NCR (Nigeria) Plc has emerged as one of the most explosive gainers on the Nigerian Exchange (NGX) in November, skyrocketing more than 60% month-to-date and smashing through the long-held ₦20 resistance barrier. The stock, which closed the latest trading week at ₦25.60, has now notched a new multiyear high and cemented its position as one of 2025’s most notable comeback stories.
For a company that spent much of 2024 battling losses and operational headwinds, the reversal of fortunes has been remarkable. NCR Nigeria has sustained a bullish trend since July 2025, and if current sentiment holds, the company is on pace to close yet another month firmly in positive territory. Its second-half performance alone now stands at 326.7%, one of the strongest rallies of any technology-linked stock on the local bourse this year.
Much of the renewed investor confidence can be traced to the firm’s nine-month earnings report, which showcased a dramatic turnaround. The company rebounded from a pre-tax loss of ₦2.6 billion recorded in the same period of 2024 and instead posted a pre-tax profit of ₦237.9 million for the 2025 period. This pivot into profitability has been received as a strong indication that NCR’s restructuring efforts and strategic adjustments are gaining traction.
A closer look at the numbers reveals the primary driver of the comeback: aggressive and disciplined cost containment. Administrative expenses—which had ballooned to ₦2.9 billion in 2024 largely due to exchange losses—were slashed to just ₦91.7 million in 2025. This dramatic reduction ensured that top-line revenue of ₦1.49 billion could translate directly into meaningful bottom-line improvement.
Investors reacted swiftly to the earnings release, which was published on October 27. The market has since rewarded NCR’s turnaround with a surge that has propelled the stock to a staggering 412% year-to-date gain. For a company deeply tied to banking technology, ATM infrastructure, and retail automation solutions, the market appears to be pricing in sustained financial recovery and renewed operational stability.
The stock’s performance throughout the year paints a picture of a slow build-up followed by an explosive rally. NCR Nigeria opened 2025 at ₦5.00 and climbed to ₦7.30 in January. After months of sideways trading between February and April, the stock pulled back in May and slid to ₦6.00 in June. July marked the beginning of a definitive trend reversal, with the share price pushing above ₦10.00 and ending August at ₦11.55. The momentum extended into September, with the stock touching ₦16.00, representing a 166% gain for the third quarter alone.
October was quieter, likely due to the company’s closed period ahead of earnings, but the release of its results in late October reignited interest. The renewed inflow of buy orders in early November triggered a powerful breakout, propelling NCR past the psychological ₦20 barrier before surging further to ₦25.60.
On the operational side, NCR Nigeria reported revenue of ₦1.4 billion for the nine months ended September 30, 2025—an increase of 13.9% from the previous year. World Customer Services, the company’s flagship line, accounted for ₦1.1 billion or 73.5% of total revenue, while Financial Services contributed ₦396.8 million.
Cost of sales rose by 11.5% to ₦1.17 billion, resulting in a gross profit of ₦321.8 million, up from ₦260.5 million in 2024. Complemented by other income of ₦36.7 million and significantly reduced overheads, the company’s operating profit aligned with its pre-tax profit due to the absence of finance costs.
On the balance sheet, total assets expanded to ₦5.3 billion from ₦4.4 billion, while accumulated losses narrowed modestly to ₦4.4 billion from ₦4.7 billion—a sign that the company is gradually rebuilding equity strength after years of volatility.
With momentum still strong, analysts say NCR Nigeria could remain on investor watchlists as one of the most compelling turnaround plays on the NGX. The company’s ability to sustain profitability, deepen revenue diversification, and preserve leaner cost structures will determine whether this rally evolves into long-term value creation or remains a short-term market reaction.
