February 5, 2019/InvestmentOne Report · Mixed top line: down 4.25% q/q, up 1.42% y/y. · Weak gross profit margin: up 19bps q/q; down 484bps y/y. · Stable Opex to sales ratio: down 5bps q/q; up 44bps y/y. · Declining Profit Before Tax: down 3.63% q/q; 50.61% y/y. […]
Results & Dividends
Guinness Nigeria Q2 2019 Results Review: Earnings Choked By Thinning Gross Margin
Culled—Proshare February 5, 2019/FBNQuest Research 11% cut to our 2019-21E EPS forecasts Guinness Nigeria’s (Guinness) Q2 2019 (end-Dec) earnings were behind our forecasts primarily due to a disappointing (-432bps) gross margin. As such, PBT surprised negatively by -34%. Guinness’s performance in our view was reflective of inflationary cost pressures – […]
Q2 2019 result highlight: Operating Efficiency And Lower Finance Cost Buoyed PBT Performance
February 4, 2019/InvestmentOne Report · Pressured gross profit margin: down 375bps q/q, 483bps y/y · Lower opex/sales ratio: down 530bps q/q, 204bps y/y. · Mixed PBT margin performance: up 208bps q/q, down 215bps y/y. Guinness Nigeria Plc (GN) published its Q2 2019 scorecard last week. The result was weighed down […]
