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 […]
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Guinness Nigeria Plc: Earnings rebound from Q1 low, despite weakening margins
January 31, 2018/Cordros Research Yesterday, GUINNESS released Q2-17/18 results showing net profit of NGN2.09 billion (vs. NGN2.44 billion loss last year), driven by (1) continued revenue growth, (2) better margin, and (3) lower opex and finance charges. The net profit was equally higher compared to Q1-17/18’s NGN41.4 million, but below […]
Nigerian Equities Market Reverses Gain on Sell-Offs in Banking, Consumer Goods Counters
January 31, 2018/InvestmentOne Research The Nigerian equities market reversed its gains yesterday as it closed down by -0.34% in today’s trading session. Market Breadth index, a gauge for investor sentiment, closed in the red as 30 stocks declined compared to 24 stocks that gained. FLOURMILL (+10.05%) had the best performance […]
