L
LequteMan
Guest
Going by the Q1 2016 results released by the 44 major companies listed on the Nigerian Stock Exchange(NSE), the Nigerian business environment is harsh. Very harsh.
The combined profits for all 44 firms were down by 11.1 per cent to N252.3 billion, from N283.9 billion in 2015. Similarly income tax expense for the firms fell by 12.97 per cent for the first quarter, 2016 period to N35 billion from N40.2 billion. It'll be hard for the federal government to realize its tax goals for the year.
The results also showed that the major banks and Dangote Cement were the companies that reported any significant profits and paid majority of the taxes.
The combined profits for all 44 firms were down by 11.1 per cent to N252.3 billion, from N283.9 billion in 2015. Similarly income tax expense for the firms fell by 12.97 per cent for the first quarter, 2016 period to N35 billion from N40.2 billion. It'll be hard for the federal government to realize its tax goals for the year.
The results also showed that the major banks and Dangote Cement were the companies that reported any significant profits and paid majority of the taxes.
- Dangote Cement recorded a profit- before- tax (PBT) of N54.53 billion
- Zenith Bank- N32.1 billion
- Guaranty Trust Bank - N30.67 billion
- Access bank- N22.5 billion
- FBN Holdings - N22.05 billion
