October 31, 2025/Cordros Report First HoldCo Plc (FIRSTHOLDCO) published its unaudited 9M-25 results, reporting a 27.3% y/y dip in EPS to NGN10.65 (9M-24: NGN14.64). The preceding was buoyed by the 49.1% y/y decline in the HoldCo’s non-interest income. Interest income rose 40.4% y/y to NGN2.29 trillion, driven by stronger returns […]
Author: InvestAdvocate
Guinness Nigeria Plc 15M-25 Update: Moderating Assumptions Reflect a More Balanced Outlook
October 31, 2025/Cordros Report We update our view on Guinness Nigeria Plc (GUINNESS) following their recently released results. In Q3-25, the brewer recorded gross and EBITDA margins expansions of 66bps y/y and 33bps y/y to 37.1% and 20.9%, respectively, reflecting strong topline growth (+64.7% y/y) and improved cost efficiency, amid […]
International Breweries Plc Q3-25 Update: Outlook Tempered as Demand Recovery Lags
October 31, 2025/Cordros Report INTBREW recorded a modest revenue growth of 9.4% y/y in the quarter (9M-25: +37.6% y/y) and sustained margin improvements – gross (+308bps y/y to 29.9%) and EBITDA (+16.29 ppts y/y to 21.7%), reflecting stable pricing and improved cost efficiency, aided by moderating inflation and FX stability. […]
