May 8, 2025/Cordros Report In Q1-25, UBA recorded a 37.3% y/y growth in gross earnings driven by growth across both core (+36.1% y/y) and non-core (+44.2% y/y) income. Looking ahead, we revise our gross earnings forecast upward (2025E: +26.7% y/y | previously: +23.4% y/y), underpinned by a 24.7% y/y and […]
Results & Dividends
Airtel Reports Profit after Tax of $328M Improved from a $89M Loss
May 8, 2025/CMC Connect LLP Accelerating growth and sequential margin expansion during the year supports strong operating and financial momentum Operating highlights Our total customer base grew[1]by 8.7% to 166.1 million, with our focus on digital inclusion supporting a 4.3% increase in smartphone penetration to 44.8%. Data customers increased by […]
Nestle Nigeria Plc Q1-25 Update: Strong Fundamentals to Drive Earnings Rebound in 2025
May 7, 2025/Cordros Report In this report, we present our outlook for NESTLE for 2025E, following a stronger than expected Q1-25 performance, characterized by lower cost and operating margins. We like that NESTLE was able to bring down its cost-to-sales ratio by 13.86ppts to 59.4% in Q1-25 (Q1-24: 73.3%). This […]
