11 listed firms post N3.06tn half year profit

Eleven firms listed on the Nigerian Exchange Limited (NGX) posted a combined profit of N3.06 trillion in the first half (H1) of 2026, Daily Trust reports.

An analysis of the unaudited half-year results of the companies across the banking, manufacturing, telecommunications, energy, aviation handling, consumer goods and insurance sectors showed improved earnings momentum despite persistent economic pressures.

Experts identified geopolitical tensions, inflationary pressures, exchange rate volatility, inadequate electricity supply, energy costs, cybersecurity concerns, intensifying fintech competition and global economic headwinds as some of the challenges companies battled while striving to remain profitable.

Banking

FirstHoldCo Plc reported another outstanding financial performance for the half-year ended June 30, 2026. Most notably, profit before tax rose by 83.5 per cent to N653.5 billion. Gross earnings increased by 16.7 per cent year-on-year to N1.93 trillion from N1.66 trillion recorded in the corresponding period of 2025, while operating income grew by 25.8 per cent to N1.38 trillion.

The company said the results underscore its transition from recovery to sustainable growth and long-term value creation.

Profit after tax climbed by 81.6 per cent to N526.1 billion from N289.8 billion in the previous year.

Group Chairman of FirstHoldCo Plc, Femi Otedola, described the results as a significant achievement in the group’s transformation journey.

United Capital Plc also released its H1 2026 results, reporting a profit before tax of N24.78 billion for the six months ended June 30, 2026.

This represents a 79.62 per cent year-on-year increase from N13.79 billion recorded in the corresponding period of 2025.

Profit after tax rose by 77.45 per cent to N21.10 billion from N11.89 billion, while basic earnings per share increased by 77.27 per cent to 234 kobo from 132 kobo.

Manufacturing

Dangote Cement Plc, BUA Cement Plc and HBM Nigeria Plc posted a combined profit after tax of N1.17 trillion in the first half of 2026.

The three companies generated an additional N337.65 billion in net profit during the six months ended June 30, 2026.

Dangote Cement maintained its position as the industry’s largest player after posting a profit after tax of N638.53 billion, representing a 22.69 per cent increase from N520.46 billion recorded in the corresponding period of 2025.

Revenue grew by 21.35 per cent to N2.51 trillion from N2.07 trillion, while profit before tax rose by 34.43 per cent to N981.39 billion from N730.03 billion.

HBM Nigeria Plc also delivered a strong performance, with profit after tax rising by 57.03 per cent to N208.30 billion from N132.70 billion. Revenue increased by 31.23 per cent to N678.4 billion from N516.90 billion, while profit before tax climbed by 59.08 per cent to N317.73 billion from N199.74 billion.

BUA Cement recorded the strongest profit growth among the three manufacturers, with profit after tax surging by 79.59 per cent to N324.88 billion from N180.9 billion. Revenue rose by 25.61 per cent to N728.93 billion from N580.3 billion, while profit before tax advanced to N384.44 billion from N214.8 billion.

Telecommunications

MTN Nigeria Communications Plc recorded a profit before tax of N1.09 trillion for the first half of 2026, representing a 75.4 per cent year-on-year increase and its highest-ever half-year performance.

The strong result was driven by robust data demand, improved operating efficiency and lower borrowing levels.

The telecommunications giant also posted a 25.9 per cent increase in revenue to N2.99 trillion despite the challenging macroeconomic environment.

Profit after tax rose by 70.6 per cent to N707.5 billion. Consequently, the Board approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders on the register as of August 20, 2026.

The company’s balance sheet also strengthened during the period, with shareholders’ equity rising by 69.6 per cent to N930.6 billion, while earnings per share increased by 70.6 per cent to N33.76.

Chief Executive Officer Karl Toriola attributed the strong performance to sustained commercial momentum, improved profitability and robust cash generation despite persistent macroeconomic pressures.

Energy

Seplat Energy Plc reported a 498 per cent increase in profit after tax to $164 million during the period under review.

Revenue grew to $1.82 billion from $1.398 billion year-on-year, while cash generated reached $985.9 million.

Production averaged 139,509 barrels of oil equivalent per day (boepd) in H1 2026, up four per cent from 134,492 boepd recorded in H1 2025 and within the company’s 2026 production guidance of 135,000 to 155,000 boepd.

Gross profit rose by 68 per cent to $815.9 million from $484.6 million.

The company also announced an agreement with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture, a move expected to enhance shareholder returns and bring total expected dividends for 2026 to 68.3 US cents per share.

Chief Executive Officer Roger Brown said the company’s first-half performance benefited from favourable commodity prices, strong cash generation and disciplined balance sheet management.

Oando Plc also reported a strong financial and operational performance for H1 2026.

Revenue rose by 20 per cent to N2.1 trillion, while profit after tax increased by eight per cent to N68.6 billion. Gross profit surged by 331 per cent to N101 billion.

Average daily production rose by 16 per cent year-on-year to 42,789 boepd from 36,836 boepd in the corresponding period of 2025.

Aradel Holdings Plc recorded a 576.88 per cent increase in revenue to N2.49 trillion from N368.08 billion. Profit before tax stood at N752.71 billion, while profit after tax was N191.05 billion.

Aviation

Nigerian Aviation Handling Company (NAHCO) Plc sustained its growth trajectory in H1 2026, recording a 22 per cent increase in profit.

Gross revenue rose to N35.36 billion from N32.33 billion, while operating profit increased by 25.4 per cent to N14.59 billion.

Profit before tax improved by 21.8 per cent to N14.37 billion, while profit after tax rose by 22.2 per cent to N10.85 billion from N8.88 billion recorded in the corresponding period of 2025.

Insurance

AIICO Insurance Plc reported a 14.53 per cent year-on-year increase in insurance revenue to N74.93 billion from N65.43 billion.

Profit before tax rose by 20.63 per cent to N15.05 billion, while profit after tax increased by 18.94 per cent to N13.40 billion, reflecting improved underwriting margins and stronger investment income.

Consumer Goods

Unilever Nigeria Plc recorded a turnover of N119.9 billion during the period under review, representing a 22 per cent increase from N98.1 billion recorded in the corresponding period of 2025.

Gross profit grew by 30 per cent to N54.7 billion from N42.1 billion, while net profit increased to N15.6 billion from N14.4 billion.