April 24, 2026/Cordros Report BUA Cement Plc (BUACEMENT) released its Q1-26 unaudited financials yesterday (23 April), reporting a 117.4% y/y surge in EPS to NGN5.21 (Q1-25: NGN2.40). The expansion in earnings was driven by a 22.1% y/y growth in revenue, a muted increase in cost of goods sold (+0.5% y/y), and a […]

April 24, 2026/Cordros Report In this update, we present our 2026E outlook for Zenith Bank Plc (ZENITHBANK) following the release of its 2025FY results. Our thesis for ZENITHBANK in 2026E centres on our expectations of a decline in credit costs, reflecting improved asset quality and already elevated coverage levels. Specifically […]

April 24, 2026/Cordros Report In this report, we update our outlook and estimates for TotalEnergies Marketing Plc for 2026E. Revenue performance was subdued in 2025FY, declining by 26.3% y/y to NGN767.63 billion. The contraction was largely volume-driven, with weaker sales offsetting the benefit of higher product prices. EBITDA margin declined […]