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

12 companies, including First HoldCo Plc and Oando Plc, 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's profit before tax increased by 23%, reaching $1 billion, driven by improved net interest income and asset yield.

Sterling Financial Holdings Plc also recorded a significant profit increase, while Wema Bank Plc 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.