Nigerian Exchange Group and United Capital Report Strong Nine‑Month Earnings, While Dangote Cement Posts 31% Profit Rise

Strong Nine‑Month Results Across Nigeria’s Leading Companies

Nigerian Exchange Group Plc (NGX) announced a pre‑tax profit of N20.6 billion for the nine months ended 30 September 2026, an 83.3 percent increase over the same period in 2025. The bottom line, after tax deductions, climbed by 86.4 percent, reaching a total of N14.7 billion, a figure that stands 40 percent higher than the Group’s entire 2025 after-tax earnings of N10.5 billion, with a quarter of the fiscal year still to run.

United Capital Plc reported a pre‑tax profit of N41.58 billion for the same nine‑month period, a 66 percent jump from N25.01 billion a year earlier. After‑tax profit grew 65 percent to N34.83 billion. Both companies filed unaudited results with the Nigerian Exchange Limited.

Dangote Cement Plc disclosed a nine‑month profit after tax of N974.79 billion, up 31.1 percent from N743.26 billion in 2025. The cement maker’s pre‑tax profit rose 41.5 percent to N1.47 trillion, while its share price surged more than 120 percent year‑to‑date, crossing the N1,000 mark in early July.

Background

NGX’s significant profit growth was largely attributed to transaction charges, which expanded to over twice their previous amount, hitting N20.7 billion, up from the earlier N9.7 billion, marking a 112.4 percent jump. Listing fees also rose 24.4 percent to N3.7 billion, reflecting continued capital‑raising activity. Gross earnings grew 64.8 percent to N29.6 billion and revenue jumped 79.8 percent to N27.3 billion. Group Managing Director and CEO Temi Popoola attributed the growth to a structural shift toward broader retail participation and digital self‑service channels.

United Capital’s profit expansion stemmed from multiple income streams. Revenue from fees and commissions climbed by 27 percent, while net investment returns jumped 95 percent, net trading profits rose 29 percent, and profits from financial assets measured at fair value through profit or loss expanded by 22 percent. Net operating income climbed 48 percent to N55.58 billion, while total revenue reached N62.47 billion. Expenses rose 28 percent to N23.51 billion, but the impairment charge for credit losses fell sharply to N366.9 million from N940.6 million.

Dangote Cement’s performance reflected higher revenue, which grew 19.6 percent to N3.77 trillion, and lower finance costs, which fell 58 percent year‑on‑year. Gross profit increased 27.7 percent to N2.39 trillion. The company’s earnings per share rose to N58.37 from N43.82, and its market capitalisation reached N22.6 trillion as of 27 October 2026.

Why it matters

The earnings lifts for NGX and United Capital signal a deepening of Nigeria’s capital markets, with more investors—particularly retail participants—engaging through digital platforms. Higher transaction and listing fees suggest increased market activity, which can generate wealth for investors and support broader economic growth.

For United Capital, the diversification of income sources, especially the near‑doubling of net investment income, underscores the firm’s expanding role in asset management and advisory services. The reduction in credit‑loss impairments points to improving loan‑book quality, which may enhance confidence among shareholders and creditors.

Dangote Cement’s profit surge and share‑price rally highlight the resilience of the construction sector despite global economic headwinds. Lower finance costs, driven by reduced borrowing expenses, improved profitability and may enable the company to fund further expansion or dividend payouts, benefiting both institutional and retail shareholders.

What happens next

NGX indicated that the strong nine‑month performance sets a solid foundation for the remaining quarter, implying that the Group expects continued fee growth as digital onboarding and retail participation expand.

United Capital’s unaudited results were filed ahead of the full‑year audit, and the firm will likely release its audited annual statements later in the year, which will confirm whether the nine‑month trends persist.

Dangote Cement’s share price crossing the N1,000 threshold in July suggests heightened market interest; the company’s next steps may include capital‑raising initiatives or further debt reduction, though specific plans were not detailed in the source material.

Overall, the robust earnings reported by these three market leaders reflect a period of heightened activity and profitability in Nigeria’s financial and industrial sectors, with implications for investors, employees, and the broader economy.