Kayode Tokede 

Despite macroeconomic headwinds, MTN Nigeria Communications Plc and 21 other listed companies on the Nigerian Exchange Limited (NGX) reported N12.1 trillion profit before tax in nine months ended September 30, 2026. 

This represent a 35.4 per cent Year-on-Year (YoY) increase over N8.94 trillion reported in recorded in the same period in 2025.

The 22 companies that are made up of  cement manufacturing, financial institutions, and others  generated an estimated N7.6 trillion profit after tax in nine months of 2026, up by 22.1per cent when compared to N6.2 trillion in nine months of 2025. 

In the period under review, the economy weathered insecurity, weak purchasing power despite inflation easing, among others.     

Nigeria’s inflation eased to 14.63 per cent as of September 2026 from 15.15 per cent December 2025, while the Naira at the  closed September 30, 2026 at N1,331.50 against the dollar from N1,478.00 against the dollar September 30, 2025.

Also, the ongoing unrest in the Middle East between US/Israel and Iran has impacted on global oil prices, led to uncertainties and companies in Nigeria felt the impact.

After navigating heightened uncertainty and trade barriers last year, the global economy now faces a fresh shock from the war in the Middle East. Growth is projected to slow to 3.1 per cent in 2026 and 3.2per cent in 2027, weighed down by rising geopolitical tensions. 

Meanwhile, analysis of the companies’ unaudited result and accounts for nine months ended September 2026 showed that MTN Nigeria Communications Plc recorded the highest profit followed by Dangote Cement Plc and Seplat Energy Plc.   

MTN declared N1.79 trillion profit before tax in nine months of 2026, about 59.4 per cent from N1.13 trillion reported in nine months of 2025. 

The Chief Executive Officer, MTN Nigeria Communications, Mr. Karl Toriola in a statement said: “We delivered a very strong third quarter, reversing the temporary slowdown in Q2. Service revenue grew 19.7per cent (8.4per cent QoQ), with growth accelerating each month to 21.6per cent in September. 

“Profitability grew even faster: Q3 EBITDA rose 32.8 per cent (12.5per cent QoQ) and the EBITDA margin widened by 5.8 per cent to 58.7 per cent. For the nine months, service revenue grew 23.7per cent with an EBITDA margin of 56.9 per cent.  Both are comfortably within the guidance of ‘at least low-20per cent’ revenue  growth and a ‘mid-to-high-50per cent’ margin. 

“Growth is increasingly volume-led, driven by more users, deeper data adoption, higher usage and rising demand for home broadband, supported by continued investment in network coverage, capacity and quality. In fintech, core mobile money revenue more than doubled, up 102.2per cent, while our airtime and data credit service continued to recover following its resumption under a multi-partner model, with revenue up 78.5per cent in Q2.” 

Dangote Cement announced N1.47trillion profit before tax, which is  41.45 per cent increase over N1,04  trillion in corresponding period of 2025, while Seplat Energy declared N1.34 trillion profit before tax, which is 52.7 per cent growth from N878.99 billion in  nine months of 2025. 

The Chief Executive Officer, Dangote Cement, Arvind Pathak in a statement said: “The Group delivered a record performance in the nine months ended September 2026. Revenue rose 19.6per cent to N3.77 trillion, EBITDA rose 23.7per cent to N1.77 trillion at a 46.8per cent margin, and profit after tax grew 31.2per cent to a record N974.8 billion, driven by volume growth, broader market reach, and disciplined execution of our strategic priorities.” 

He added that, “As we enter the final quarter, our priorities remain clear: sustain volume growth, protect margins through cost discipline, expand our regional market presence, and complete our strategic capacity investments. With record profitability, record cash generation and a net-cash balance sheet, we approach these priorities from a position of strength unmatched among African cement producers.”

Capital market analysts stressed that Nigerian companies have been resilient over the years despite facing significant economic challenges such as double-digit inflation, 23 per cent interest rate  and ongoing security concerns,

An Investment Banker and Stockbroker, Mr. Tajudeen Olayinka stated that the profit generation for nine months of 2026 is a reflection of improved economic indicators in Nigeria.

He said, “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 profit generation.”

He added that Nigeria companies remain resilient amid growing challenges.