February 17, 2025/Cordros Report Nigerian Breweries Plc (NB) published its 2024FY audited results on Friday (14 February), reporting a loss per share of NGN12.07 (vs loss per share of NGN12.80 in 2023FY). The decline in earnings is primarily attributed to sustained cost pressures (+97.5% y/y) and foreign exchange loss (+2.8% […]

February 17, 2025/CSL Research Nigerian Breweries’ FY 2024 audited financial results revealed a strong 80.8% y/y increase in Revenue, crossing a ₦1 trillion mark to reach ₦1,084bn from ₦599.643bn in FY 2023 and surpassing our FY24 forecast of ₦959.5bn by 13%. Likewise, on a q/q basis, the company’s Revenue rose […]

February 10, 2025/Cordros Report In this note, we review our estimates and update our outlook for AIRTELAFRI following the release of the company’s 9M-25 result. As anticipated, persistent currency pressures, particularly in Nigeria, weighed on AIRTELAFRI’s revenue growth (-5.8% y/y) in 9M-25, offsetting gains from an expanding customer base (+7.9% […]