Dangote cement, Zenith Bank, MTN Nigeria report N907.65bn profit in 2021
Three leading companies in Nigeria, Dangote Cement Plc, Zenith Bank Plc and MTN Nigeria Plc have reported N907.65billion profit in 2021 financial year, an increase of 28 per cent from N711.85billion reported in 2020.
The three companies are giants in the cement manufacturing, financial and telecommunication sectors of the nation’s economy, contributing to job creation, supporting ease of transactions, constructions and Information technology services.
As gathered by WESTERNPOST, Dangote cement currently leads in profit of all companies operating in Nigeria, followed by MTN Nigeria and Zenith Bank.
Dangote Cement reported 32 per cent increase in profit to N364.44billion in 2021 from N276.07billion reported in 2020, while MTN Nigeria reported N298.65billion profit in 2021, an increase of 45.5 per cent from N205.2billion in 2020.
Zenith Bank also grew its profit by 6.07 per cent to N244.56billion in 2021 from N230.57billion reported in 2020.
Key factor contributing to these companies’ profit growth is revenue amid expansion across business lines in Nigeria and Africa at large.
For instance, Dangote Cement revenue was N1.38trillion in 2021, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1.03 trillion in 2020 which made up of N719.95 billion from Nigeria and N318.68 billion from other African operations.
For Zenith Bank, its gross earnings grew by 10per cent from N696.5 billion reported in the previous year to N765.6billion.
The bank said: “This was on the back of 23per cent YoY growth in non-interest income from N251.7billion to N309billion and a two per cent YoY growth in interest income from N420.8billion to N427.6billion.”
In addition, MTN Nigeria reported 22.9 per cent increase in revenue to N1.65trillion in 2021 from N1.35trillion in 2020.
Operational review of MTN Nigeria revealed that Service revenue grew by 23.3per cent despite the 10.6per cent decline in subscriber base.
“Data continued to lead service revenue growth, supported by voice, fintech and digital service,” the communication giant said.
