July 24, 2018/Cordros Report Update: DANGCEM published Q2-18 result last week, showing Group revenue grew 18% y/y, while net profit was lower by 24% y/y. Revenue beat our estimate by 2% while net profit was much lower (52% variance), on higher (Nigeria) effective tax rate. Following changes to our tax […]

Culled—Proshare July 20, 2018/FBNQuest Capital Research ­Event: Dangote Cement reports weaker-than-expected Q2 2018 results.  Implications: On an annualised basis, Q2 sales and PBT came in slightly behind consensus estimates of N965bn and N371bn respectively. As such, we anticipate moderate downward adjustments to consensus 2018E PBT forecast. However, we expect a […]

Culled—Proshare July 20, 2018/FBNQuest Capital Research  Event: Unilever Nigeria (Unilever) reports Q2 2018 results  Implications: Unilever’s profitability has improved y/y with Q2 PBT and PAT both up 38% y/y and 99% y/y respectively. However, on an annualised basis, H1 PBT of N7.5bn is broadly in line with consensus PBT estimate […]