August 9, 2019/InvestmentOne Report § Volatile top line: up 2.95% q/q, down 22.36% y/y. § Stable gross profit margin: up 22bps q/q; 77bps y/y. § Mixed Opex to sales ratio: down 480bps q/q; up 1699bps y/y. § Uninspiring Profit Before Tax: up 22.70% q/q; down 47.30% y/y. Recently, Okomu Oil […]
Results & Dividends
Nigerian Breweries Plc: Premiumisation Bearing Fruit; Q3 Outlook Improved
August 9, 2019/Cordros Report Results summary (H1-19): We update our model following the H1-19 results. The company’s performance seemed disappointing, as revenue declined by 1.4% y/y while EPS was also down by 27.8% y/y to NGN1.67. However, reading between the lines, we estimate that the revenue decline was mainly on […]
Dangote Sugar Refinery Plc H1 2019 Results: Weaker Prices Drag Down Earnings
August 6, 2019/InvestmentOne Report § Mixed top line: up 10.67% q/q, down 1.68% y/y § Lower Gross profit margin: down 1281bps q/q; 1011ps y/y § Stable OPEX to sales ratio: up 47bps q/q; down 25bps y/y § Lackluster PBT performance: down 40.84% q/q; 45.01% y/y Recently, Dangote Sugar Refinery Plc […]
