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 […]
Results & Dividends
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 […]
FBN Holdings Delivers Robust Performance in FY23
FSDH Initial Reaction: FBN Holdings FY23 results Kindly click here to download the report. May 27, 2024/FSDH Research Key Performance Highlights: FBN Holdings reported an impressive set of numbers for FY23, with the gross earnings vaulting 95.7% YoY to N1,595.3 billion compared to N815.2 billion in FY22, while the operating […]
