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Nigeria's Most Profitable Public Companies

GTBank (yes, GTCO) was peerless a few years ago when it delivered an industry-leading cost-to-income ratio (CIR) of sub-35%, a critical indicator of operational excellence in banking. But recently, the CIR has dropped; from 42.3% in 2021 to 42.3% in 2022. Yet, it still leads the profit margin element in Nigeria’s leading companies.

From this plot, it is interesting how Dangote Cement outperformed MTN (a telecom company) on profit margin. Airtel Africa did not even make the cut, implying that it was somewhere below 11% on profit margin! Very interesting indeed!