HomeBusinessTop 10 Nigerian Firms with the Highest Net Worth in 2023

Top 10 Nigerian Firms with the Highest Net Worth in 2023

Published on

Nigeria’s leading companies have shown remarkable resilience and growth in the first half of 2023, despite the challenges posed by the global pandemic and the economic downturn. According to a BusinessDay analysis of the top 30 publicly listed firms on the Nigerian Stock Exchange (NGX), 10 companies stood out with the highest shareholders’ equity, which represents their net worth.

Shareholders’ equity is the amount that would be returned to shareholders if a company’s total assets were liquidated, and all of its debts were repaid. It is an indicator of a company’s financial strength and stability.

The top 10 firms with the highest shareholders’ equity in H1 2023 are:

  • Zenith Bank Plc: The largest financial service provider in Nigeria and Anglophone West Africa, Zenith Bank recorded a shareholders’ equity of N1.78 trillion, up from N1.27 trillion in H1 2022. The bank’s earnings per share also increased from N3.55 to N9.29.

 

  • United Bank for Africa Plc (UBA): The multinational pan-African financial services group, UBA increased its shareholders’ equity to N1.66 trillion, up from N757.22 billion in H1 2022. The bank’s earnings per share also rose from N1.98 to N10.95.

 

  • FBN Holdings Plc: The diversified financial services company, FBN Holdings grew its shareholders’ equity to N1.38 trillion, up from N886.74 billion in H1 2022. The holding company’s earnings per share also improved from N1.55 to N5.19.

 

  • Seplat Energy Plc: The Nigerian independent oil and gas company, Seplat Energy maintained its shareholders’ equity at N1.34 trillion, slightly up from N732.5 billion in H1 2022. The firm’s earnings per share however declined from N58.19 to N37.60.

 

  • Ecobank Transnational Inc. (ETI): The pan-African banking conglomerate, Ecobank increased its shareholders’ equity to N1.33 trillion, up from N823.24 billion in H1 2022. The bank’s earnings per share also improved from N2.20 to N3.19.
  • Guaranty Trust Holding Company Plc (GTCO): The multinational financial services group, GTCO grew its shareholders’ equity to N1.2 trillion, up from N845.69 billion in H1 2022. The holding company’s earnings per share also rose from N2.70 to N9.94.

 

  • BUA Cement Plc: The cement manufacturer, BUA Cement surged its shareholders’ equity to N474.73 billion, up from N459.48 billion in H1 2022. The cement maker’s earnings per share also increased from N1.81 to N1.88.

 

  • Stanbic IBTC Holdings Plc: The financial service holding company, Stanbic IBTC Holdings increased its shareholders’ equity to N451 billion, up from N378 billion in H1 2022. The holding company’s earnings per share also improved from N2.26 to N5.12.

 

  • Lafarge Africa Plc: The cement manufacturer, Lafarge Africa grew its shareholders’ equity to N419 billion, up from N400 billion in H1 2022. The firm’s earnings per share however decreased from N2.32 to N2.20.

 

  • Fidelity Bank Plc: The commercial bank, Fidelity Bank increased its shareholders’ equity to N402.6 billion, up from N311.73 billion in H1 2022. The bank’s earnings per share also rose from N0.80 to N1.94.

These top 10 firms have demonstrated their ability to generate value for their shareholders and customers, as well as contribute to the economic development of Nigeria and Africa at large. The NGX30 index, which tracks the performance of these firms and other leading companies on the NGX, has gained 18 percent year-to-date, outperforming the broader All Share Index (ASI), which has gained 11 percent.

The outlook for these firms remains positive, as they continue to leverage their competitive advantages, innovative strategies, and operational efficiency to overcome the challenges and seize the opportunities in their respective sectors.

Source:[ BusinessDay ]

Latest articles

Senate Increases Windfall Tax on Banks to 70%

Nigerian Senate raises windfall tax on banks' foreign exchange gains to 70%, targeting redistribution of government-driven profits.

Government Urges Patience Amid Protests, Pledges to Address Economic Issues

The Nigerian government appeals for patience and dialogue as nationwide protests loom, pledging to address the economic issues causing public discontent.

Dangote Refinery Set to Disrupt 90 European Refineries

The Dangote Refinery, with its capacity to produce 650,000 barrels per day, threatens to disrupt 90 European refineries and shift global oil market dynamics

FG Pleads for Patience Amid Nationwide Protest Plans

The Federal Government appeals for patience and postponement of the planned nationwide protest, citing ongoing efforts to address economic hardships.

More like this

Senate Increases Windfall Tax on Banks to 70%

Nigerian Senate raises windfall tax on banks' foreign exchange gains to 70%, targeting redistribution of government-driven profits.

Government Urges Patience Amid Protests, Pledges to Address Economic Issues

The Nigerian government appeals for patience and dialogue as nationwide protests loom, pledging to address the economic issues causing public discontent.

Dangote Refinery Set to Disrupt 90 European Refineries

The Dangote Refinery, with its capacity to produce 650,000 barrels per day, threatens to disrupt 90 European refineries and shift global oil market dynamics