April 29, 2019/Cordros Report Event: Late on Friday, DANGCEM published Q1 19 results, reporting a steep decline in EPS of 15.7% y/y to NGN3.54 (Cordros estimate: NGN4.14) and EBITDA contraction of 5.5 pps y/y to 46.5%. The deviation between our estimate and the reported EPS stemmed largely from the combination […]

April 26, 2019/Cordros Report Event: OKOMUOIL recently published Q1-19 results, showing significant contractions across key lines – revenue (-42.5% y/y), PBT (-68% y/y), and PAT (-71% y/y). Similarly, relative to the previous quarter, PAT declined by 20%, driven by a blend of higher finance charges, together with a three-fold jump in […]

April 26, 2019/InvestmentOne report ·         Mixed topline performance: down 3.53% q/q, up 0.38% y/y. ·         Diversified gross profit margin: up 481bps q/q, down 373bps y/y.. ·         Varied opex/sales ratio: down 148bps q/q, up 61bps y/y. ·         Mixed PBT Margin: up 571bps q/q, down 462bps y/y. Nigerian Breweries Plc (NB) released […]