May 28, 2024/Cordros Report In this report, we update our views on Nigerian Breweries Plc (NB) for 2024E. Despite a challenging macroeconomic environment, NB demonstrated resilience with an 84.2% y/y revenue growth in Q1-24, driven by product innovation, inflation-led price increases, amid a weak base in Q1-23 which was characterized […]
Results & Dividends
Guinness Nigeria Plc Q3-24: Huge FX Loss Wipes Impressive Topline Gains
May 28, 2024/Cordros Report We review our estimates and update our views on Guinness Nigeria Plc (GUINNESS) over the rest of 2024E. In Q3-24, GUINNESS showcased resilience in its topline performance (+43.8% y/y) driven by higher selling prices, improved product offerings, and a sustained focus on premium segments amid subdued […]
International Breweries Plc Q1-24 Update: Short-Term Challenges, Medium-Term Improvement Expected
May 28, 2024/Cordros Report This report provides an updated view of INTBREW for 2024E. Like its peers in the brewery industry, INTBREW reported significant revenue growth in Q1-24 (+89.7% y/y), driven by higher prices, volume growth, and a low base from Q1-23 due to the naira redesign policy that impacted […]
