May 8, 2025/Cordros Report FIRSTHOLDCO released its Q1-25 results reporting a 3.3% y/y growth in gross earnings, fueled by growth in core income (+40.2% y/y) which offset the decline in non-core income (-60.0% y/y). Consequently, profitability came in lower due to the lower non-funded income with PBT and PAT dipping […]
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TotalEnergies Marketing Nigeria Plc Q1-25 Update: Reduced Volume Growth Outlook Drives Earnings Revision
May 8, 2025/Cordros Report In this report, we update our outlook and estimates for TOTAL for 2025E. So far this year, the company’s performance has been underwhelming, with a loss per share of NGN0.35 reported in Q1-25, reflecting a decline in revenue (-17.9% y/y) and still biting cost pressures (-16.0% […]
Zenith Bank Plc Q1-25 Update: We Expect Profitability to Remain Sturdy
May 8, 2025/Cordros Report ZENITHBANK’s Q1-25 results aligned with our expectations. The bank recorded a 20.7% y/y growth in profit after tax as the strong core growth of 71.5% y/y offset the 67.1% y/y decline in non-core income. For 2025E, we forecast a 34.8% y/y growth in funded income (previously: […]
