10 Listed Companies Made the Most Profit in Nigeria This Year

Despite the inflation, uncertainty, and economic flunctation in the country, some companies were still able to record a huge profit. These weren’t just lucky breaks or short-term gain, they were the result of smart strategy, market dominance, and an ability to navigate uncertainty.

According to GDP data, Nigeria’s economy grew by 3.40% in 2024,  an improvement over the previous year. But growth wasn’t enough to protect businesses from rising operating costs and unpredictable policy shifts. 

Yet, somehow, these ten listed companies found a way to thrive, collectively generating over ₦8 trillion in net profit, a leap from ₦5.76 trillion in 2023.

Let’s take a closer look at the top most profitable companies in Nigeria for 2024, based on their full-year profit after tax.

Zenith Bank Plc — ₦1.03 Trillion Profit

With a profit after tax of ₦1.03 trillion, Zenith set a new record for itself and the banking sector. That’s a 53% jump from the previous year, driven largely by an 86% surge in revenue. From loan growth to interest income, the bank managed to capitalise on every opportunity the economy offered.

Its total revenue stood at ₦3.97 trillion, and before tax, it posted ₦1.33 trillion, both figures reflecting strong cost management and aggressive growth.

Zenith also gave back to its shareholders, declaring ₦5.00 in total dividends per share, amounting to over ₦125 billion in payouts.

And the momentum hasn’t slowed. In Q1 2025 alone, Zenith reported ₦311.83 billion in PAT, up from ₦258.34 billion year-on-year.

GTCO Plc — ₦1.02 Trillion Profit

Close behind Zenith is Guaranty Trust Holding Company, with a full-year PAT of ₦1.02 trillion, marking an impressive 89% increase from the previous year.

GTCO’s revenue also soared to ₦2.15 trillion, and its profit before tax crossed ₦1.27 trillion, reflecting sound investment strategy and strong cost control. 

The group’s diversified services across banking, pensions, and asset management helped buffer it against market shocks.

GTCO’s dividend payout was also notable, ₦7.03 per share, translating to over ₦94 billion in returns to shareholders.

However, its Q1 2025 results showed a slight slowdown: PAT dropped to ₦258.03 billion, suggesting the firm is entering a more cautious growth phase.

United Bank for Africa (UBA) — ₦766.57 Billion Profit

UBA claimed third place with ₦766.57 billion in net profit, up 26% from 2023. The pan-African bank continued to benefit from its wide footprint across the continent, even as domestic operations faced currency and inflation pressure.

Revenue climbed to ₦3.19 trillion, while profit before tax edged up to ₦803.73 billion, modest growth, but solid in a tricky economic climate.

UBA rewarded its investors with a ₦5.00 total dividend per share, while in Q1 2025, it maintained growth momentum, pushing PAT up by 33% to ₦189.84 billion.

Ecobank Transnational Inc. — ₦735.90 Billion Profit

Ecobank made perhaps the most dramatic leap in the rankings, jumping by 179% from its 2023 profit levels to post a PAT of ₦735.90 billion.

The bank’s revenue nearly tripled to ₦4.22 trillion, helped by its deep presence across several African markets and strong forex operations. Its profit before tax grew by a staggering 160%, reaching ₦980.68 billion.

Although it hasn’t disclosed its dividend for the year, Ecobank’s performance stands out as one of the biggest turnarounds in the financial sector. In Q1 2025, it posted a PAT of ₦187.11 billion, confirming that last year’s growth wasn’t a fluke.

First HoldCo Plc — ₦663.49 Billion Profit

Formerly known primarily as the parent of First Bank of Nigeria, First HoldCo Plc staged one of the most impressive comebacks in the banking sector.

Its profit after tax rose by 115%, from ₦308.43 billion in 2023 to ₦663.49 billion in 2024. The company’s revenue crossed ₦3.21 trillion, while pre-tax profit surged to ₦796.47 billion.

