At least ten companies have raked in a staggering N2.5trillion profit in the first half of 2025, defying economic headwinds in Nigeria, Daily Trust findings have revealed.

This is even as First HoldCo Plc, Oando Plc, among other top companies, recorded a drop in profits within the period.

Reviews by Daily Trust across financial institutions, energy, telecommunication, food and aviation sectors showed an appreciable hike in revenue of the companies in the last six months.

The companies hinged the growths on improved efficiency, net interest income, asset yields and operational efficiency despite economic challenges in key markets.

Options for banks as recapitalisation pressure mounts

Ecobank

Ecobank Group last week announced unaudited financial results for the first half of 2025, reporting a 23% year-on-year increase in profit before tax to $398 million.

The Group achieved strong growth and improved efficiency despite economic challenges in key markets.

The cost-to-income ratio improved to 49.1%, the best performance in more than a decade, as net revenue grew 12% year-on-year to $1.1 billion.

Customer deposits surged by $3.4 billion during the year to $23.9 billion, with 83% held in low-cost current and savings accounts.

Regional performance was strong across the Group?s markets.

Profit before tax in the Francophone West Africa region rose 12% to $176 million. Anglophone West Africa delivered $175 million in profit before tax, a 19% increase driven by Ghana?s positive performance.

In Nigeria, profit before tax improved 45%, showing signs of a turnaround despite economic challenges.

FCMB

In its unaudited financial results for the six months ended 30 June, 2025, FCMB Group Plc reported a N79.3 billion Profit Before Tax (PBT), representing a 23% year-on-year increase, driven primarily by improved net interest income and asset yields.

Gross revenue for the period rose to N529.2 billion, reflecting a 41.3 per cent year-on-year increase from N374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income.

However, non-interest income declined by 35.1 per cent due to a N36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from N106.2 billion in the previous year to N207.4 billion by June 2025. The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3per cent in the 2024 financial year.

The Group?s digital business?payments, lending, and wealth services?grew strongly. Digital revenues increased by 60 per cent year-on-year, rising from N46 billion in June 2024 to N73.6 billion in June 2025. Digital services now account for 13.9% per cent of total earnings.

Net impairment losses on financial assets grew significantly to N36.2 billion on a quarterly basis, following FCMB Group?s banking subsidiary exit from the Central Bank of Nigeria?s loan forbearance programme.

After tax, profit increased by 23 per cent year-on-year, closing at N73.4 billion.

SterlingHoldCo

Sterling Financial Holdings Plc also recorded a profit of N41.8bn for the six months ended June 30, 2025, up from N16.3bn in the corresponding period of 2024.

According to its unaudited interim financial statements released recently, the group?s PBT stood at N45.5bn for the period, a significant increase from N17.3bn in the first half of 2024.

Interest income rose to N167.2bn from N120.9bn, while interest expense increased marginally to N69.7bn from N63.3bn, resulting in a net interest income of N97.4bn, up from N57.6bn in the previous year.

Net fees and commission income grew to N22.1bn compared to N15.2bn, supported by a rise in net trading income, which increased slightly to N13bn from N12.4bn.

The group?s total expenses increased to N92.1bn from N67.1bn, with personnel expenses rising to N23.6bn from N13.7bn. Sterling Financial Holdings posted earnings per share of 89 kobo for the period, up from 56 kobo in the first half of 2024.

Total assets of the group grew to N4.08tn as of June 30, 2025, from N3.54tn recorded at the end of 2024.

Wema Bank

Wema Bank Plc financials for the period showed a 231 per cent rise in PBT to N101.2 billion, up from N30.55 billion reported in the corresponding period of 2024.

According to the result released to investors on the Nigerian Exchange, the bank?s gross earnings rose sharply by 70 per cent to N303.20 billion in the first six months of 2025, compared to N178.63 billion in the same period of 2024. Interest Income also climbed by 65 per cent year-on-year to N240.12 billion, while Non-Interest Income surged by 91 per cent to N63.08 billion.

