeed Decembebr 31, 2025 showed that the 20 companies generated an estimated N6.75 trillion profit before tax, representing an increase of 291.5 per cent from N1.72 trillion reported in 2024. 

The 20 firms cut across; cement manufacturing, telecommunication, power generation, oil & gas, Fast-Moving Consumer Goods (FMCG), among others.  

An independent investigation by THISDAY revealed these firms grew revenue significantly amid a slow down in  inflation rate  and increasing business activities that reflected in Gross  Domestic Product (GDP) that closed in the fourth quarter of 2025 at 4.07 per cent from 3.76 per cent growth recorded in the corresponding period of 2024. 

Macro-economic conditions improved further in 2025 with a more stable foreign exchange  market, improved foreign liquidity and a sustained decline in inflation compared to 2024. 

The naira strengthened to N1,436 against the dollar by year-end (2024: N1,535/ dollar), while tight monetary  policy helped reduce headline inflation to 15.2per cent (2025 average: 23.4pepr cent), partly reflecting consumer price index (CPI) rebasing.

However, most listed petroleum marketing companies saw a decline in revenue, influenced by the Dangote Refinery. With the Dangote Petroleum Refinery ramping production, reducing reliance on imported refined products, led to price competition that affected specifically Eterna  Plc, Conoil Plc and Totalenergies Marketing Nigeria Plc revenue growth in 2025. 

In the period under review, MTN Nigeria Communications Plc, followed by Dangote Cement Plc. and Seplat Energy Plc led the chart with highest revenue generation in 2025.  

Specifically, MTN Nigeria Communications posted N5.2 trillion revenue in 2025, up by 54.9 per cent from N3.36 trillion reported in 2024. 

The CEO, MTN Nigeria, Mr. Karl Toriola in a statement said, “2025 marked a significant turning point in our business performance and resumption of dividend payments. In the period, we returned to profitability,  generated stronger free cash flow and restored positive retained earnings and shareholders’  funds. 

“Our balance sheet resilience was driven by the robust performance of the business as well as a focused reduction in foreign currency exposure and financial discipline. These results were delivered through excellent commercial execution, commitment to operational efficiency and disciplined capital allocation, underpinned by a supportive macroeconomic environment.” 

With the increase in the price of Cement and expansion, Dangote Cement declared N4.31 trillion revenue, representing an increase of 20.28 per cent from N3.58 trillion in 2024.

In addition, Seplat Energy announced N4.14trillion revenue in 2025, about 150.4 per cent increase over N1.65trillion reported in 2024. 

Analysts stated that despite facing significant economic challenges such as double-digit inflation, 27 per cent interest rate  and ongoing security concerns, these companies have been resilient over the years.

They expressed further that these companies operating in Nigeria took advantage of a hike in inflation rate, among others to increase the price of goods and services in 2025, a key element that reflected on revenue. 

Investment Banker and Stockbroker, Mr. Tajudeen Olayinka said: “2025FY revenue growth is a reflection of Nigeria’s economy. There was an increase in goods & services amid double digit inflation and these companies passed the cost effect to customers that eventually drove their revenue.”

He added that Nigeria companies remain resilient amid growing challenges, even though some  were unable to pay dividends but increase their revenue which in years to come, it  is expected to impact on profit generation and dividend payout to shareholders.