According to thisdaylive MTN Nigeria Communication Plc, Dangote Cement Plc, and 15 other listed companies on the Nigerian Exchange Limited (NGX) saw their operating expenses to income up by 31per cent in first quarter of (Q1) 2023 over double-digit inflation rate, foreign exchange scarcity worsened by the general elections and slow growth in the nation’s economy.

 The companies cut across manufacturing, Oil & gas, financial institutions and telecommunication.

THISDAY analysis of their Q1 results showed that they reported N1.01trillion total operating expenses in Q1 2023, an increase of 26 per cent from N800.96 billion reported in Q1 2022, while total income reached N3.25 trillion in Q1 2023, representing an increase of 16 per cent from N2.81 trillion reported in Q1 2022.

In the period under review, inflation rate moved from 15.92 per cent in March 2022 to 22.04 per cent in March 2023, while Naira against the dollar depreciated to N460.35/$ from N415.75 /$ a year ago.

Read more: thisdaylive

https://www.thisdaylive.com/index.php/2023/05/22/q1-dangote-cement-mtn-others-opex-reached-n1-01trn-as-inflation-fx-scarcity-persist/