reports
- Tominiyi Ramon
OKOMU OIL PALM COMPANY PLC Q1'18 - Impressive start to FY'18
Impressive start to FY’18 OKOMUOIL recently released its Q1’18 results showing strong y/y growth across all line items. PAT over the 3-month period came in at ₦3.5 billion, 13% higher than prior year’s ₦3.1 billion. The decent performance was majorly driven by a 25% y/y topline growth to ₦6.7 billion and a significant 48% y/y decline in cost of sales to ₦0.7 billion - outweighing pressures from OPEX (up 116% y...
- Tominiyi Ramon
PRESCO PLC Q1'18 - Earnings moderate from high 2017 base
Earnings moderate from high 2017 base PRESCO recently released Q1’18 results, reporting y/y declines across major profit lines. Notably, PAT over the 3-month period was down 33% y/y to ₦2.6 billion. The earnings decline was largely on the back of an 8% y/y drop in Revenue (₦6.6 billion) amidst higher operating costs over the period. We highlight that Q1’17 Revenue was a high base due to significantly higher Crude...
- Tominiyi Ramon
Forte Oil PLC - Decent Q1'18 numbers, plans to divest subsidiaries
Decent Q1’18 numbers, plans to divest subsidiaries FO’s Q1’18 numbers were quite decent, beating our estimates across most line items. Meanwhile, the mixed performance across the company’s business segments persisted in Q1’18. Despite reporting an impressive 14% y/y increase in Revenue to ₦25.8 billion (Vetiva: ₦20.7 billion), the Fuel Retailing segment (largest segment – accounts for 65% of group revenue) reported a 29%...
- Tominiyi Ramon
MOBIL Q1'18 earnings - Strong start to FY18 ahead of estimates
Strong start to FY’18, ahead of estimates 11 PLC (Formerly Mobil Oil Nigeria) reported a PAT of ₦2.8 billion in its recently released Q1’18 results, a significant rise from the ₦13 million reported in Q1’17 and higher than our ₦2.2 billion estimate. The decent result was driven by a strong y/y Revenue performance (+79% y/y) and continued resilience in Other Income from its Real Estate Business (+3...
- Tominiyi Ramon
SEPLAT PLC Q1'18 - Outlook remains positive despite earnings miss
Outlook remains positive despite earnings miss SEPLAT recently released Q1’18 earnings, reporting a profit-after-tax of $20.6 million – a comprehensive turnaround from the $19.1 million loss-after-tax reported in Q1’17. The recovery was spurred by higher crude volumes on the back of continued stability in crude production and export– lifting Q1’18 hydrocarbons production to 53.6k boed vs 20.9k boed in ...
- Tominiyi Ramon
CEMENT COMPANY OF NORTHERN NIGERIA PLC Q1'18 - Another Impressive Quar...
CCNN recently released its Q1’18 results, reporting a jump in earnings largely buoyed by decent topline performance - up 24% y/y to ₦5.4 billion, slightly higher than our ₦5.2 billion estimate. Taking a cue from results from other cement producers, we believe the topline line performance was a mix of both higher cement pricing and volume, with the price support particularly higher than we had expected. Consequently, Gross Profit (₦2.3 billion) rose 39% y/y and outpaced our ₦1.8 billion e...
- Tominiyi Ramon
JULIUS BERGER NIGERIA PLC Q1'18 - Q1 Earnings flattered by one-off inc...
Q1 Earnings flattered by one-off income JBERGER recently released its Q1’18 result, reporting a PAT of ₦1.5 billion – a significant improvement from the ₦427 million loss recorded in Q1’17 and ahead of our ₦767 million estimate. We note that whilst PAT came in stronger y/y, operating performance was weak as the bottom line was flattered by one-off income. Revenue rose 3% y/y to ₦35 billion, albeit lower than o...
- Tominiyi Ramon
DANGOTE CEMENT PLC Q1'18 - Firing on all cylinders; on track for a str...
DANGCEM released its Q1’18 earnings, reporting impressive earnings, with bottom line coming in at ₦72 billion, 29% higher y/y and ahead of our estimate of ₦55 billion. The earnings beat was driven by strong operating performances across the Nigerian and Pan African businesses, with Group EBITDA rising 22% y/y to ₦126 billion (52% margin), 8% ahead of our estimate. On a regional basis, Nigerian operations remained strong, with Q1’18 EBITDA (₦115 billion) easily outpacing Q1’17 (₦99 bill...
- Tominiyi Ramon
LAFARGE AFRICA PLC Q1'18 - Still navigating murky waters
Still navigating murky waters Extending the poor run from FY’17, Lafarge Africa recently released its Q1’18 result reporting weak earnings in the period. The disappointing performance was on the back of poor contributions from both Nigeria and South African businesses. Although Nigerian operations remained relatively stable with Q1’18 EBITDA margin coming in at 29% (FY’17: 30%, Q1’17: 30), the region’s PBT however declined 72%...
- Tominiyi Ramon
CEMENT COMPANY OF NORTHERN NIGERIA PLC FY'17 - Limited capacity temper...
Consolidating on strong 9M’17 result, CCNN released its FY’17 result, reporting a record PAT of ₦3.2 billion (translating to EPS of ₦2.57), more than double FY’16 PAT (₦1.4 billion) and ahead of Vetiva estimate (₦2.7 billion). Board of Directors proposed a final dividend payment of ₦1.25/share, translating to a 49% dividend payout ratio. Particularly, top line rose 39% y/y to a record ₦19.6 billion (Vetiva: ₦17.6 billion), lifted mainly by higher than expected volume shipment in Q4...
