January 31, 2018/InvestmentOne Research Decline top line: down -13.65% q/q, -4. 14% y/y · Expansion in gross profit margin: up +367bps q/q; +322bps y/y · Slight uptick in opex to sales ratio: up +94bps q/q; +87bps y/y · Mixed PBT performance: down -17.3% q/q; up +303.5% Yesterday, Flour Mills of […]
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Guinness Nigeria H1 2018: Bottom line recovers on balance sheet restructuring
January 31, 2018/InvestmentOne Report Strong topline growth: up +35.9% q/q ; +11.5% y/y · Mixed gross margin: down -117.8bps q/q; up +600.9bps y/y · Contraction in opex to sales ratio: down -246.4bps q/q;-642.1bps y/y · Recovery in PBT: N3.5billion in Q2 2018 against N41million in Q1 2018 Yesterday, Guinness Nigeria Plc […]
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 […]
