12 companies rake in N2.4trn profit in half year

12 companies, including First HoldCo Plc (NGX: FIRSTHOLDCO) and Oando Plc (NGX: OANDO), reported a combined profit of N2.4 trillion in the first half of the year. Despite economic challenges, financial institutions, energy, telecommunications, food, and aviation sectors saw revenue growth.

Ecobank Group reported a 23% increase in profit before tax to $398 million, with net revenue growing to $12 billion. FCMB Group Plc (NGX: FCMB)'s profit before tax increased by 23%, reaching $1 billion, driven by improved net interest income and asset yield.

Sterling Financial Holdings (NGX: STERLINGNG) Plc also recorded a significant profit increase, while Wema Bank Plc (NGX: WEMABANK) reported a 231% rise in profit before tax. Telecom giant MTN Nigeria Plc reported a profit of $1 billion, marking a turnaround from previous losses.

Overall, companies showed resilience and growth despite economic challenges.