- Tominiyi Ramon
PRESCO PLC FY'17 - Eyeing volume growth to keep earnings resilient
Eyeing volume growth to keep earnings resilient PRESCO recently released its FY’17 results showing mixed performance across major line items. In line with expectations, top line maintained the double-digit growth rate, up 42% y/y to ₦22.4 billion and slightly ahead of our ₦21.2 billion estimate. Despite trending lower over the course of the year, strong CPO prices remained the key driver of the top line growth even ...
- Tominiyi Ramon
Forte Oil PLC FY'17 - Earnings beat on strong Power performance
FO released its FY’17 results last week, reporting stronger y/y earnings growth for the Group despite mixed performances across its four business lines. Constrained by tough operating environment in the petroleum downstream sector, the company’s flagship Fuel Retailing segment (largest segment – accounts for 61% of revenue) reported a 36% y/y decline in Revenue to ₦78.8 billion, 6% worse than we expected. Revenue for the Production Chemicals segment (smallest segment – accounts for c.1% of rev...
- Tominiyi Ramon
11 PLC FY'17 - Earnings beat despite y/y profit decline
11 PLC (Formerly Mobil Oil Nigeria) reported an 8% y/y decline in FY’17 PAT (₦7.5 billion), translating to an EPS of ₦20.85. Considering the tough operating environment of the Nigerian petroleum downstream sector over the course of the year, we see the full year numbers quite impressive as the reported PAT (amongst all other profit lines) came in 15% ahead of our estimate. It is noteworthy that the single digit y/y decline was due to an extraordinary expense of ₦2.2 billion earlier in t...
- Tominiyi Ramon
LAFARGE AFRICA PLC Company Update - Capital raise mitigates FX risk bu...
Capital raise mitigates FX risk but dilutes valuation Given the 100% subscription, we have increased WAPCO’s outstanding shares in our model by 56% to 8,673 million units. The issue proceeds will be used to liquidate the dollar-denominated quasi-equity instrument of c.₦93 billion, support working capital (c.₦19 billion) and fund expansion projects (c.₦19 billion). Meanwhile, given that interest payment (6% annual dividend) on the instrum...
- Tominiyi Ramon
SEPLAT PLC Company Update - Completes debt restructuring programme
SEPLAT recently announced key milestones in its debt restructuring programme. One, the successful refinancing of its existing (LIBOR + 6%) $300 million Revolving Credit Facility (RCF) due December 2018 ($120 million drawn down as at FY’17) with a new four-year $300 million RCF due June 2022, priced at LIBOR+6%. Two, the issuance of a $350 million senior note due 2023, priced at 9.25%. Upon completion of the refinancing (scheduled for 21 March 2018), SEPLAT’s gross debt will be $550 million. ...
- Tominiyi Ramon
SEPLAT PLC FY'17 - Solid FY18 operations in view
SEPLAT’s FY’17 earnings showed strong performances across all line items, buoyed by continued militancy ceasefire in the Niger-DeTotal FY’17 hydrocarbon production rose 43% to 37k boed, slightly behind our 38k estimate, and translating to FY’17 revenue of $45 million (up 78% y/y). With stability maintained in Q4, FY’17 operating profit printed at $113 million (FY’16: $158 million loss), in line with our $112 million estimate. FY’17 PBT also turned positive to $45 million from a loss position in ...
- Tominiyi Ramon
TOTAL NIGERIA PLC - Fairly resilient earnings for a tough FY’17
Fairly resilient earnings for a tough FY’17 TOTAL reported a 46% y/y drop in FY’17 profit after tax to ₦8.0 billion, translating to an EPS of ₦23.62 (FY’16: ₦43.58). However, considering the challenging operating landscape in the Nigerian petroleum downstream sector over the course of the year, we find this performance quite impressive even as the reported EPS beat our ₦18.95 expectation. We reca...
- Tominiyi Ramon
SEPLAT PLC Company Update - Additional shares listing berths with some...
Additional shares listing berths with some dilution SEPLAT earlier today announced the listing of an additional 25,000,000 ordinary shares (c.4.4% of existing shares) on the Nigerian Stock Exchange, effectively taking the company’s share capital to 588,444,561 ordinary shares of ₦0.50k each. The shares all have voting rights and are particularly allotted to the Management and Directors of SEPLAT in furtherance of the Comp...
- Tominiyi Ramon
TOTAL NIGERIA PLC 9M'17 Earnings - In need of a policy catalyst
TOTAL’s 9M’17 earnings continue to reflect the tough operating environment of the Nigerian petroleum downstream sector. The company’s already thin gross margin trimmed further in Q3’17 to 9% (Q2’17: 10%, Q1’17: 11%), likely pressured by lower diesel prices (down 12% q/q) even as margins on Premium Motor Spirits (PMS) remain regulated. With operating expenses still elevated, EBIT for the quarter more than halved q/q to ₦1.6 billion – leading to a 9M’17 figure of ₦9.6 billion (down 44% y/y des...
- Tominiyi Ramon
SEPLAT PLC 9M'17 - Stable operations buoy strong Q3’17 earnings
Stable operations buoy strong Q3’17 earningsSEPLAT reported a PAT of $22 million for its Q3’17 standalone operations to trim 9M’17 losses to $5 million (9M’16: $98 million loss) - first positive quarterly bottom-line since Q3’15. The turnaround was driven by continued stability in oil export at the Forcados Terminal following the lifting of the force majeure on June 6. Buoyed by the stability, liquids production averaged 26,351 bopd for Q3 period (H1’17: 9,507 bopd), propping up 9M’17 working in...
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