May 7, 2025/Cordros Report We update our outlook and estimates for Lafarge Africa Plc (WAPCO) for 2025E following a strong performance in Q1-25. During the period, WAPCO reported an impressive 80.3% y/y revenue growth, driven by a favorable price-volume mix, which resulted in an 8.37x y/y increase in EPS to […]
Results & Dividends
BUA Cement Plc Q1-25 Update: Strong Earnings Outlook Drives Rating Upgrade
May 7, 2025/Cordros Report We update our views on BUACEMENT in this report, accounting for the impressive performance in the first quarter of 2025. BUACEMENT’s revenue surged by 80.5% y/y in Q1-25, which we believe was primarily driven by higher pricing. The robust revenue growth, slower cost escalation (+31.2% y/y), […]
International Breweries Plc Q1-25 Update: Time to Chart a Profit Path?
May 7, 2025/Cordros Report INTBREW’s Q1-25 results mark a turning point in their performance trajectory, with a return to profitability driven by robust revenue growth (+68.2% y/y) and improved operational efficiency, with operating profit reaching NGN31.53 billion in Q1-25, compared to an operating loss of NGN80.58 billion in Q1-24. Additionally, […]
