Restructured to solidify earnings
​As we had earlier guided after WAPCO increased its stake in UNICEM to 50%, the company has received the go ahead from parent company LafargeHolcim to start consolidating UNICEM results starting 31 December 2015. The consolidated FY’15 revenue increased marginally 2% y/y to N267.2 billion despite security challenges which disrupted production at ASHAKCEM, technical challenges and flood at UNICEM, and price pressure in Nigeria cement market in Q4. FY’15 PAT was however down 20% y/y to N27.0 billion following one-off expenses (group restructuring cost and FX losses in UNICEM) totaling N14.6 billion. If we strip out UNICEM’s numbers and adjust for one-off expenses, group proforma revenue rose 3% y/y to N212.9 billion, 4% ahead of our estimate whilst PAT rose 11% y/y to N41.6 billion, 11% ahead of our estimate. The Board of Directors proposed a dividend of N3.00/share (FY’14: N3.60) on this result and a bonus share of 1-for-10
Vetiva provides clients with independent and unbiased access to analysis and opinion. We keep our clients on the cutting edge of market information and provide up to date market intelligence on quoted companies. Our services allow brokers, investment firms, and asset managers focus their energies on developing investment strategies and client relationships.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.