November 10, 2023/CSL Research Nigerian Breweries’ 9M numbers showed mixed performance across key metrics. The renowned star lager brewer recorded a single digit Revenue growth of 2.1% y/y to N401.69bn (9M 2023), amidst the nation’s high inflationary pressure which has weakened consumer purchasing power. Sales volumes remain pressured as consumers […]

November 10, 2023/CSL Research BUA Cement’s +27.92% y/y Revenue growth in 9M 2023 was primarily driven by an increase in price and sales volumes. BUA Cement reported increases in prices in 9M 2023 with average cement price rising by 21.4% to N68,540/ton from N56,468/ton in 9M 2022 while sales volumes […]

November 9, 2023/Cordros Report We update our views and estimates on MTNN for 2023E, following the publication of the company’s 9M-23 financials. As envisaged in our previous update (see our MTNN H1-23 Earnings Update here) the impact of currency devaluation was significantly felt in Q3-23 as EBITDA (-240bps y/y) and […]