Highlights 19% revenue growth and 31% increase in gross profit Operating profit of N6.6bn, 7bn improvement compared to the previous year Marketing investment up 17% to support wider beer and spirits portfolio enabled by productivity savings Debt to equity ratio reduced from 82% to 2% Lagos, Nigeria – 30 January […]
Results & Dividends
Flour Mills of Nigeria Plc; First Glance: Better-than-expected Q3 PAT; margins to the rescue
January 31, 2018/Cordros Research FLOURMILL published Q3-17/18 result yesterday, showing high double-digit y/y growth (320% y/y) in post-tax profit to NGN3.6 billion. The net profit almost tripled our estimate, and was above consensus by 28%. Gross margin surprised to record high (since Q4-13/14), beating our estimate by 470 bps, while […]
Guinness Nigeria Plc: Earnings rebound from Q1 low, despite weakening margins
January 31, 2018/Cordros Research Yesterday, GUINNESS released Q2-17/18 results showing net profit of NGN2.09 billion (vs. NGN2.44 billion loss last year), driven by (1) continued revenue growth, (2) better margin, and (3) lower opex and finance charges. The net profit was equally higher compared to Q1-17/18’s NGN41.4 million, but below […]
