.Banking sector revenue hits N3.96trn .Six petroleum marketing coys records N776.6bn revenue
Kayode Tokede
Dangote Cement Plc and 47 leading companies on the Nigerian Exchange Limited (NGX) recorded combined revenue of N8.9trillion in the first nine months of 2021 amid growth in Gross Domestic Product (GDP), THISDAY checks has revealed.
The 48 companies’ total revenue is 17.3 per cent higher when compared to N7.6 trillion recorded in nine months of 2020.
According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 4.03 per cent year-on-year (YoY) in real terms in the third quarter of 2021, showing a sustained positive growth over the last four quarters since the recession witnessed in 2020.
The bureau added that output contracted by -6.10 per cent and -3.62per cent in second quarter and third quarter of 2020 under the coronavirus pandemic
Meanwhile, analysts believe the growth in revenue by these 48 companies indicate that Nigerian companies have overcome the adverse impact of the coronavirus.
Analysis of the companies reports in nine months showed that Dangote Cement Plc gained 34.2 per cent increase in revenue to N1.02 trillion in nine months of 2021 from N761 billion recorded in nine months of 2020, while MTN Nigeria Plc’s revenue reached N1.21trillion in nine months of 2021, about 24 per cent increase when compared to N975.76billion recorded in nine months of 2020.
BUA Cement Plc recorded 19.3 per cent increase in revenue to N186.91billion in nine months of 2021 from N156.55 in nine months of 2020, while Lafarge Africa Plc grew revenue by nearly 22 per cent to N219.2billion in nine months of 2021 from N179.8billion recorded in nine months of 2020.
THISDAY finding revealed the growth in revenue of the two cement manufacturers reflected in the construction sector that contributed 9.26 per cent to nominal GDP in the third quarter of 2021, higher than the 7.23 per cent it contributed a year earlier and higher than the 8.74 per cent contributed in the second quarter of 2021.
Financial results of 14 banks and 10 insurance companies show that the combined revenue grew by nearly six per cent to N4.14 trillion from N3.9 trillion recorded in the corresponding period of nine months of 2020.
Although the likes of Guaranty Trust Holdings Plc (GTCO), FBN Holdings Plc and Stanbic IBTC Holdings Plc recorded decline in revenue, the combined banking sector recorded about 5.4 per cent increase in top line performance to […]