In 2024, Seplat led in earnings per share value, while Aradel Holdings recorded the largest increase of 361%

Key Takeaways:

  • Seplat Energy recorded the highest EPS in 2024 at ₦385.61, up from ₦92.75 in 2023.
  • Aradel Holdings posted the strongest growth, with a 361% increase in EPS from ₦12.37 to ₦57.03.
  • Eterna PLC reversed its negative EPS in 2023, reporting ₦1.03 in 2024.
  • All listed companies reported positive earnings in 2024, compared to 2023.
  • Three companies grew their EPS by more than 200%.

In 2024, Nigeria’s oil and gas sector saw a broad-based rebound in earnings performance, with the listed companies reporting positive earnings per share (EPS), a notable improvement from the prior year. Seplat Energy led in absolute EPS value, rising sharply to ₦385.61 from ₦92.75 in 2023.

However, Aradel Holdings stood out for its exceptional growth, increasing EPS by 361% to ₦57.03. Eterna Plc also made a significant turnaround, shifting from a loss in 2023 to a positive EPS of ₦1.03.

Other players, including TotalEnergies, MRS Oil, Oando, and Conoil, all recorded year-on-year EPS gains, reflecting stronger profitability, improved cost efficiency, and a more favourable operating environment.

Source:

NGX, Company’s Financial Report

Period:

2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Inflation tops list of business concerns in Nigeria for 2025, far ahead of other economic challenges
  • Nearly half (48.9%) of Nigerian businesses identify inflation as their greatest economic challenge in 2025.
  • The foreign exchange rate (17.1%) is the second most pressing concern, reflecting ongoing naira volatility.
  • Insecurity (15.6%) and government policies (10.0%) remain significant worries for business operations.
  • Inadequate infrastructure (8.4%), while the least mentioned, continues to constrain growth.
Only one in four Nigerian MSMEs access government support, with grants leading the way
  • Just 25.1% of MSMEs report receiving any form of government support, while 74.9% remain untouched by initiatives.
  • Among those who benefitted, 41.1% accessed grants, making it the most common form of support.
  • 22.1% of MSMEs participated in government training programmes, showing recognition of capacity-building needs.
  • Only 16% received loans and 13.8% got tax breaks, underscoring limited financial and fiscal support penetration.
  • A mere 6.9% of businesses report accessing subsidies, reflecting minimal impact of such schemes.
MSMEs in Nigeria's South West generate ₦8.3 million monthly on average, outpacing all other regions by a wide margin
  • The South West (₦8.3m) far surpasses all regions in monthly revenue, reflecting Lagos’ dominance as Nigeria’s commercial hub.
  • The South South (₦831k) and South East (₦605k) trail far behind but still outperform the northern regions.
  • The North East (₦562k) and North West (₦479k) show significantly lower average revenues.
  • The North Central (₦241k) records the weakest average, underlining stark regional disparities.
Most Nigerian MSME entrepreneurs are between 26 and 45 years old
  • Only 12.1% of entrepreneurs are aged 18–25, showing limited entry among very young adults.
  • The largest groups are 26–35 (33.3%) and 36–45 (33.8%), together accounting for two-thirds of entrepreneurs.
  • Mid-life representation: 14.6% are aged 46–55.
  • Just 6.2% are 56 and above, indicating fewer older adults start or run MSMEs.
Nearly half of Nigerian MSMEs operate below ₦100,000 in monthly revenue
  • 48.8% of MSMEs earn less than ₦100,000 monthly.
  • 19.5% report revenues between ₦100,000 and ₦199,900.
  • The share of businesses decreases steadily in the ₦200,000–₦999,900 bands, ranging from 9.3% to 6%.
  • Only 8.8% of MSMEs earn above ₦1 million monthly, with just 0.4% exceeding ₦100 million.
Trade and agriculture led Nigeria’s ₦51.20 trillion economy in Q2 2025, as oil’s share remained modest
  • Trade contributed 18.28%, making it the largest sector in Q2 2025's GDP.
  • Crop production followed with 17.8%, underscoring agriculture’s central role.
  • Oil and gas added just 4.05%, highlighting its shrinking share compared to non-oil sectors.
  • Real estate and telecoms reinforced the growing strength of services in the Nigerian economy.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved