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 […]

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 […]

August 01, 2025/InvestmentOne Report Eterna Plc demonstrated a return to profitability in the first half of 2025, posting revenue growth of 6.87% to NGN157.65bn from NGN147.53bn in the corresponding period of 2024. Despite the modest top-line expansion, heightened cost pressures significantly impacted margins. Cost of sales rose notably by 15.91% […]