August 6, 2019/Cordros Report Results summary (Q2/H1-19): NESTLEs reported H1-19 EPS of NGN33.11 was up 22.3% y/y, driven by higher revenue, lower input costs, and a net finance income (vs. loss the previous year). When annualized, H1-19 EPS, came in ahead of the market’s expectation for 2019FY (NGN62.52) and Cordros’ […]
Results & Dividends
Dangote Cement Plc to Rediscover Lost Swagger
August 6, 2019/Cordros Report Q2-19 Update: Over Q2-19, DANGCEM delivered a 44.5% y/y growth in EPS due to declines in net finance cost (-71.5% y/y) and the company’s effective tax rate (-23.9 ppts y/y). However, the Group’s core operations weakened further in the period following poor outturn in revenue (-5.3% y/y) […]
Unilever Nigeria Plc: Weak HPC Volumes Pressure Q2-19; Outlook Unchanged
August 5, 2019/Cordros Report Results summary (Q2/H1-19): UNILEVER reported H1-19 EPS of NGN0.61 was down 37.2% y/y due to lower revenue, downwardly sticky input costs, and lower net finance income. Overall, H1-19 EPS is tracking behind market’s expectation for 2019FY (NGN1.53) and Cordros’ estimate of NGN1.27. Q2-19 revenue declined by […]
