Despite ongoing economic difficulties, at least 15 businesses reported a cumulative profit of N3.12 trillion in the first quarter of 2026, according to Daily Trust.
Improved earnings were found in analyses of the unaudited first-quarter results of businesses in the banking, manufacturing, telecommunications, insurance, and agro-allied sectors.
Inflationary pressures, exchange rate volatility, inadequate electricity supply, growing energy costs, cybersecurity issues, escalating fintech competition, and worldwide economic uncertainties were among the difficulties businesses faced while trying to survive and turn a profit, according to industry experts.
ZenithBank Plc reported a profit before taxes of N360.92 billion in the banking sector, up 2.88 percent from N350.82 billion in the same quarter in 2025.
Despite pressure from growing impairment charges and operating expenses, the bank’s profit after tax increased to N314.02 billion, demonstrating consistent earnings growth.FirstHoldco Plc recorded a 72% year-over-year increase in profit before tax in its first-quarter 2026 financial results, demonstrating a strong performance.
Profit before tax increased to N321 billion from N186.47 billion during the same period in 2025 thanks to strong interest-earning potential and steady fee income generation.
Compared to N300 billion in Q1 2025, Guaranty Trust Holding Company Plc’s profit before tax increased by 0.88 percent year over year to N302.89 billion.
However, because of increased tax obligations, profit after tax fell by 15.42 percent to N218.13 billion.
With profit before tax increasing 22.2% to N272.21 billion from N222.78 billion in the same period of 2025, Access Holdings Plc reported one of the most remarkable earnings expansions of the quarter.
In a similar vein, Ecobank Transnational Incorporated reported N270.24 billion in profit before taxes, up 1.1% from N267.3 billion reported during the same period the previous year.
Stanbic IBTC Holdings Plc recorded a 42% increase in profit before tax to N165.4 billion from N116.42 billion, demonstrating one of the best growth performances among tier-one and tier-two lenders.
Nevertheless, United Bank for Africa Plc reported lower earnings, with profit before taxes dropping to N160.7 billion from N204.3 billion in the first quarter of 2025.
According to its recently submitted unaudited financial statements on the Nigerian Exchange, BUA Foods Plc reported a profit before taxes of N153.76 billion for Q1 2026.
This represents a 12.74 percent year-over-year increase from N136.39 billion in Q1 2025, primarily due to lower financing and operating expenses.
In its unaudited financial statements for the quarter that concluded on March 31, 2026, BUA Cement Plc reported a profit before tax of N192.88 billion, up from N99.7 billion in the first quarter of 2025.
Strong revenue growth drove the performance; quarterly sales increased to N355 billion from N288 billion in Q1 2025.
Earnings per share rose to N5.21 from N2.40, while profit after taxes surged to N176 billion from N81 billion.
During the period under review, Dangote Cement Plc reported a profit before tax of N421.1 billion, which is 35% more than the N311.9 billion reported during the same period in 2025.
Earnings per share increased from N12.29 to N19.14, demonstrating ongoing value creation for shareholders.
As the Group’s total installed production capacity reached 55 million tonnes annually throughout Africa, the company also increased its exports of clinker and cement from Nigeria by 71.6%.
The company completed ten shipments of clinker from Nigeria to nearby markets during the review period, solidifying its standing as Africa’s top cement exporter.
The company’s unaudited Q1 2026 financial results show that overall sales volumes rose 13.8% year over year, with growth of 11.5% in Nigeria and 19.5% throughout its pan-African operations.
The massive telecom company MTN Nigeria reported a profit before tax of N546.42 billion for the quarter, up 169.64% from N202.65 billion in Q1 2025.
Just 4% less than the N569.59 billion recorded in Q4 2025, the performance represents MTN Nigeria’s second-best quarterly profit before tax since listing.
After experiencing losses in 2023 and 2024, the telecom giant turned a profit in 2025.
MTN Nigeria reported a profit after taxes of N349 billion in 2022 prior to the crisis. However, the company’s earnings trajectory was changed by the sharp depreciation of the naira.
MTN experienced a N137 billion loss after taxes in 2023. By 2024, losses had increased to N400 billion, pushing shareholders’ funds to negative N458 billion and retained earnings to negative N607 billion.
At the time, the market responded violently. After peaking at N293 in 2024, MTN’s share price ended the year at N200.
But the business has made a significant comeback. Since then, the stock has increased from N200 in 2024 to N915 in April 2026 before declining to N801.10 on May 8, 2026.
In the insurance industry, AIICO Insurance reported gross premiums written of N62.6 billion in the first quarter of 2026, while revenue increased by 11.8% to N36.7 billion.
Group revenue rose by 11.8% year over year to N36.7 billion from N32.8 billion in Q1 2025, according to the company’s unaudited results for the period ending March 31, 2026. Compared to N54.8 billion in Q1 2025, premiums written increased by 14.2% year over year to N62.6 billion.
While normalised profit, which does not include one-time items like foreign exchange gains, increased by 34% to N7.3 billion in Q1 2026 from N5.5 billion in Q1 2025, profit before taxes improved. Additionally, normalised profit after tax rose from N5 billion in Q1 2025 to N6.5 billion, a 32.4% increase. In Q1 2026, foreign exchange losses increased to N1.6 billion from N25.2 million in 2025.
In its unaudited financial results for the first quarter that concluded on March 31, 2026, Presco Plc reported a profit before tax of N69.24 billion.
Compared to N58.61 billion during the same period in 2025, this amounts to an 18.2% increase.
The agro-allied company’s core crude and refined palm oil products, which still make up the majority of its profits, were the main driver of its modest revenue growth.
Additionally, Nestlé Nigeria Plc reported double-digit revenue growth and a notable increase in profitability for the first quarter that concluded on March 31, 2026.
In Q1 2026, revenue increased by 11% to N326.13 billion from N294.88 billion during the same period in 2025.
With improved margins, gross profit increased to N132.06 billion from N119.72 billion.
In Q1 2025, profit before tax increased by 44% to N73.77 billion from N51.15 billion, while profit after tax increased by 29% to N39 billion from N30.18 billion.
The outcomes of operating activities stoodat N75.43 billion, a slight 2% rise from N74.15 billion the year before.
The company’s balance sheet also showed a significant improvement, with total equity increasing from N12.9 billion on December 31, 2025, to N51.6 billion on March 31, 2026.
Ayokunle Olubunmi, a financial analyst, told DailyTrust that despite ongoing economic difficulties, Nigerian companies showed resilience during that time.
It is evident that the banks have raised money in the past few months. They have had to use that money since they raised it. The banks are reporting higher profits as a result of the capital’s allocation to a variety of assets, such as loans and Treasury securities, he said.
According to Olubunmi, businesses also profited from rising commodity prices brought on by inflationary pressures.
He claims that telecom profits have increased due to tariff increases and a sharp rise in data usage.
Data is starting to become essential. He stated that some people would prefer to reduce their food intake than cease paying for data.
“Given the various headwinds and the pressure on consumers’ wallets, these companies have shown remarkable resilience,” Olubunmi continued.
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