Q1: 20 Companies Post N6.61tn Revenue Amid Improved Economic Indicators

Kayode Tokede 

On the back of improved macro economic indicators, a total of 20 companies  listed on the Nigerian Exchange Limited (NGX) declared an estimated N6.61 trillion revenue in the first quarter (Q1) end March 31, 2026.

This represents about 11.7 per cent increase over N5.9 trillion reported in the same period in 2025.  

The companies posted N1.3 trillion profit, representing an increase of 71.3 per cent from N782.91billion reported in the corresponding period of 2025.   

The 20 companies cut across cement manufacturing, petroleum marketing, power generating, telecommunication, breweries makers,  among other companies operating in the country.

Nigeria’s headline inflation rate eased significantly to 15.38 per cent  in March 2026, from 27.35 per cent March 2025, following a methodological revision by the National Bureau of Statistics (NBS). 

The NBS shifted the base  year from 2009 to 2024 to better reflect consumer spending. The sharp decline also reflects  CPI rebasing to a 2024 base year using a 12-month average, which helped smooth base effects.

The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) dropped to  26.50 per cent as of March 2026 from  27.50 per cent in March 2025, alongside adjustments to the corridor and Cash Reserve Ratio (CRR). 

The naira closed March 31, 2026 at N1,387.00 against the dollar, appreciating by 9.8per cent Year-on-Year from N1,538.26  against the dollar March 2025. 

After weakening to N1,602 against the dollar  in April 2025, the currency rebounded from May, with momentum strengthening in Q4 2025 and sustained through year-end. The turnaround reflects the impact of CBN foreign exchange  reforms, tighter monetary policy, improved foreign exchange  inflows, and reduced speculative demand.

In the period under review,  THISDAY can report that MTN Nigeria Communications Plc, followed by  Dangote Cement Plc and Seplat  Energy Plc  reported an average N1 trillion revenue. 

The telecommunication giant declared N1.5 trillion revenue in Q1 2026, up by 41.56 per   cent from  N1.06 trillion reported in Q1 2025.  

The CEO, MTN Nigeria,  Karl Toriola in a statement stated: “The first quarter of 2026 underscores the strength of our  execution and the resilience of our business model in a complex and evolving operating environment. 

“Elevated geopolitical tensions towards the end of the period drove higher energy prices and renew ed inflationary pressures.  Encouragingly, this was partly mitigated by a  relatively stronger naira, which closed at N1,387/US$ (December 2025: N1,436/US$). 

“Within this context, we sustained strong commercial momentum, maintained disciplined cost  management and accelerated investment in our network —translating underlying demand into  robust financial performance and continued value creation. 

“As a result, we delivered service revenue growth and EBITDA margin performance in line with our medium -term guidance.” MTN Nigeria, however, closed Q1 2026 with profit of about N355.5 billion, which is 166per cent higher than N133.68 billion reported in Q1 2025.”  

On its part, Dangote Cement posted N1.198 trillion revenue in Q1 2026, a growth of 20.4 per cent from N994.66 billion in Q1 2025 while Seplat Energy declared N1.16 trillion revenue in Q1 2026, representing a decline of 5.2 per cent from N1.23trillion reported in Q1 2025. 

Analysts stated that despite facing significant economic challenges such as double-digit inflation, high interest rate  and ongoing security concerns, these companies have been resilient over the years. They expressed further that the companies took advantage of increase in prices of petroleum products to increase the price of goods and services in early 2026, a key element that reflected on revenue. 

Speaking, Investment Banker and Stockbroker, Mr. Tajudeen Olayinka said: “Q1 2026 revenue growth is a reflection of Nigeria’s economy. There was an increase in the price of petrol and diesel and these companies passed the cost effect to customers that eventually impacted on their  r revenue generation.”

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.