Culled—Proshare February 1, 2018/Vetiva · H1’18 revenue slightly above estimate, up 19% y/y · EBIT margin strengthens on operating cost improvement · Debt burden fading, loans down 250% y/Y · PAT strengthens to ₦2.1 billion in H1’18 (H1’17: ₦4.7 billion LAT) Volumes drive revenue growth in H1’18 results Printing slightly ahead of Vetiva estimate, […]
Results & Dividends
Flour Mills of Nigeria Reports Q3 2018 Results – PBT and PAT Grew by 303% and 418% YoY Respectively
Culled—Proshare February 1, 2018/FBNQuest Event: Flour Mills of Nigeria (FMN) reports Q3 2018 (end-Dec) results Implications: Likely upward revisions to consensus 2018 PBT forecast Positives: PBT and PAT grew by 303% y/y and 418% y/y respectively. Negatives: Sales declined by 4% y/y, interest expense spiked up by 26% y/y Flour […]
Guinness Nigeria reports Q2 2018 Results as Slight Downward Revisions to Consensus PBT Forecasts
Culled—Proshare February 1, 2018/FBNQuest Event: Guinness Nigeria reports Q2 2018 (end-Dec) results Implications: Slight downward revisions to consensus PBT forecasts expected Positives: Sales up 12% y/y, PBT advanced to N3.5bn vs pre-tax loss of N2.4bn in Q2 2017. Negatives: Gross margin contracted by -118bps q/q Guinness Nigeria’s Q2 2018 (end-Dec) […]
