March 21, 2022/Cordros Report ACCESS released 2021FY results last week Thursday (March 17th), which showed that the bank recorded substantial growth in Gross Earnings (+27.1% y/y to NGN971.89 billion). This was driven by growth in both the funded and non-funded income segments as the bank was more aggressive in creating […]

March 18, 2022/Cordros Report Nigerian Breweries Plc (NB) delivered impressive earnings in its 2021FY results, reporting EPS of NGN1.58 (+72.0% y/y). The achieved EPS is 11.6% above our 2021FY estimate of NGN1.42, owing to the strong topline growth (+29.7% y/y) and positive surprise in Other income (+458.7% y/y). The board […]

March 17, 2022/Cordros Report 2021FY results reiterate our positive view of NESTLE as the company’s earnings remained strong despite the effects of the increasingly competitive landscape and existential macro challenges on its operations. We remain optimistic about NESTLE’s medium-term growth prospects. In 2022FY, we believe NESTLE’s brand equity and product […]