Nigerian Market Community

Legend Internet Plc – Profitability Amid Growth Investments. Legend Internet Plc has demonstrated stable top-line growth and expanding market presence in Nigeria’s digital broadband space.

Nascon delivered a 35.4% YoY surge in Q2 2025 revenue to ₦36.3bn, with H1 revenue jumping 55% YoY to ₦78.16bn. This growth reflects strong demand recovery, potential price adjustments, and improved market penetration.

MTN Nigeria Communications Plc, the dominant force in West Africa’s telecom landscape, is strategically positioned for a powerful revenue expansion—with indicators pointing toward a 30% compound annual growth rate (CAGR) over the next decade. This projection is not mere optimism—it’s grounded in the company’s historical financial performance, its massive subscriber base, and an accelerating digital monetization strategy.

The Initiates Plc (TIP) delivered a robust half-year performance in 2025 , showing significant growth across revenue, profitability, asset base, and key financial ratios. These results reflect strong operational efficiency, improved cost management, and healthy liquidity positioning.

Transcorp Power Plc reported a solid 52% YoY revenue growth in H1 2025, driven by improved electricity generation and billing efficiency. However, rising costs — particularly in fuel, operations, and finance — compressed margins and impacted quarterly profitability.

Nigerian Aviation Handling Company Plc delivered a stellar H1 2025 result, reflecting strong earnings momentum, healthy operational leverage, and potential long-term growth driven by Nigeria’s expanding air travel and logistics industry. With gross profit margin nearly doubling year-on-year and a clean balance sheet, NAHCO is positioned to deliver robust shareholder value.

VFD Group Plc delivered a strong financial performance for the half year ended June 30, 2025, showing significant top-line growth, improved profitability, and robust asset expansion. The Group's gross earnings rose by 44% YoY to ₦41.17 billion (H1 2024: ₦28.59 billion), driven by solid investment income and net gains on financial assets.

Ecobank Group has demonstrated strong operational and financial resilience in the first half of 2025, delivering robust double-digit growth across all key performance metrics. The group’s diversified pan-African presence and strategic focus on digital banking, cost management, and customer acquisition are paying off, making it an attractive investment opportunity in the financial sector.

MTN Nigeria has delivered a remarkable turnaround in H1 2025, with a profit after tax of ₦414.86 billion, compared to a loss of ₦519.06 billion in H1 2024. This rebound is primarily driven by strong revenue growth, operational efficiency, and the absence of last year’s severe foreign exchange losses.