Despite the challenges Nigeria’s economy is facing, some companies have managed to grow their market valuation. While others might have dropped in market valuation, they continue to keep top spots amongst the most valuable companies in the country.
The telecommunications giant, Airtel Africa, tops the chart of the most capitalized company in Nigeria with a market valuation of N6.51 trillion. The company, which was in third place with a market cap of N3.59 trillion at the start of the year, grew by 81.38% or N2.92 trillion to become Nigeria’s leading company.
The former most capitalized company in Nigeria has dropped by a spot to become the second market capped company in Nigeria with N4.69 trillion as of June 2022. However, the cement company grew its share price from a market cap of N4.38 trillion in December 2021 to N4.69 trillion in June 2022, showing a gain of N306.73 billion.
Another telecommunications giant, MTN Nigeria, makes the top five most capitalized companies in Nigeria at a valuation of N4.68 trillion. In the first half of the year, MTN Nigeria made a share price gain of 16.75% from N4.01 trillion in December 2021.
BUA cement remains in fourth place with a market valuation of N2.43 trillion despite gaining 7.23% or N164.24 billion in the first half of the year, 2022.
Like BUA cement, Nestle Nigeria retains its position in the top five most capitalized companies in Nigeria. Nestle Nigeria’s market valuation depreciated from N1.14 trillion (31st December 2021) to N1.11 trillion, representing 10.1% or N124.1 billion.
What you should know
- The Nigerian ICT sector boasts as the top leading industry in the country, with a valuation of N11.21 trillion as of June 2022. In the first half of the year, the sector grew by 40.1% representing N3.59 trillion.
- Other companies in Nigeria with high market valuation include BUA Foods with N990 billion, Seplat Energy with N764.9 billion, Zenith Bank with N681.3 billion, GT Holdings at N603.3 billion and Nigerian Brew valued at N474.9 billion.