Wema Bank?s total assets grew by 11 per cent from N3.585 trillion in H1 2024 to N3.963 trillion as of June 30, 2025. The bank?s deposit base also increased by 3 per cent to N2.60 trillion from N2.523 trillion in full-year 2024, while Loans and Advances expanded by 19 per cent to N1.426 trillion from N1.201 trillion during the same period.

?For 80 years, Wema Bank has redefined the impossible, consistently breaking new ground and delivering positive impact,? the Managing Director and Chief Executive of Wema Bank, Moruf Oseni, said while expressing satisfaction with the Bank?s trajectory.

Oseni stated. ?Three years ago, we grew our PBT from N14.75 billion in 2022 to N43.59 billion in 2023. In 2024, we hit N102 billion. Now, just halfway into 2025, we have already achieved over 99 per cent of our 2024 full-year PBT. For us, this is just the beginning.?

MTN Nigeria

The telecom giant, MTN Nigeria Plc reported a pre-tax profit of N419.61 billion, a major turnaround from the pre-tax loss of N179.60 billion recorded in the same period last year.

This performance builds on the N202.63 billion pre-tax profit posted in Q1 2025, bringing H1 2025 pre-tax profit to N622.24 billion.

It also marks the third consecutive quarterly profit for the telecom giant after struggling with losses in 2023 and 2024 due to significant foreign exchange losses and high interest expenses, largely driven by naira devaluation.

At the Nigerian stock exchange, MTN Nigeria?s market capitalisation crossed N10 trillion after the company?s share value appreciated by 16.9 percent between Monday and Friday.

The telco is the second company to cross the N10 trillionth mark after Dangote Cement?s valuation reached N12.8 trillion in January 2024.

?We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market,? CEO Karl Toriola stated while commenting on the results.

Aradel Holdings

Aradel Holdings Plc posting showed a robust 40.2% year-on-year increase in profit after tax to N146.4 billion (H1 2024: N104.4 billion), despite a challenging oil and gas operating environment shaped by global supply uncertainties and domestic infrastructure constraints.

Revenue rose 37.2% to N368.1 billion, largely driven by a 36.0% increase in crude oil export revenue to N232.8 billion, supported by improved production levels, efficient utilisation of the Trans Niger Pipeline, reduced crude losses, and gains from the Alternative Crude Evacuation (ACE) system. Refined product revenue also grew by 42.6% to N116.5 billion on the back of a 32.7% boost in sales volume.

PBT stood at N191.3 billion, up 17.9%, while income tax expenses declined to N44.9 billion from N57.9 billion in H1 2024. The company also recorded N71.2 billion as its share of profit from associates, including ND Western Limited and Renaissance Africa Energy Company, further reinforcing its earnings momentum.

BUA Foods

BUA Foods Plc equally recorded PAT surging by 99% to N260.07 billion, up from N130.9 billion in H1 2024.

Revenue grew by 36% to N912.5 billion, driven by solid performances across all business segments?Sugar rose 8% to N398.1 billion, Flour surged 66% to N378.2 billion, Pasta climbed 31% to N96.9 billion, and Rice soared by an exceptional 2,923% to N39.3 billion. Operating profit grew 41% to N284.8 billion, with margin expansion of 120bps to 31.2%, supported by strategic pricing initiatives.

Finance costs dropped by 12.3% to N9.13 billion, enhancing the bottom line. As a result, PBT jumped by 101% to N276.1 billion, pushing the pre-tax margin to 30.3%, up from 20.4% in the prior year. Earnings per share also doubled to N14.45 from N7.27, underscoring the company?s strong earnings momentum and operational efficiency.

Nestle Nigeria

For Nestl? Nigeria Plc, it extended its rebound streak for a third straight quarter, hitting a net profit of N50.6 billion in the first half of 2025.

This is a sharp reversal from a N176.6 billion loss a year earlier, as the food giant capitalised on rising sales and a more stable macroeconomic backdrop.

Revenue surged 43 percent year-on-year to N581.1 billion, driven by resilient consumer demand and price adjustments, the company said in an unaudited financial statement released Tuesday.

Operating profit more than doubled to N130.4 billion, while profit before tax climbed to N88.4 billion, swinging from a N252.5 billion pre-tax loss in the same period of 2024.

