July 30, 2025/Cordros Report First HoldCo Plc (FIRSTHOLDCO) published its unaudited H1-25 financials today, reporting a 22.3% y/y decline in profit after tax to NGN283.77 billion (H1-24: NGN365.30 billion). The decline was driven by a significant contraction in non-core income (-57.4% y/y), which outweighed the impressive growth in core income […]

July 30, 2025/Cordros Report In this report, we update our position and estimates for Unilever Nigeria Plc (UNILEVER) for 2025E, following a stellar H1-25 performance. UNILEVER successfully implemented price increases across their product portfolio alongside achieving moderate volume expansion. This translated into a 53.5% y/y increase in revenue generated in […]

July 30, 2025/CSL Research Financial Highlights: Interest Income: +51.7% y/y to N1.44TN Interest Expense: +23.1% y/y to N532.58BN Cost of Risk: +190bps y/y to 4.2% Cost to Income Ratio: +360bps y/y to 50.5% Profit before Tax: -13.6% y/y to N356.1BN Stock Rating: UR First Holdco’s unaudited H1 2025 results showed […]