Kayode Tokede
Despite macroeconomic headwinds, MTN Nigeria Communications Plc and 21 different listed firms on the Nigerian Exchange Limited (NGX) reported N12.1 trillion revenue earlier than tax in 9 months ended September 30, 2026.
This characterize a 35.4 per cent Year-on-Year (YoY) improve over N8.94 trillion reported in recorded in the identical interval in 2025.
The 22 firms which might be made up of cement manufacturing, monetary establishments, and others generated an estimated N7.6 trillion revenue after tax in 9 months of 2026, up by 22.1per cent when in comparison with N6.2 trillion in 9 months of 2025.
In the interval below evaluation, the economic system weathered insecurity, weak buying energy regardless of inflation easing, amongst others.
Nigeria’s inflation eased to 14.63 per cent as of September 2026 from 15.15 per cent December 2025, whereas the Naira on the closed September 30, 2026 at N1,331.50 in opposition to the greenback from N1,478.00 in opposition to the greenback September 30, 2025.
Also, the continued unrest within the Middle East between US/Israel and Iran has impacted on world oil costs, led to uncertainties and firms in Nigeria felt the influence.
After navigating heightened uncertainty and commerce boundaries final yr, the worldwide economic system now faces a recent shock from the battle within the Middle East. Growth is projected to sluggish to three.1 per cent in 2026 and three.2per cent in 2027, weighed down by rising geopolitical tensions.
Meanwhile, evaluation of the businesses’ unaudited consequence and accounts for 9 months ended September 2026 confirmed that MTN Nigeria Communications Plc recorded the best revenue adopted by Dangote Cement Plc and Seplat Energy Plc.
MTN declared N1.79 trillion revenue earlier than tax in 9 months of 2026, about 59.4 per cent from N1.13 trillion reported in 9 months of 2025.
The Chief Executive Officer, MTN Nigeria Communications, Mr. Karl Toriola in a press release stated: “We delivered a really sturdy third quarter, reversing the short-term slowdown in Q2. Service income grew 19.7per cent (8.4per cent QoQ), with progress accelerating every month to 21.6per cent in September.
“Profitability grew even quicker: 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 9 months, service income grew 23.7per cent with an EBITDA margin of 56.9 per cent. Both are comfortably throughout the steering of (*9*) income progress 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 introduced N1.47trillion revenue earlier than tax, which is 41.45 per cent improve over N1,04 trillion in corresponding interval of 2025, whereas Seplat Energy declared N1.34 trillion revenue earlier than tax, which is 52.7 per cent progress from N878.99 billion in 9 months of 2025.
The Chief Executive Officer, Dangote Cement, Arvind Pathak in a press release stated: “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 careworn that Nigerian firms have been resilient through the years regardless of dealing with important financial challenges equivalent to double-digit inflation, 23 per cent rate of interest and ongoing safety issues,
An Investment Banker and Stockbroker, Mr. Tajudeen (*22*) acknowledged that the revenue technology for 9 months of 2026 is a mirrored image of improved financial indicators in Nigeria.
He stated, “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 firms stay resilient amid rising challenges.
