March 12, 2026/Cordros Report We update our view on MTNN following the release of its 2025FY results, which reflected a stronger operating performance, supported by ARPU growth (+45.4% y/y), subscriber net additions of 6.40 million, EBITDA margin expansion (+13.63ppts y/y), and a swing from FX losses to FX gains. For 2026E, […]
Results & Dividends
BUA Cement Plc: Pricing Gains Buoy Strong Earnings Performance
March 6, 2026/InvestmentOne Report BUA Cement Plc delivered a 34.57% YoY growth in revenue to NGN1.18trn in FY:2025, largely driven by price increases, as Cost of Sales (COS) declined modestly by 0.16% YoY to NGN575.26bn. The moderation in COS was mostly due to lower energy costs (-13.36% YoY to NGN244.75bn), […]
MTNN: PAT Rebound Sustained by Favourable FX Positioning
March 5, 2026/InvestmentOne Report Keeping in line with recent growth in the services sector, MTN delivered stellar full year numbers for 2025 as topline revenue grew to NGN5.20trn (+54.90% YoY), reflecting the highest growth seen in more than 5 years. This growth was supported by deepening in consumer base as […]
