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 […]

November 4, 2025 By Chima Nwokoji FirstHoldCo Plc has sustained its growth momentum across core business segments, reporting a 17.1 percent year-on-year increase in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared to ₦2.25 trillion in the corresponding period of 2024. According to the […]