October 28, 2025/Cordros Report Following the release of ACCESSCORP’s H1-25 results, we have revised our outlook and estimates for the group. The HoldCo delivered a solid topline performance, with funded earnings rising by 38.9% y/y. Nonetheless, profitability weakened, driven by a sharp contraction in trading gains on equity (-96.3% y/y) […]

October 28, 2025/Cordros Report We have updated our estimates for Nigerian Breweries Plc (NB) following the release of their Q3-25 results. Although topline performance remains resilient — with 9M-25 revenue up 47.2% y/y — the Q3-25 revenue came in below our expectations (variance: -9.4%), reflecting a sharper-than-assumed seasonal slowdown. As […]

October 28, 2025/CSL Report The cement industry sustained its strong growth momentum in the first nine months of 2025, delivering impressive financial results. Total Revenue for all listed cement producers rose by 32.30% year-on-year (y/y) to ₦4.79 trillion, up from ₦3.62 trillion in 9M 2024. This robust performance was largely […]