At least 22 listed companies on the
The profit figure dropped from N457.6bn in 2019 to N368.3bn, translating to 19.5 percent decline rate.
The Federal government lockdown directives to contain the spread of Coronavirus led to the shutdown of many businesses, sparing only businesses proffering essential services.
The affected companies performed creditably well grossing N2.118 trillion, higher by N10bn (0.5%) compared to N2.128tn recorded in same period of 2019.
The companies include: MTN Nigeria,
The others are NAHCO, BUA cement, PRESCO, NASCON, UACN,
Despite the nearly three months lockdown caused by COVID-19, 10 of them made more profit this year compared with the same period in 2019. They include Okomu Oil (N4bn vs N2.5),
And despite reporting less profit in half year 2020 (N95bn vs N99.5b), MTN Nigeria reported N638bn revenue in 2020 compared to N566.9bn in 2019. This 12.5% profit was driven by growth in data revenues in the first and second quarters of the year.
Despite the travel shutdown,
Oil-rich towns in the
While foreign investors have been staying off the Nigerian equities market lately, due to forex issues and COVID-19, local investors are positioning for dividend payments from Nigerian biggest brands, in spite of the pandemic and the oil glut.
Speaking on the companies' performance, Philip Anegbe, Team Lead,
"For instance, in Banking, despite the anticipation of broad weakness in performance in FY'20, we see the potential for resilience in specific names that are better positioned to withstand the crises.
He said consumer goods companies like Nestle, and fiscal policies had helped the agricultural sector.
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