First HoldCo paid a modest dividend of ₦0.60 per share, totaling ₦14.36 billion, suggesting that more capital is being retained for growth or restructuring.

That said, Q1 2025 saw a dip in performance, with PAT falling to ₦171.10 billion, a signal that the company might be entering a period of recalibration.

Access Holdings Plc — ₦642.22 Billion Profit

Access Holdings, the parent company of Access Bank, maintained its spot among Nigeria’s banking heavyweights, closing 2024 with ₦642.22 billion in net profit. Though the growth was modest just a 4% rise from the previous year — it still kept the group firmly in sixth place.

Access’ revenue told a bigger story. It jumped by 88%, hitting ₦4.88 trillion, driven by improved interest income, digital banking expansion, and higher transaction volumes.

Profit before tax came in at ₦867.02 billion, and the company rewarded shareholders with a total dividend of ₦2.50 per share, amounting to ₦74.6 billion.

In Q1 2025, Access returned stronger numbers, growing PAT from ₦159.29 billion to ₦182.75 billion, signaling a renewed upward trend.

Dangote Cement Plc — ₦503.25 Billion Profit

Dangote Cement was the only non-financial Nigerian company to break into the top seven, showing that industrial giants still have room to shine.

With a PAT of ₦503.25 billion, the company grew its profit by 10% over the previous year. Revenue skyrocketed by 62% to ₦3.58 trillion, fuelled by rising local cement demand and export gains across West Africa.

Its profit before tax hit ₦732.54 billion, and in a bold move, the company paid shareholders a combined ₦60 per share in dividends, ₦511.2 billion in total.

The first quarter of 2025 also started strong: profit after tax nearly doubled to ₦209.25 billion, positioning Dangote Cement as a non-banking powerhouse.

Fidelity Bank Plc — ₦278.11 Billion Profit

Fidelity Bank was one of the surprise stars of 2024. With a PAT of ₦278.11 billion, it shot up 180% from its 2023 results, a massive leap that placed it comfortably in eighth position.

The bank’s PBT also soared to ₦385.22 billion, a 210% jump. This turnaround was driven by improved efficiency, stronger asset quality, and growth in non-interest income.

Fidelity declared a ₦2.10 dividend per share, rewarding loyal investors with over ₦27 billion in payouts.

If anyone thought 2024 was a fluke, Fidelity quickly shut that down with its Q1 2025 results: PAT rose to ₦91.10 billion, nearly tripling from the previous year.

BUA Foods Plc — ₦265.99 Billion Profit

BUA Foods secured the ninth spot with ₦265.99 billion in net profit, marking a 137% rise from its 2023 performance. The company’s growth was not just big — it was historic.

Revenue reached ₦1.53 trillion, its highest since listing, and PBT rose to ₦284.32 billion, nearly tripling year-on-year.

BUA’s ability to scale food production and meet demand amid rising food prices gave it a significant edge in the FMCG space. It declared a generous ₦13.00 dividend per share, the highest among consumer goods companies.

In Q1 2025, BUA Foods didn’t slow down. Profit after tax more than doubled to ₦125.28 billion, reinforcing its status as a rising force in the food industry.

Aradel Holdings Plc — ₦259.07 Billion Profit

In tenth place but arguably the most dramatic story of the year is Aradel Holdings Plc, an oil and gas firm that pulled off a 382% profit leap, growing from ₦53.74 billion in 2023 to ₦259.07 billion in 2024.

The company’s revenue also surged by 163% to ₦581.15 billion, driven by higher crude production, strong downstream performance, and improved cost controls.

It paid a total of ₦30 per share in dividends, amounting to ₦71.91 billion, a confident move that signaled Aradel’s return as a serious player.

Q1 2025 performance stayed strong, with PAT climbing to ₦34.20 billion and PBT reaching ₦67.17 billion, clear proof that Aradel’s rebound is no one-hit wonder.