reports
- ARM Research
- Oyinkansola Aregbesola
Dangote Cement Plc 2024FY Earnings Note | Forging Ahead
Dangote Cement Plc (DANGCEM) delivered strong revenue growth in 2024FY, driven by effective price adjustments and consistent sales, demonstrating resilience against a challenging macroeconomic backdrop. While the company successfully managed inflationary pressures and currency depreciation, rising operating costs and increased finance charges limited overall profitability. In 2025FY, DANGCEM is positioned for improved earnings, supported by capacity expansion, cost-optimization initiatives, a...
- ARM Research
- Oyinkansola Aregbesola
Zenith Bank Plc 2024FY Earnings Note | Interest & Trading Income Drive...
Zenith bank's growth trajectory was underpinned by robust earnings expansion, driven by impressive gains in both interest and non-interest income streams, benefitting from the high-interest rate environment. However, the expansion came with rising operational costs, as the bank faced increased personnel expenses alongside higher fuel and maintenance costs. These factors contributed to a substantial uptick in operating expenses, reflecting the broader inflationary pressures affecting the econom...
- ARM Research
- Oyinkansola Aregbesola
GTCO 2024FY Earnings Note | Strong Core Banking Income
GTCo continued its strong growth, increasing earnings from both interest and fees, benefiting from the high-interest rate environment. While operating costs rose due to higher staff salaries and increased spending on technology, the bank managed its expenses more efficiently than its peers, keeping its cost-to-income ratio lower. Overall, GTCo achieved impressive profit growth while delivering strong returns for investors.
- ARM Research
- Oyinkansola Aregbesola
UBA Plc 2024FY Earnings Note | Higher Interest Income amid Normalizati...
UBA’s 2024 earnings surged impressively, driven by a significant expansion in core banking activities. Benefiting from a favorable interest rate environment, the bank leveraged its extensive customer base and innovative financial products to deepen market penetration, resulting in substantial growth in interest-related income. However, this success was tempered by a decline in non-interest revenue streams, primarily due to the normalization of non-interest income after a year of high gains in FX...
- ARM Research
- Callista Chileke
Nestlé Nigeria PLC 2024FY Earnings Note | In Need of Rescue
Nestlé continued to face pressure from harsh macroeconomic conditions and a growing debt profile in 2024, raising concerns about the company’s ability to meet its debt obligations. However, we believe that corporate actions may be underway to steer the business away from the brink of financial distress. While our concerns regarding Nestlé’s debt burden remain valid, we anticipate a gradual recovery in earnings as macroeconomic conditions begin to stabilize in 2025.
- Ameerat Adamu
- ARM Research
MTN Nigeria Communications Plc 2024FY Earnings Note | Macroeconomic Co...
MTN Nigeria Communications Plc (MTNN) recorded strong revenue growth in 2024FY, driven by expanding data, voice and fintech services. The company benefited from increased demand for digital connectivity and financial services, which helped offset the impact of currency devaluation, rising inflation, and high interest rates. However, profitability declined significantly, as FX losses, higher network operating costs, and elevated lease expenses exerted pressure on margins. Looking ahead, MTNN’s...
- Ameerat Adamu
- ARM Research
BUA Cement Plc 2024FY Earnings Note | Modest Gain amidst Rising Expens...
Despite a tough macroeconomic environment in 2024FY, BUA Cement Plc. (BUACEMENT) delivered strong revenue growth despite rising costs and currency volatility. The company leveraged strategic price adjustments and higher sales volumes to boost top-line performance, partially offsetting increased production expenses and FX losses. However, elevated operating and finance costs weighed on profitability, driven by inflationary pressures and higher interest expenses. In 2025FY, BUACEMENT’s profitab...
- ARM Research
February 2025 Inflation Report | Headline Inflation Drops to 23.18%
According to NBS, Headline inflation in February 2025 declined by 130 basis points (bps) to 23.18% YoY, from 24.48% YoY in January 2025. The decline is attributable to the moderation in fuel prices, relative stability of the Naira as well the recent rebasing of the Consumer Price Index (CPI). On a Month-on-Month (MoM) basis, headline inflation dropped sharply to 2.04% from 10.68% in January 2025, following the rebasing of the CPI.
- ARM Research
Monthly Market Update | February 2025
The stock market sustained its positive trend in February 2025, closing up by 3.18% MoM. However, towards the end of the month, we observed that investors began to shift their focus towards the fixed income market, where yields have been on a downward trend. We think investors are trying to take advantage of the current high yield environment before the MPC goes on a rate-cut spree starting from their next meeting in May 2025. Therefore, in March 2025, we expect selloffs to continue, whether ...
