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 […]
Results & Dividends
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 […]
Flour Mills of Nigeria Plc Q1 2019/2020 Results- Stronger Volume and Lower Finance Cost Support Earnings
August 6, 2019/InvestmentOne Report § Improving top line: up 6.30% q/q, 1.29% y/y. § Mixed gross profit margin: up 690bps q/q; down 75bps y/y. § Stable Opex to sales ratio: down 33bps q/q; 7bps y/y. § Rising Profit Before Tax: up 176.27% q/q; 5.53% y/y. Recently, Flour Mills of Nigeria […]
