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ARM Research ...
  • Lutfullahi Aderibigbe
EUR 4.00 For Business Accounts Only

Nascon Allied Industries Plc Q1:2025 Earnings Note | Beats Growth Expectations

NASCON had a strong start to the year, with revenue up 77.2% YoY to NGN41.85bn and profit before tax surging 559% to NGN11.31bn. Growth was driven by higher volumes and pricing in salt and seasoning, tighter cost control, and a steep drop in FX losses (NGN55.4mn vs. NGN3.05bn in Q1:2024). Finance income also jumped 163%, further lifting earnings.
While we like the company's operational momentum and strategy execution, the current share price of NGN53 (as of April 29, 2025) trades above our revised 12-month target of NGN48.21 implying an -8.95% downside. As such, we maintain a SELL rating and advise investors to lock in recent gains.
Underlying
Nascon Allied Industries Plc

Provider
ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

Analysts
ARM Research

Lutfullahi Aderibigbe

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