Airtel overtakes MTN Nigeria as most-capitalised ICT firm

Airtel Africa Plc has overtaken MTN Nigeria Communications Plc to become the most-capitalised ICT company on the Nigerian Stock Exchange.

With a market capitalisation of N3.49trn, Airtel now occupies the second position, behind Dangote Cement, on the list of the most capitalised companies on the NSE.

The Information and Communication Technology segment of the bourse had been dominated by MTN since it listed on the NSE in May 2019. Airtel Africa listed on the Exchange two months later in July 2019.

As at the end of trading activities on Wednesday, Airtel is valued at N3.49trn, compared to MTN’s market capitalisation of N3.26trn.

MTN Nigeria’s financial statements show that the telco declared a double-figured increase in generated revenue in 2020.

Specifically, its revenue expanded by 15.1 per cent from N1.17trn in 2019 to N1.35trn in 2020.

Airtel also declared a 13.8 per cent increase in revenue to $2.87bn while its profit after tax stood at $261m, indicating a 21.1 per cent decrease in profitability.

These are the top five companies on the NSE as of Wednesday (today):

Dangote Cement – N3.88trn

Airtel Africa – N3.49trn

MTN Nigeria – N3.25trn

BUA Cement – N2.53trn

Nestle Nigeria – N1.09trn

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