November 13, 2025/Cordros Report We revise our outlook on Dangote Cement Plc (DANGCEM) following the release of its 9M-25 results, which reflected a strong operating performance. The company’s revenue grew by 23.2% y/y, largely price-driven, while EBITDA margin expanded by 958bps y/y to 45.3%, as cost discipline held firm with […]

November 7, 2025/Cordros Report This report updates our outlook on Unilever Nigeria Plc (UNILEVER) for the rest of the year. In Q3-25, UNILEVER maintained resilient operating leverage, as tighter control over operating costs (+2.2% y/y) helped cushion margins despite cost of sales (+52.4% y/y) rising faster than revenue (+43.5% y/y). […]

November 5, 2025/Cordros Report In this note, we update our estimates and outlook for NASCON Allied Industries Plc (NASCON). Revenue growth in Q3-25 was driven by measured volume expansion; however, cost of sales increased at a faster pace (+15.3% q/q) relative to revenue (+7.9% q/q). Consequently, we revise our 2025E […]