July 24, 2019/InvestmentOne Report § Marginal Improvement in Turnover: up 4.17% q/q, 0.17% y/y. § Improving gross margin performance: up 442bps q/q, 191bps y/y. § Declining OPEX/Sales ratio: down 199bps q/q, down 292bps y/y. § Rising PBT Margin: up 1103bps q/q, 1535bps y/y. Lafarge Africa published its Q2 2019 results […]
Results & Dividends
Flour Mills of Nigeria Q4 2019 Results Review: Earnings Hurt By Competitive Headwinds
Culled—Proshare July 19, 2019 By FBNQuest Research Material cuts to our 2020-22E EPS forecasts and price target We have cut our earnings forecasts for Flour Mills of Nigeria (FMN) following its disappointing Q4 2019 results. FMN reported a loss of –N1.1bn in Q4 versus our PBT forecast of N144m, and […]
Flour Mills of Nigeria Q2 2019: Weaker Margin Suppresses Earnings Despite the Fall in Finance Cost
July 16, 2019/InvestmentOne Report • Mixed top line: down 3.16% q/q, up 10.07% y/y. • Weak gross profit margin: down 573bps q/q; 573bps y/y. • Lower Opex to sales ratio: up 5bps q/q; down 247bps y/y. • Weaker Profit Before Tax: down 342.40% q/q; 143.71% y/y Recently, Flour Mills of […]
