22 Firms Report N12.1tn PBT in 9 Months Despite Macro-economic Headwinds

Despite economic challenges, 22 Nigerian companies reported a combined profit before tax (PBT) of N12.1 trillion over a nine-month period ending September 30, 2026. This marked a significant 35.4 per cent year-on-year increase from the N8.94 trillion reported in the same period of 2025. The companies, encompassing sectors such as cement manufacturing and financial institutions, generated approximately N7.6 trillion in profit after tax for the same period, up by 22.1 per cent from N6.2 trillion in 2025.

The Nigerian economy faced various obstacles during this period, including insecurity, weak purchasing power due to inflation, and the impact of the Middle East conflict on global oil prices and uncertainties. However, the Central Bank of Nigeria reported a slight easing of inflation to 14.63 per cent in September 2026 from 15.15 per cent in December 2025. The Nigerian Naira also strengthened from N1,478.00 against the dollar in September 2025 to N1,331.50 against the dollar in September 2026.

While navigating uncertainty and trade barriers, the global economy faced additional challenges from the Middle East conflict, leading to expectations of slower growth in 2026 and 2027, estimated at 3.1 per cent and 3.2 per cent respectively. Among the companies analyzed, MTN Nigeria Communications Plc led the pack with a profit before tax of N1.79 trillion in the nine months ended September 2026, which is 59.4 per cent more than the N1.13 trillion reported in the same period of 2025.

Other notable performers include Dangote Cement Plc, declaring a profit before tax of N1.47 trillion, up by 41.45 per cent from N1,04 trillion in 2025, and Seplat Energy Plc, with a profit before tax of N1.34 trillion, showing a 52.7 per cent growth from N878.99 billion in 2025.