Nigeria

LAGOS, Nigeria, Capital Markets in Africa — Lafarge Africa Plc (“Wapco” or “the Group”) released its Q1:2016 result last Thursday, 28th of April, reporting substantially weaker than expected numbers. Turnover fell 29.3% Y-o-Y to N52.4bn amid weaker macroeconomic fundamentals and intense competition in cement markets in Nigeria and South Africa which impacted volumes and product prices. The Group’s high operational and financial leverage further squeezed margins, resulting in a pre-tax loss of N2.2bn in the…

LAGOS, Nigeria, Capital Markets in Africa — Ecobank Transnational Incorporated (“ETI” or “the Bank” or “the Group”) published its FY: 2015 and Q1:2016 numbers recently after issuing an initial profit warning. The FY: 2015 result reflected the Bank’s recent operational challenges as it booked a monumental impairment charge in loans and   advances which surged to N105.2bn (136.9% higher than N44.4bn in FY: 2014). This pattern was also witnessed in the Bank’s Q1:2016 result; thus significantly…

LAGOS, Nigeria, Capital Markets in Africa — FBN Holdings Plc. (“FBNH” or “The Group”) published its much awaited audited FY:2015 and Q1:2016 results on 26th March 2016 on the floor of the Nigerian Stock Exchange (NSE) with Gross Earnings and Profit After Tax  coming much lower than anticipated. Skewness to Oil & Gas loans impacted on profitability as a monumental N119.3bn was booked in impairment charges for its FY:2015 dragging profitability by 82.0%. We present the…

LAGOS, Nigeria, Capital Markets in Africa — Unilever Nigeria Plc (“Unilever” or the “the Company”) remains one of the largest Fast Moving Consumer Goods (FMCG) Companies in Nigeria, with products, ranging from Knorr in the food stratum to Close up in the personal care division, which have more or less become household names. The Company remains the oldest surviving manufacturing organization in Nigeria. The company released its FY:2015 result in which turnover grew modestly by…

LAGOS, Nigeria, Capital Markets in Africa — Dangote Cement Plc (“DANGCEM” or “the Group”) released its Q1:2016 result on Monday 25th April. Revenue growth was strong and broadly in-line with estimates at 22.2% Y-o-Y and 11.3% Q-o-Q to N140.5bn while PBT declined 22.3%Y-o-Y (to N54.5bn) against the backdrop of high base impact of FX Gains recorded in Q1:2015 on Naira devaluation, as well as weaker operating margins as a result of price competition in key…

LAGOS, Nigeria, Capital Markets in Africa — Dangote Sugar Refinery Plc (“DANGSUGAR” or “the Company” or “the Group”) published its Q1: 2016 results last week with the result showing an impressive performance for the period. Revenue for the Group was up 44.8% Y-o-Y to N32.6bn vs. N22.5bn in Q1:2015 on the back of increased sales volume and price increase which lifted the overall revenue for the Group. Cost restraint measures noticed across major operating cost…