According to BusinessWorld 100, a research publication of BusinessWorld Newspaper which was released at the weekend, Dangote Sugar Refinery emerged as the most profitable company in the country with profit after tax of N21.48 billion, while Oando with turnover of N185.89 billion emerged as the company with the largest revenue and Zenith Bank the most valuable company as it recorded the highest market capitalisation of N613.11 billion. Oceanic Bank International, with N222.77 billion, has the largest shareholders' fund among Nigeria's 100 largest companies while Julius Berger is the highest employer of labour in the country with 17308 employees.

UBA led the chart in assets, and was second best in profit, market value and shareholders' funds. It also came 4th in revenue ranking. Apart from employee population, the bank was found in the first five of the six criteria applied for the entire analysis.

According to the study, UBA, Oceanic, Zenith, First Bank and Intercontinental Bank emerged the first five biggest companies respectively out of the 100 companies ranked. Incidentally, only Oando Plc is a non-bank business organisation that appeared in the first 20 positions in the asset ranking. In other words, the top 10 companies in the country are all banks. Food and beverage companies and some oil and gas firms had a good showing in the ranking with Nigerian Breweries, Flour Mills, Guinness, Julius Berger and others coming on strong in the area of assets.

[23 Oct 2008 09:48]

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