Culled—-Proshare July 31, 2017/Vetiva Research · Topline comes in 4% higher q/q · Operating margin contracts from 3.2% in Q1 to 0.6% in Q2 · Naira appreciation drives lower FX acquisition losses · TP revised to ₦24.79 (Previous: ₦25.92) Strong Q2 numbers lifted by deceleration in FX losses JBERGER reported […]
Results & Dividends
Flour Mills of Nigeria Reports Q1 2018 Results – Gross Margin Contracted to 11.6%
Culled—-Proshare July 31, 2017/FBN Capital Research Event: Flour Mills of Nigeria (FMN) reports Q1 2018 (end-June) results Implications: Likely upward revisions to consensus 2018 PBT forecast Positives: Sales and PBT grew by 25% y/y and 6% y/y respectively Negatives: Gross margin contracted by -124bp to 11.6%. […]
DANGCEM Plc – Q2 Performance Consolidates On Concrete FY’17 Start
Culled—Proshare July 31, 2017/Elixir Research DANGCEM today made public its H1’17 results, showing strong y/y revenue growth but weaker on q/q—similar trend was observed with Lafarge H1) while profitability improved significantly boosted by cost efficiency and cut in tax expense. We noticed that margins performed well on a y/y basis […]
