Resilient Revenue: Seplat, MTN, and 19 Other Firms Generate N6.4 Trillion in Q1 2025 Despite Economic Turmoil
Despite ongoing economic headwinds in Nigeria, 21 major companies listed on the Nigerian Exchange (NGX) – including Seplat Energy Plc and MTN Nigeria – reported a combined revenue of N6.4 trillion in the first quarter of 2025. This marks a substantial 63.7% increase from the N3.92 trillion recorded in the same period of 2024. These companies span across various sectors such as oil and gas, telecommunications, cement manufacturing, FMCG, and power generation.
A significant portion of this growth was attributed to companies passing higher operational costs onto consumers due to inflation, naira depreciation, and poor infrastructure. Despite these challenges, private sector indicators showed signs of recovery. The Stanbic IBTC Nigeria Purchasing Managers’ Index (PMI) rose to 54.3 in March 2025, reflecting improved business conditions with rising new orders and employment levels.
Oil and gas companies, in particular, saw benefits from government reforms, while cement firms boosted revenue through price hikes—cement reaching N10,000 per bag. Seplat reported a staggering 357% revenue growth, reaching N1.22 trillion in Q1 2025. MTN Nigeria followed with N1.06 trillion in revenue, up by over 40%. Dangote Cement also delivered strong results, generating N994.7 billion, a 22% year-on-year growth.
Company executives expressed cautious optimism. MTN’s CEO Karl Toriola noted that inflation had moderated slightly and the naira had remained relatively stable at N1,537/US$ by the end of March, which helped ease pressure on operational costs. He reiterated MTN’s commitment to network improvement and long-term profitability amid the challenging economic climate.
Analysts commended the firms’ resilience despite structural economic difficulties, including high inflation, insecurity, and foreign exchange volatility. According to experts like Tajudeen Olayinka and David Adonri, these companies strategically leveraged inflation-driven price increases to drive revenue, laying the groundwork for future profitability and potential dividend growth.
Source: This Day