Results & Dividends

Dangote Cement Plc 9M-19: Energy Cost Pressure Resurfaces, Dampens EPS Growth

October 31, 2019/Cordros Report Event: DANGCEM recently published 9M-19 results, reporting a steep decline in EPS of 21.2% y/y to NGN2.09 in Q319, driven by renewed cost pressures, EBITDA margin deterioration, and higher finance charges. The reported EPS in Q3-19 wiped off the lower tax-induced expansion in the prior quarter. […]

Forte Oil Plc 9M’19 – Disposal Gain Continues To Mask Weak Operating Performance

Culled—Proshare October 30, 2019 By CardinalStone Research Forte Oil Plc (FO: TP N22.01 ) released its 9M’19 earnings result earlier today, announcing EPS of N4.03/share during the nine month period (FY’19E: N4.88/share). 9M’19 performance was bolstered by gains from disposal of assets and interest proceeds from longstanding PMS subsidy receivables. […]

Access Bank 9M 2019 Results: Strong Results on Mergeri

October 30, 2019/Coronation Report Access Bank released unaudited 9M 2019 results yesterday. Net profits were up 44.2% y/y to N90.7bn (US$251.9m). Net interest income grew 71.0% y/y to N210.2bn (US$583.9m). Net fee and commission income was up 49.5% from the previous year. The cost to income ratio declined by 79.6bps […]