Results & Dividends

Nigerian Breweries Plc: Premiumisation Bearing Fruit; Q3 Outlook Improved

August 9, 2019/Cordros Report Results summary (H1-19): We update our model following the H1-19 results. The company’s performance seemed disappointing, as revenue declined by 1.4% y/y while EPS was also down by 27.8% y/y to NGN1.67. However, reading between the lines, we estimate that the revenue decline was mainly on […]

Dangote Sugar Refinery Plc H1 2019 Results: Weaker Prices Drag Down Earnings

August 6, 2019/InvestmentOne Report §  Mixed top line:  up 10.67% q/q,  down 1.68% y/y §  Lower Gross profit margin: down 1281bps q/q; 1011ps y/y  §  Stable OPEX to sales ratio: up 47bps q/q; down 25bps y/y §  Lackluster PBT performance: down 40.84% q/q; 45.01% y/y  Recently, Dangote Sugar Refinery Plc […]