Culled—Proshare October 31, 2016/FBNQuest Research Event: Flour Mills of Nigeria (FMN) reports Q2 2017 (end-Sep) results Implications: Marked upward revisions to consensus 2017 underlying PBT forecast likely Positives: Sales grew by 43% y/y. FMN reported PBT of N2.9bn vs underlying pretax loss of –N810m in Q2 2016 Negatives: FMN’s reported […]
Updates
Okomu Oil Q3 2016 Results: PBT and PAT Advanced 188% yoy and 60% yoy Respectively
Culled—-Proshare October 31, 2016/FBNQuest Research Late this morning, Okomu Oil (Okomu) reported Q3 2016 results which showed sales growth of 22% y/y to N3.4bn. PBT and PAT advanced by wider margins of 188% y/y and 60% y/y to N1.2bn and N581m respectively. The strong sales growth was mainly responsible for […]
PZ Cussons Nigeria Q1 2017 Results Review- FX Issues Bite Harder
October 31, 2016/FBNQuest Research Price target lowered by -2.7% PZ Cussons Nigeria’s (PZ) Q1 2017 (end-Aug) sales were 16.4% ahead of our forecast, helping the gross profit to beat by almost 50%. PZ’s parent company in the UK stated in a recently released trading statement that the company’s performance across […]
