Quoted Companies In Nigeria Valued At Over $1 Billion As Of Q3 2024

Nigerian FinTech startup Moniepoint recently has joined the prestigious ranks of Nigerian unicorns, Flutterwave, Interswitch, and Paystack as a private company valued at over $1 billion.

While these firms showcase the remarkable growth of Nigeria’s tech ecosystem, their remain private which limits direct investment opportunities for Nigerians with these high-value companies.

For investors eager to tap into billion-dollar valuations companies, the Nigerian Exchange (NGX) provides an alternative platform through its listed companies, some of which exceed the $1 billion mark, reflecting the market’s concentrated value and the country’s economic diversity.

Market overview

As of November 2024, NGX hosts over 160 listed companies, but only a few surpass the $1 billion in market capitalization.

The exchange’s total market capitalization stands at N58.91 trillion ($35.31 billion), with its top nine firms accounting for a substantial 70.31% of this figure.

The top three companies— Airtel Africa, Dangote Cement, and BUA Foods— collectively represent valued at N23.535 trillion (approximately $14.046 billion), accounting for 39.77% of the total market capitalization.

Below are the top publicly traded companies on NGX with market capitalization above $1 billion using an official exchange rate of N1,675.49 as of 31st October 2024.

9. Aradel Holdings (Oil & Gas) – $1.28 billion

Aradel Holdings entered the list with a market capitalization of N2.15 trillion (approximately $1.28 billion), accounting for 3.64% of the overall equities market.

Its stock is viewed as a valuable investment, bolstered by a 9-month revenue increase to $0.244 billion (N377.58 billion) and a pre-tax profit of $124.16 million (N191.45 billion).

Aradel Holdings debuted on the NGX Main Board on October 14, 2024, at N702.69 per share. However, by October 31, the share price had dropped 29.54% to N459.10.

The company is currently trading at 14.82 times its trailing twelve months earnings per share.

The company manages the Ogbele, Olo, and Olo West marginal fields, acquired from NNPC. Prior to its listing on the Nigerian Exchange (NGX), Aradel traded on the NASD OTC market, where its share price surged from N1,089 to N9,867.38 by September 2024, reflecting strong investor confidence.

8. Transcorp Power (Services) – $1.61 billion

Transcorp Power has a market capitalization of N2.69 trillion ($1.61 billion), representing 4.56% of the total market value.

As the operator of the Ughelli Power Plant in Delta State, one of Nigeria’s largest, the company reported revenue of $0.144 billion (N223.55 billion) and a pre-tax profit of $52.60 million (N81.12 billion), highlighting its strong performance in the energy sector.

Listed on the Nigerian Exchange (NGX) on March 4, 2024, at N240 per share, Transcorp Power’s stock has since increased by 49.96%, closing at N359.90 on October 31.

The company is trading at 34.36 times its trailing twelve months earnings per share.

7. Geregu Power (Services) – $1.71 billion

Geregu Power’s market capitalization stands at N2.87 trillion, approximately $1.71 billion, making up 4.86% of the equity market as of the end of October.

Operating the Geregu Power Plant in Kogi State, the company plays a key role in Nigeria’s energy supply.

It reported revenue of $0.73 billion (N112.58 billion) and a pre-tax profit of $23.51 million (N36.26 billion), underscoring its robust operational performance.

The company’s share price saw a 188.22% year-to-date increase, reaching N1,150.00 on the last trading day in October.

Geregu Power is currently trading at 102.36 times its trailing twelve months earnings per share.

6. BUA Cement (Industrial Goods) – $1.97 billion

BUA Cement has a market capitalization of $1.97 billion (N3.31 trillion). As a major player in Nigeria’s industrial sector, the company generated $0.378 billion (N583.40 billion) in revenue and recorded a pre-tax profit of $40.86 million (N63.01 billion) in the first nine months of 2024.

It operates production facilities in Edo and Sokoto states.

During the review period, BUA Cement’s share price increased by 98.54% year-to-date, closing at N97.80 on the last trading day in October.

The company is trading at 78.70 times its trailing twelve months earnings per share.

5. Seplat Energy (Oil & Gas) – $2.00 billion

Seplat Energy, with a market capitalization of $2.00 billion (N3.35 trillion), accounts for 5.63% of the equity market.

The company reported a nine-month pre-tax profit of $237.82 million (N366.71 billion) and revenue of $0.694 billion (N1.07 trillion).

Its $1.28 billion acquisition of ExxonMobil’s Nigerian assets has strengthened its position in Nigeria’s oil and gas sector.

Seplat’s share price surged 146.75% year-to-date to N5,700 as of October 31, trading at 38.47 times its trailing twelve months earnings per share.

4. MTN Nigeria (ICT) – $2.19 billion

MTN Nigeria holds a market capitalization of $2.19 billion (N3.67 trillion), accounting for 6.21% of the equity market.

Despite a $462.81 million (N713.63 billion) pre-tax loss from naira devaluation, the company generated $1.53 billion (N2.37 trillion) in service revenue over the first nine months of 2024, showcasing its resilience in tough economic conditions.

The stock underperformed, dropping 33.30% year-to-date to N175.10 by October 31, reflecting market concerns about its financial position.

3. BUA Foods (Consumer Goods) – $4.24 billion

BUA Foods, with a market capitalization of $4.24 billion (N7.10 trillion), ranks third, accounting for 12.01% of the market.

Despite economic challenges, the company recorded $0.694 billion (N1.07 trillion) in revenue and a pre-tax profit of $141.15 million (N217.65 billion) for the first nine months of 2024.

Its share price gained 98.54% year-to-date, reaching N394 by October 31. BUA Foods is currently trading at 50.36 times its trailing twelve months earnings per share.

2. Dangote Cement (Industrial Goods) – $4.86 billion

As of October 31, Dangote Cement is the second most valued company in Nigeria, with a market capitalization of N8.15 trillion ($4.86 billion), representing 13.79% of the equity market.

In the first nine months of 2024, it generated $1.66 billion (N2.56 trillion) in revenue and a pre-tax profit of $263.55 million (N406.38 billion).

Its share price rose 49.67% year-to-date, closing at N478, and is currently trading at 17.8 times its trailing twelve months earnings per share.

1. Airtel Africa (ICT) – $4.93 billion

Airtel Africa, with a market capitalization of N8.26 trillion ($4.93 billion), leads Nigeria’s equity market, making up 13.97%.

The company recorded $2.37 billion in revenue and a pre-tax profit of $178 million for the half-year ending September 30, 2024. Its share price rose 16.55% YTD, closing at N2,200 on October 31.

Dangote Cement, valued at N8.15 trillion ($4.86 billion), generated $1.66 billion in revenue and a pre-tax profit of $263.55 million in the first nine months of 2024.

Its share price increased 49.67% YTD, reaching N478 by October 31, trading at 17.8x its trailing twelve months earnings per share.

Source:- Nairametrics