The results mark a continuation of Nestl??s recovery that began in the final quarter of last year, after the company was battered by foreign exchange losses stemming from the naira?s devaluation and broader macro instability.

?The robust topline growth of 43% and profit after tax of N50.6 billion in H1 2025 support our return to profitability,? said CEO Wassim Elhusseini said.

NAHCO

In Aviation, the Nigerian Aviation Handling Company Plc recorded a 166.7 per cent growth in profit after tax to N8.88bn for the half-year ended 30 June 2025, driven by growth in revenue and operational efficiency.

The interim financial statement filed with the Nigerian Exchange showed that group revenue doubled by 102.06 per cent from N16bn in H1 2024 to N32.33bn in H1 2025.

Gross profit rose 117.7 per cent to N19.16bn, compared to N8.80bn in the same period last year.

Operating profit increased 126.9 per cent from N5.13bn in H1 2024 to N11.64bn in H1 2025, while profit before tax rose 148.2 per cent from N4.75bn to N11.79bn. Earnings per share increased to N4.55 from N1.71.

Profit margins also improved year-on-year. Gross profit margin rose from 55 to 59.26 per cent; operating profit margin increased 36 per cent from 32.06 per cent; and pre-tax profit margin improved 36.5 per cent from 29.7 per cent. Return on total assets climbed from 7.09 per cent to 20.14 per cent, while return on equity jumped 51.09 per cent from 16.59 per cent.

Seplat Energy

Within the period, Seplat Energy Plc recorded revenue of N2.167 trillion for the period from N575.1 billion reported in the same period last year.

Its gross profit soared to N751.2 billion from N247.5 billion Year-on-Year (YoY).

Cash generated from its operations for the period grew to N1.188 trillion from N308.2 billion Year-on-Year whilst operating profit rose to N601.2 billion from N285.2 billion Year-on-Year.

The energy company delivered strong production which firmly underpins FY2025 guidance; with earnings before interest, taxes, depreciation, and amortization (EBITDA) for half-year hitting N1.139 trillion for the period, representing a rise from N364.5 billion recorded in 2024 H1.

Production for the period averaged 134,492 boepd up 178 percent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 ? 140 kboepd), and approximately 10 percent higher than pro-forma production in 6M 2024. Working interest oil production reached 100,327 bopd in 6M 2025.

First HoldCo, Others Lose Steam

First HoldCo Plc financial performance showed that PBT declined by 13.6 per cent to N356.1 billion, while PAT dropped by 20.7 per cent to N289.8 billion, down from N365.3 billion in H1 2024.

Non-interest income fell sharply by 56.5 per cent to N189.4 billion, attributed primarily to lower foreign exchange revaluation gains.

However, First HoldCo reported gross earnings of N1.7 trillion for the first half of 2025, representing an 18.1 per cent increase from N1.4 trillion recorded in the same period last year.

The unaudited financial result released by the financial services holding company showed that interest income surged by 51.7 per cent to N1.4 trillion, driven by increased yields and lending activity, while net interest income soared by 75.7 per cent to N904.8 billion, compared to N514.9 billion in the corresponding period of 2024.

Group Managing Director, Adebowale Oyedeji, explained that the lower profit figures reflect an increase in impairment charges, which nearly doubled year-on-year to N185.4 billion as the group strengthened its balance sheet to cushion unresolved forborne loans.

Oando

Also, Oando Plc unaudited results for the six months ended 30 June 2025 reported revenue of ?1.72 trillion, representing a 15% decline driven by lower trading activity and weaker realised prices, despite stronger upstream contributions.

Gross Profit fell by 28% to ?59 billion reflecting both a topline contraction and changing segment mix. Nevertheless, the company maintained a Profit-After-Tax of N63 billion, consistent with the result recorded in H1, 2024.

The company?s upstream business recorded strong production performance with a 63% year-on-year growth averaging 37,012 boepd in H1 2025.

This includes crude oil production up 77% to 10,479 boepd, gas volumes up 54% to 25,399 boepd, and NGL production up 375% to 1,135 bpd. The company attributes this performance to the consolidation of the NAOC JV interest and improved uptime across key assets. (Daily Trust)

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