Nine NGX tech stocks show wildly divergent 2026 revenue growth — but profits tell different story

An analysis of nine NGX-listed technology and telecommunications companies reveals revenue growth ranging from a 650% surge to a 7.4% decline for the 2026 reporting periods compared to 2025. Omatek Ventures posted the highest growth at 650%, though from a microscopic base of N200,000 to N1.5 million. NCR Nigeria (+29.3%) and CWG (+29.1%) led meaningful growth, followed by Airtel Africa (+28.2% in USD) and MTN Nigeria (+23.6%). Legend Internet was the sole decliner at -7.4%. Reporting periods differ: seven companies reported nine months to September 2026, Airtel reported half-year to September, and Legend Internet covered 12 months to July 2026.

Revenue growth did not uniformly translate to profit growth. CWG grew revenue 29.1% but saw profit after tax fall 11.9% as costs outpaced sales. eTranzact's 4.4% revenue rise came with a 42.7% profit decline. Chams Holding grew revenue 16.6% but operating profit dropped 30.8%, saved only by a massive finance income jump. Conversely, MTN and Airtel delivered both revenue and profit expansion — MTN's profit after tax rose 55.3% to N1.17 trillion, Airtel's grew 20.5% to $452 million. NCR Nigeria nearly doubled profit to N473.55 million despite negative operating cash flow.

The data underscores a critical distinction for investors: top-line growth alone is misleading. Omatek's 650% increase masks persistent losses. CWG and eTranzact show margin pressure. MTN and Airtel demonstrate scalable profitability. Reporting period and currency differences (Airtel in USD, multi-market) complicate direct comparison.

When evaluating NGX tech stocks, do you prioritize revenue momentum or profit sustainability — and how do you weight reporting inconsistencies across companies?

SOURCE: https://nairametrics.com/2026/11/08/top-ngx-listed-tech-companies-ranked-by-revenue-growth-in-2026/