October 31, 2025/Cordros Report We update our view on Guinness Nigeria Plc (GUINNESS) following their recently released results. In Q3-25, the brewer recorded gross and EBITDA margins expansions of 66bps y/y and 33bps y/y to 37.1% and 20.9%, respectively, reflecting strong topline growth (+64.7% y/y) and improved cost efficiency, amid […]
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International Breweries Plc Q3-25 Update: Outlook Tempered as Demand Recovery Lags
October 31, 2025/Cordros Report INTBREW recorded a modest revenue growth of 9.4% y/y in the quarter (9M-25: +37.6% y/y) and sustained margin improvements – gross (+308bps y/y to 29.9%) and EBITDA (+16.29 ppts y/y to 21.7%), reflecting stable pricing and improved cost efficiency, aided by moderating inflation and FX stability. […]
Dangote Sugar Refinery Plc Q3-25: Strong Cost Discipline Reinforced Earnings Recovery
October 31, 2025/Cordros Report Dangote Sugar Refinery Plc (DANGSUGAR) released their Q3-25 unaudited financials on Thursday (30 October), reporting an EPS of NGN1.13 (vs loss per share of NGN3.33 in Q3-24), bringing 9M-25 loss per share of NGN0.87 (vs loss per share of NGN15.18 in 9M-24). The performance was driven […]
