April 29, 2019/Cordros Report Event: TOTAL just published Q1-19 results, with PAT decline of 128.4% y/y, resulting in the company posting its first quarterly loss on record. PAT was impacted by gross margin decline, as well as higher operating expenditure and net finance costs. Revenue grew by 2.3%/ y/y, the […]
Results & Dividends
DANGCEM Q1’ 19 – Mounting Competition, Margin Erosion, Declining Earnings
Culled—Proshare April 29, 2019 By Janet Ogunkoya of ARM Research In our stock update released in March (See Report: Competition caps earnings growth), we had guided that the increased competition in the cement space with onboarding of additional capacity of 1.5 million tons by CCNN in the North West and […]
Zenith Bank Q1 2019 Results Review: Shares Undervalued
Culled—Proshare April 29, 2019 by FBNQuest Research Modest revisions to our 2019-20E earnings forecasts2% avg Although Zenith Bank’s (Zenith) Q1 2019 PBT came in well ahead of our estimates, PAT was broadly in line, due to a negative result of –N6.6bn in other comprehensive income. Consequently, we have made modest […]
