August 14, 2025/Cordros Report We update our view and estimates for Nestle Nigeria Plc (NESTLE) after a solid H1-25 showing. While heightened price sensitivity and downtrading pressured volumes, effective price increases between H1-24 and Q1-25 preserved margins, offsetting the 2.9% q/q revenue decline in Q2-25. For the rest of 2025E, […]

August 14, 2025/CSL Research Cadbury Nigeria Plc reported H1 2025 Revenue of ₦77.25 billion, marking a 50.2% y/y increase from ₦51.44 billion in H1 2024. Growth was driven by higher domestic sales, particularly in the Refreshment Beverages and Confectionery segments: • Refreshment Beverage segment: ₦49.75 billion (+58.5% y/y from ₦31.39 […]

August 14, 2025/Cordros Report In this note, we update our estimates and outlook on NASCON Allied Industries Plc (NASCON). As we noted in our summary, the producer’s number remained resilient driven by increased sales and sustained efficiency gains, despite heightened consumer price sensitivity. Specifically, we like that NASCON was able […]