August 01, 2025/InvestmentOne Report Aradel Holdings Plc delivered commendable top-line growth in H1:2025, with revenue reaching NGN368.08bn, representing a 37.18% increase from NGN268.31bn in H1:2024. This growth primarily stemmed from higher crude oil output and expanded refined product sales. Despite this revenue growth, the company faced significant margin compression, evidenced […]
Results & Dividends
Dangote Cement Plc H1-25 Update: Earnings Momentum Intact, Limited Valuation Upside
August 01, 2025/Cordros Report In this note, we revise our 2025E outlook on Dangote Cement (DANGCEM) following a robust H1-25 performance. During the period, the company reported modest topline growth (+17.7% y/y), improved EBITDA margin (+781bps y/y to 45.6%) and a 173.1% surge in EPS to NGN30.47. Building on this […]
INTBREW H1-25 Update: Cost Efficiency and Revenue Mix Reignite Profitability
August 01, 2025/Cordros Report INTBREW’s Q2-25 results build on the recovery momentum as highlighted in Q1-25 update. The brewer posted revenue growth of 39.5% y/y, an 888bps expansion in gross margin to 37.0%, and a return to operational profitability, with EBITDA margin of 24.3% — reversing the negative print in […]
