Technology and telecommunications companies listed on the Nigerian Exchange (NGX) recorded varying revenue performances in 2026, with some reporting double-digit growth while others struggled to maintain their previous-year earnings.
An analysis of the latest financial statements of nine selected NGX-listed companies shows that Omatek Ventures recorded the highest revenue growth at 650%, although the increase came from a very low base. NCR Nigeria and CWG followed, with growth rates of 29.3% and 29.1%, respectively.
The ranking covers companies operating across telecommunications, electronic payments, information technology infrastructure, internet services and related technology businesses. It compares their reported revenue growth with the corresponding periods of 2025, using the latest available financial statements as of November 8, 2026.
The reporting periods are not identical. Seven companies reported for the nine months ended September 2026, Airtel Africa reported half-year results to September 2026, while Legend Internet’s income statement covers the 12 months ended July 2026.
Airtel’s figures are also reported in US dollars and cover its operations across multiple African markets, rather than Nigeria alone.
Legend Internet recorded the weakest revenue performance among the nine companies, with revenue falling by 7.4% to N1.10 billion for the 12 months ended July 31, 2026, from N1.19 billion in the corresponding period.
Gross profit also declined to N714 million from N761.43 million, reflecting the lower revenue recorded during the period.
The company’s operating performance came under further pressure from administrative expenses, which increased by 88.9% to N1.06 billion from N560.18 million. This contributed to an operating loss of N344.05 million before other income.
However, a N672 million gain on disposal of assets helped lift operating profit before finance costs to N327.95 million. Finance costs rose sharply to N314.74 million from N28.58 million, leaving profit after tax at N13.21 million, compared with N142.46 million a year earlier.
eTranzact International Plc recorded a 4.4% increase in revenue to N20.99 billion for the nine months ended September 30, 2026, from N20.11 billion in the corresponding period of 2025.
However, the increase in revenue did not translate into higher profitability, as cost of sales rose by 13.1% to N11.55 billion from N10.21 billion. Consequently, gross profit declined by 4.7% to N9.44 billion from N9.91 billion.
Administrative expenses also increased by 20.3% to N7.20 billion from N5.99 billion. Although selling and marketing costs declined by 36.3% to N494.69 million from N776.67 million, the increase in cost of sales and administrative expenses contributed to a 44.4% decline in operating profit to N1.75 billion from N3.14 billion.
Profit after tax fell by 42.7% to N1.38 billion from N2.41 billion, showing that the company’s modest revenue growth was accompanied by significant pressure on its margins and earnings.
Briclinks Africa Plc recorded an 11.5% increase in revenue to N451.19 million for the nine months ended September 30, 2026, compared with N404.54 million in the corresponding period of 2025.
The company, whose principal activities include telecommunications services, internet service provision and installation services, also recorded an improvement in gross profit, which rose by 21.9% to N171.69 million from N140.90 million.
Profit after tax increased by 76.9% to N54.74 million from N30.93 million in the corresponding period, indicating stronger bottom-line growth than the increase in revenue.
Chams Holding Company Plc reported a 16.6% increase in revenue to N15.69 billion for the nine months ended September 30, 2026, from N13.45 billion a year earlier.
Gross profit grew by 35.4% to N4.06 billion from N2.99 billion, reflecting an improvement in the company’s gross earnings despite higher operating costs.
However, administrative expenses increased by 69.6% to N3.19 billion from N1.88 billion, contributing to a decline in operating profit, which fell by 30.8% to N881.11 million from N1.27 billion.
Despite the weaker operating result, profit after tax increased by 56.1% to N781.45 million from N500.71 million. The company recorded finance income of N784.51 million during the period, compared with N18.11 million a year earlier, providing a significant boost to its bottom line.
MTN Nigeria Communications Plc recorded a 23.6% increase in revenue to N4.61 trillion for the nine months ended September 30, 2026, from N3.73 trillion in the corresponding period of 2025.
The growth was supported by its data business, with data revenue increasing by 35.8% to N2.68 trillion from N1.98 trillion. Voice revenue also rose by 11.1% to N1.50 trillion from N1.35 trillion.
The telecom operator’s active data users increased by 12% to 57.2 million, while average monthly data usage per active user rose by 16.2% to 15.3GB. Total subscribers grew by 10.9% to 94.7 million.
Operating profit increased by 38.2% to N1.99 trillion from N1.44 trillion, while profit after tax rose by 55.3% to N1.17 trillion from N750.19 billion.
Airtel Africa Plc recorded a 28.2% increase in reported-currency revenue to $3.82 billion for the six months ended September 30, 2026, compared with $2.98 billion in the corresponding period.
Its mobile services business generated revenue of $3.14 billion, up from $2.50 billion, while mobile money revenue increased by 34.8% to $840 million from $623 million.
Data revenue also rose by 35.3% to $1.57 billion from $1.16 billion, reflecting continued growth in demand for mobile internet services across its markets.
Underlying EBITDA increased by 32.8% to $1.92 billion from $1.45 billion, while profit after tax grew by 20.5% to $452 million from $376 million.
The company’s revenue growth was 20.8% on a constant-currency basis, compared with the 28.2% reported-currency increase.
