No fewer than 98 leading companies on the Nigerian Exchange Limited have recorded a combined turnover of N6.1 trillion in the first half of 2021.
The companies’ H1’21 combined turnover was 17.57 percent more than the N5.2 trillion recorded in the same period in H1’20.
According to their financial reports, they turned over to the NGX for the period under review showing that the companies posted a 29.3 percent increase in pre-tax profit to N1.275 trillion in H1’21 as against the N986.572 billion in H1’20.
Meanwhile, though the banking sector topped the performance chart contributing the highest volume of both topline and bottomline, the sector recorded mixed financial performance for the first half 2021, H1’21.
Financial results of leading banks show that the combined turnover grew marginally by 2.8 percent to N2.575 trillion from N2.505 trillion recorded in the corresponding period of H1’20.
This gives a significant under-performance against the 5.01 percent recorded as the Gross Domestic Product, GDP, growth.
However, the banks recorded positive performance in Profit Before Tax, PBT, which grew by 6.5 per cent to N573.7 billion in H1’21 from N545.7 billion in H1’20, but inflation at 17.75 per cent in HI’21 has put pressure of the profit growth rate.
The Industrial Goods sector recorded higher growth rates than the banking sector.
Specifically, the 11 companies in the sector grew their turnover by 38.1 percent to N899.032 billion in H1’21 from N650.844 billion in H1’20 while their PBT grew by 64.64 per cent to N 312.150 billion from N189.596 billion in HI’20.
Alos, the 10 companies whose results were captured in the Consumer Goods sector occupied the third position in the sectoral analysis as they accounted for 13.8 percent and 5.9 percent of the 98 companies combined turnover and PBT respectively.
Specifically, the sector posted N843.631 billion turnover in HI’21 as against N626.775 billion, representing 34.60 per cent growth while they grew PBT by 10.95 per cent to N74.936 billion from N 67.541 billion in H1’20.
Meanwhile, the Advertising/Media and Hospitality sectors remain in the struggle to recover as they accounted for paltry 0.2 per cent and 0.23 percent of the companies’ combined turnover respectively while their PBT accounted for 0.01 per cent and a negative of -0.04 percent respectively.