Culled—Proshare November 18, 2019 By  FBNQuest Research  Slight upward adjustment to average EPS forecasts On the surface, Flour Mills of Nigeria’s (FMN) Q2 2020 results (end-Sep) appear decent. PBT for the quarter grew marginally by 1% to N3.1bn and was in line with our forecast of N3.2bn. That said, a […]

Culled—Proshare November 14, 2019 Meristem Research Life Business Expansion underpins Growth in Gross Premium Income  Gross premium earned advanced by 37.13% YoY to NGN35.56bn (vs. NGN25.93bn in Q3:2018), driven by the extensive distribution network of the firm. The firm’s life insurance segment was the most significant contributor to premium growth; […]

Culled—Proshare November 14, 2019 Meristem Research   Pharmaceutical Revenue Takes a Hit MAYBAKER reported a decline in its top-line of 9.57% to NGN5.92bn (vs. NGN6.54bn in 9M:2018). The pharmaceutical unit (which contributes c.98% to total revenue) recorded a revenue of NGN5.86bn in 9M:2019, 6.95% lower than in 9M:2018. The decline is […]