May 20, 2020/Cordros Report BUA Cement published 2019FY audited financials after the close of market yesterday, which showed that the company recorded a 2019FY EPS decline of 5.3% y/y to NGN1.79/s, mostly on input cost pressure as well as a tax charge incurred over 2019FY (vs. a deferred tax credit […]
Results & Dividends
Lafarge Africa Plc Q1-20 Update: Strong Start to the Year, But Risks Abound
May 20, 2020/Cordros Report In our last update “See report: Focus on Nigeria Makes for Less Distraction”, we had stated that the negative impact of COVID-19 on WAPCO’s volume growth will be a lot more evident on earnings from Q2-20. Our prognosis was largely hinged on management’s guidance that volume […]
Total Nigeria Plc Q4 2019 and Q1 2020 Results Review: Economic Lockdown Weighs Heavily
Culled—Proshare May 19, 2020 By FBNQuest Research -34% cut to our 2020-22E EPS estimates Total Nigeria (Total) reported a Q1 2020 loss after tax of -N163m compared with our N517m forecast. Although an anticipated reduction in net finance charges (down -40% y/y) materialised, the federal government’s preventive actions against the […]