- Ameerat Adamu
- ARM Research
Lafarge Africa Plc 2024FY Earnings Note | Resilience amid Headwinds
Lafarge Africa Plc (WAPCO) demonstrated robust resilience in 2024FY despite significant macroeconomic headwinds, delivering strong revenue growth and overall financial performance. The company effectively managed costs and drove bold innovation, launching three new products during the year. We believe the company will continue this profitability trajectory. WAPCO's profitability is expected to continue its positive trend in 2025FY, driven by projected increases in sales volume stemming from F...
- ARM Research
Unilever Nigeria Plc 2024FY Earnings Note | Growth & Resilience
Unilever Nigeria Plc turned the tide in 2024, posting a profit after shutting down its loss making Home Care segment. A surge in revenue reflected strong demand across product lines, while a revaluation gain and restructuring writeback provided much needed relief. Despite rising inflation, naira devaluation, and surging operating expenses, the company’s strategic cost-cutting efforts helped it return to profitability.
- ARM Research
BUA Foods PLC 2024FY Earnings Note | Still Soldiering On
BUAFOODS has remained resilient in the face of turbulence in the consumer goods sector, and 2024 was not any different. The company’s revenue has continued to grow, recording a 109% YoY increase in 2024, and with plans to expand its production capacity, we think the company will continue on this profitability trajectory. While we hold a favorable outlook for the business’ future, we hold a reservation that pose as a risk to our outlook. To find out the strategy you should take on BUAFOODS as ...
- ARM Research
Nigeria's Economy Expands by 3.40% in 2024 | Q4:2024 & 2024FY GDP Repo...
Despite the tough macroeconomic environment that we experienced in 2024, the Nigerian economy stood strong and grew by 3.40% YoY, a faster rate compared to 2023 (2.74% YoY). For context, in 2023, inflation averaged just 24.52% (vs. 2024 average: 33.18%), exchange rate averaged NGN645.92/USD (vs. 2024 average: NGN1,479.68/USD) and interest rate stood at 18.75% (vs. 2024: 27.50%), yet the economy grew faster in 2024 than in 2023. How? You might ask. In our report, we delve into the key driv...
- ARM Research
- Callista Chileke
Nigerian Breweries 2024FY Earnings Note | Recovery in Sight
2024 was a remarkable year for Nigerian Breweries Plc, as it made more than NGN1trn in revenue. However, just like many other consumer goods companies, rising inflation, a rapidly depreciating naira, and high interest rates continued to dampen its bottom-line profit, keeping it in the red zone. However, we are optimistic about the company’s growth in 2025, and it seems like recovery is really in sight for the company this year. To find out why and whether you should position in it, please rea...
- ARM Research
January 2025 Monthly Market Update
The Nigerian equities market experienced mixed performance in January 2025. The NGX All Share Index (NGX ASI) started strong, driven by positive sentiment surrounding the Insurance sector's recapitalization, the first since 2005. However, profit-taking in the sector during the second week, caused the stock market to relapse on Its gains (-2.94% WoW). However, the market gained during the third week (+1.22% WoW) and the fourth week (+0.87% WoW) as investors positioned for the earnings season. Ove...
- ARM Research
The Trump Tariffs: A New Global Order?
President Donald Trump has been on the news a lot these days, but the hot topic on everyone’s lips is his new tariff policy on Mexico, Canada, and China. How does this impact the United States and its trade partners? Should we be concerned here in Nigeria? How should I, as an investor manage this uncertainty? All these questions are answered in our report - The Trump Tariffs: A New Global Order?
- ARM Research
Nigeria CPI and GDP Rebasing Exercise
Recently, the National Bureau of Statistics (NBS) undertook a rebasing exercise to update key macroeconomic indicators, specifically the Gross Domestic Product (GDP) and Consumer Price Index (CPI). This process would help to account for shifts in consumption patterns, the introduction of new products, and to capture the informal aspects of the economy. This is especially pertinent following the structural changes that occurred after President Bola Ahmed Tinubu's inauguration in 2023 as well as t...
Balancing Growth & Hurdles | H1:2025 Nigeria Strategy Report
As we usher in the new year, the global economic outlook for 2025 presents a mix of steady growth and strategic opportunities. The IMF predicts a modest 2.20% GDP growth for the U.S., with expected rate cuts likely to give equities and bonds a boost, while the EU and Japan show signs of stabilizing. China's projected 4.50% growth, driven by bold fiscal and accommodative monetary policies, signals strong potential in emerging markets. To capitalize on this, investors are encouraged to diversify, ...
Zenith Bank Plc 9M:2024 Earnings Note | Robust Earnings
Zenith Bank Plc recently published its 9M:2024 unaudited financial results, recording a 118.17% YoY expansion in Gross Earnings to NGN2.90trn. This is on the back of increase in both interest income (+190.21% YoY to NGN1.95trn) and non-interest income (+44.72% YoY to NGN952.49bn) in the period. Meanwhile, Operating Expenses surged 113.46% YoY to NGN656.07bn owing to rising personnel costs and fuel & maintenance. Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 98.57% and 90.54% to...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.