MTN Nigeria Communications (MTNN) Plc and Dangote Cement Plc have emerged as the top two most profitable companies on the Nigerian Exchange Limited (NGX) in 2022, with impressive revenue growth. MTNN reported a revenue of N2.00 trillion, while Dangote Cement achieved revenue of N1.62 trillion during the year. Other companies that made the list include Access Holdings with a revenue of N1.33 trillion, Zenith Bank with N921.13 billion, UBA, GTCO, BUA Foods, Seplat Energy, BUA Cement, and Stanbic IBTC Holdings, which recorded revenues of N748.29 billion, N490.13 billion, N418.35 billion, N403.90 billion, N360.99 billion, and N287.53 billion, respectively.


Despite a challenging macroeconomic environment characterized by inflationary pressures and FX challenges, companies listed on the NGX have demonstrated resilience and achieved remarkable financial performance. Karl Toriola, CEO of MTN Nigeria, acknowledged the difficulties faced in 2022 due to global macroeconomic and geopolitical volatility, inflation, and foreign exchange uncertainties. However, MTN Nigeria successfully managed these challenges by investing in the resilience of their business and networks, expanding coverage and capacity, and implementing expense efficiencies and disciplined capital allocation. They also became the first mobile network operator to launch a 5G network in Nigeria, contributing to their overall growth and progress.


Alhaji Aliko Dangote, Chairman of Dangote Cement, highlighted the unexpected challenges faced in 2022, including geopolitical tensions and shifts in monetary policy. Despite these obstacles, Dangote Cement implemented robust cost-reduction strategies, improved operational efficiencies, and optimized production processes to manage the inflationary environment. The company also made significant strides in transitioning to cleaner energy sources, reducing their cost base, and enhancing flexibility in response to market changes.


The remarkable financial performance of MTNN, Dangote Cement, and other listed companies on the NGX showcases their ability to thrive and adapt in a challenging economic climate. These achievements contribute to the growth and stability of the Nigerian economy and demonstrate the resilience and innovation of Nigerian businesses.