April 22, 2026/Cordros Report We update our 2026E estimates for BUA Cement Plc (BUACEMENT) following the release of its 2025FY results. During the period, the company reported revenue growth of 34.6% y/y, largely price-driven amid volume softness, alongside a 16.75ppts y/y expansion in adjusted EBITDA margin to 47.8% and EPS growth […]

April 20, 2026/InvestmentOne Report Revenue contracted 3.59% YoY to NGN302.37bn, the first top-line decline since FY:2020. The contraction masked a divergent segment mix as fuel revenue (86.35% of total) fell 4.15% to NGN261.09bn on PMS volume softness, lubricants (12.74% of total) declined marginally by 1.69% to NGN38.53bn, while the small […]

April 16, 2026/Cordros Report Guinness Nigeria Plc (GUINNESS) published their Q1-26 unaudited results on 14 April, reporting an EPS growth of 47.7% y/y to NGN4.74 (Q1-25: NGN3.21). The growth in earnings was supported by modest revenue growth (+3.7% y/y) and a significant reduction in net finance costs (-81.4% y/y). Notably, the Board declared […]