reports
- Abigail Alabi
LAFARGE AFRICA PLC Q1'24 Earnings Release - FX losses weaken bottom li...
For the first quarter, Lafarge recorded strong revenue growth of 50% y/y to ₦137.7 billion, driven by improved sales volumes, and higher cement prices. On the other hand, cost of sales increased by 59% y/y to ₦72.1 billion. Despite management’s efforts to rein in the cost pressures, cost of inputs such as fuel, power, and raw materials (+61% y/y: ₦45.5 billion) was exacerbated by the rising inflationary pressures and the continuous weakening of the currency. In light of this, gross margin ...
Dangote Cement Plc: 3 directors
Three Directors at Dangote Cement Plc bought 2,500,000 shares at 618.100NGN. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
H1:2023 LAFARGE Africa Plc. Earnings Note | Performance Marked by Tepi...
H1:2023 financial statement for Lafarge Africa Plc. revealed a 5.95% YoY growth in revenue to NGN197.68bn. On the other hand, production cost of sales (adjusted for depreciation) rose marginally by 2.94% YoY to NGN81.02bn while total operating costs (ex-dep) advanced 9.76% YoY to NGN51.14bn. Despite the surge in finance income (+2,215.32% YoY to NGN4.44bn) and consequently, improvement in Profit Before Tax (PBT), Profit After Tax (PAT) declined by 5.16% YoY to NGN35.48bn. We associate the declin...
H1:2023 DANGCEM Earnings Note | FX Devaluation Erodes Bottom-Line Perf...
Higher Revenue Riding on Pricing Strategy Dangote Cement Plc. recently released its H1:2023 financial results, depicting a 17.67% YoY growth in revenue to NGN950.83bn. This is amid a decline (-5.53% YoY to 13.4Mt) in sales volume during the period. We opine that the increase in revenue is associated with a strategic upward price review by the company’s management. We believe the management will sustain revenue growth through strategic pricing and improved sales volume. Net Exchange Loss on F...
Lafarge Africa Plc. Q1:2023 Earnings Note: Higher Tax Obligations Over...
Higher Tax Obligations Overshadow Decent Cost Minimization Strategy Cash Crunch and Electioneering Activities Suppress Topline Growth Lafarge Africa Plc. witnessed a tepid growth in Revenue amid Domestic headwinds. The major cement players (DANGCEM, BUACEMENT and LAFARGE) were not immune to the adverse effects of Naira scarcity and political uncertainty that prevailed during Q1:2023. Revenue grew marginally by 1.34% (YoY) to NGN91.82bn (vs NGN90.60bn in Q1:2023). On the other hand, Profit Afte...
Dangote Cement Plc. Q1:2023 Earnings Note: Taking the Lead | Strong Yo...
Cash Crunch and Election Activities Weigh on Sales Volume Q1:2023 started on a rather bumpy note for Dangote Cement Plc. following a (-1.56% YoY) slowdown in Revenue from NGN413.18bn in Q1:2022 to NGN406.72bn in Q1:2023. Also, Group Sales Volume declined 13.5% to 6.3Mt, (vs 7.2Mt in Q1:2022) an offshoot of Naira scarcity and electioneering activities that permeated the first quarter. Nonetheless, Pan-African Volumes edged higher by 8.9% to 2.6Mt. Nevertheless, when compared to the negative ye...
Dangote Cement Plc. Earnings Note 2022FY - Keeping Heads Above Water
Keeping Heads Above Water Price Review keeps Revenue ElevatedAs culled from the 2022FY earnings result, Dangote Cement Plc. grew revenue by 17.0% YoY to NGN1.62trn from NGN1.38trn in 2021FY. This is amid a decline (5.1% to 27.8Mt) in sales volume during the period. We allude this to sustained uptrend in inflation and energy supply disruptions. Also, the Pan-African volumes decline is on the back of extended plant maintenance in Senegal and Congo and volatility in cement/clinker landing costs in...
Lafarge Africa Plc. Earnings Note 2022FY - Burgeoning Cost Shear Botto...
Burgeoning Cost Shear Bottom Line Growth FX Scarcity, Elevated Prices Erode Topline Growth Lafarge Africa Plc. witnessed significant increase in Revenue in 2022FY, as topline grew by 27.3% (YoY) to NGN373.25bn (vs NGN293.09bn in 2021FY). This is on the back of upward price review during the year. For clarity, Cement sales grew 27.0% YoY while sales of Ready mix and Other Products surged 41.7% YoY in 2022FY. On the 19th 0f August 2022, during a chat with the CFO, he stated management’s plan to ...
- Vetiva Research
LAFARGE AFRICA PLC H1'22 - Still poised for long term growth
Lafarge Africa PLC recently released its unaudited H1’22 results, reporting an impressive bottom-line growth of 32% y/y to ₦37.4 billion, supported by strong and rising cement demand and reduced finance costs. Higher input costs constrain marginsLafarge recorded double-digit revenue growth for the sixth consecutive quarter, with a significant jump of 31% y/y in topline for the Q2’22 period, consolidating Revenue for the H1’22 period at ₦186.5 billion. The positive topline performance ...
- Vetiva Research
LAFARGE AFRICA PLC Q1'22 Earnings Release - Sustained demand drives to...
Lafarge Africa PLC recently released its unaudited Q1’22 results, reporting a strong bottom-line growth of 92% to ₦17.5 billion, underpinned by sustained volume growth and strong demand.The current administration’s plan to complete construction activities ahead of the election period and the sustained demand for housing infrastructure supported cement volumes during the period, buoying topline by 27% y/y to ₦90.6 billion. On the other hand, cost of sales jumped by 20% y/y to ₦48.4 billion,...
Moody's assigns B2 local currency rating and Aa3.ng NSR to Dangote Cem...
Moody's Investors Service ("Moody's") has today assigned a B2 local currency rating and Aa3.ng national scale rating (NSR) to Dangote Cement Plc's (DCP) proposed senior unsecured Series 2 notes to be issued under the existing domestic medium-term note program (DMTN). DCP's existing ratings, includin...
- Vetiva Research
LAFARGE AFRICA PLC - Positive outlook sustained
Cost Optimization supports topline growthFor the Q4 period, revenue came in 46% higher y/y at ₦73.8 billion culminating in a 27% y/y growth in FY’21 Revenue to ₦293 billion. The strong topline growth was supported by increased sales volumes (sales grew 6.1% higher y/y, driven by public and private sector demand as well as the releasing of 700,000 tonnes of previously constrained production capacity at the Ewekoro and Ashaka plants) and a 19.2% increase in average cement price.Although cost...
- Vetiva Research
DANGOTE CEMENT PLC FY'21 Earnings Release - Earnings growth spurs buoy...
Higher prices offset costsGroup revenue recorded double-digit growth for the sixth consecutive quarter, with a significant jump of 32% in topline growth in Q4’21. This translated to a 34% increase in FY’21 revenue to ₦1.4 trillion. For the Nigerian operations, cement sales volume jumped 17% y/y on the back of continuous increase in private sector demand for housing infrastructure and the public sector demand for capital projects. According to management, the strong demand was also buoyed b...
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