reports
- Ameerat Adamu
Lafarge Africa Plc. 2025FY Earnings Note | Trillion Revenue Milestone ...
Lafarge Africa closed 2025 having crossed two thresholds simultaneously: the trillion-naira revenue mark and a fundamental transformation in earnings quality. Below are the key highlights of the earnings report: ❖ Ownership & Revenue Breakthrough: Revenue rose 53.04% YoY to NGN1.066trn, driven by 12% volume growth. Huaxin Cement's August 2025 acquisition strengthened operational discipline. ❖ Margin Strength: Gross margin expanded 814bps to 57.90%; operating margin rose 907bps to 36.77%, sup...
- Ameerat Adamu
AIRTELAFRI 9M:2026 | Robust Growth Amid Currency Tailwinds; Reaffirmin...
Note: Airtel Africa Plc’s 9M:2026 results cover the period from April to December 2025, as the company’s financial year runs from April to March. Airtel Africa’s 9M:2026 results confirm sustained operational strength and improved financial resilience. Below are the key highlights: Accelerating revenue with FX boost: Revenue rose 28.3% YoY to USD4.67bn, driven by strong data growth (+39.7% YoY) and mobile money (+34.9% YoY). Customer base expanded 10%, while ARPU increased 16.7% YoY to USD...
- ARM Research
Stable Macro Backdrop Underpins Stronger Growth Momentum | 2025FY Nige...
Nigeria’s economy expanded 3.87% YoY in 2025, broadly in line with our expectations (3.9% YoY), and grew 4.07% YoY in Q4:2025 (vs. 3.98% in Q3), marking the second higher-than-4% print of the year. Notably, the oil sector grew 8.50% YoY, driven by higher crude output and crude theft levels falling to their lowest since 2009, marking the sector’s strongest growth since 2003. Meanwhile, the non oil sector expanded 3.71% YoY, reflecting broad based gains across agriculture, services, and industries...
- ARM Research
- Lutfullahi Aderibigbe
Strong Earnings Growth; Capacity Expansion Drives Re-Rating Case | PRE...
Key Takeaways • Strong Profit Growth: Presco's 2025FY Profit After Tax (PAT) jumped 77.5% YoY to NGN138.1bn, driven by 59.6% revenue growth (NGN331.2bn) and improved operational efficiency (EBIT margin at 64.7%). • Fortified Balance Sheet: A NGN241.5bn rights issue significantly boosted cash to NGN279.7bn (from NGN31.4bn in 2024), providing a strong base for future investments. • West African Dominance: Presco's full acquisition of GOPDC cements its position as West Africa's dominant integrat...
- ARM Research
- Callista Chileke
Seizing Reform Gains | H1:2026 Nigeria Strategy Report
In H1:2025, Nigeria experienced its first taste of macroeconomic stability since 2023, and in our H2:2025 outlook, we asked key questions about how sustainable this recovery could be, given the starting point: inflation in the 30% range, the exchange rate hovering around NGN1,600/USD, weak FX reserves, and extraordinarily high fixed-income yields. Yet 2025 brought a breath of fresh air, and 2026 has the potential to turn this stability into a new norm, if we can effectively seize the gains from ...
- ARM Research
- Callista Chileke
Nigerian Breweries Plc 2025FY Earnings Results | Telling the Success o...
After two years of steep losses and a tough macro environment that pressured volumes, Nigerian Breweries’ 2025FY results reveal a company that has not only planned its way back to profitability but also emerged with a stronger balance sheet, a more resilient earnings model, and a clearer strategic focus. Beyond the headline NGN99.1bn profit after tax, the rebound was driven by tighter cost discipline, sharply lower finance costs, and internal restructuring measures, including the shutdown of un...
- ARM Research
January 2026 Inflation Report | Inflation Hits Lowest Since 2020
January’s inflation figures did more than surprise the market , they made history. Headline inflation fell to its lowest level since November 2020, food inflation slipped into single digit territory for the first time in 11 years, and the month recorded the sharpest contraction in food prices on record. These figures reflect a combination of stable exchange rates, lower fuel prices, and a moderation in post-festive demand following December 2025’s peak.
- Callista Chileke
International Breweries Plc 2025FY Earnings Results | Profitability Re...
International Breweries Plc (INTBREW) has just delivered its first full year profit since 2017, marking a major inflection point in its multi year turnaround story. 2025FY results show a business that is not only back in the black, but also operating with a stronger balance sheet, lower leverage, and improving profitability fundamentals: • Profit-After-Tax (PAT) swung to NGN63.34bn (vs. NGN113.16bn loss in 2024), driven by a healthier cost base and sharply lower finance costs. • Revenue grew 2...
- Callista Chileke
BUAFOODS' 2025FY Earnings Note | Revenue Underperforms, Profit Nearly ...
BUA Foods delivered a mixed 2025FY performance. Top-line growth slowed, falling below both our expectations and the company’s historical trend, with Q4:2025 proving softer than usual despite the festive season. Yet, the bottom line tells a very different story, profit nearly doubled, supported by sharply lower finance costs and the absence of FX losses that weighed on last year. We revise our 12-month target price to NGN803.21, implying a marginal upside of 0.54% from its current price of NGN79...
- Lutfullahi Aderibigbe
Nascon Plc 9M:2025 Earnings Note | Driving Profitability Through Pric...
NASCON delivered a strong performance in 9M:2025, with revenue rising 46.88% YoY to NGN117.35bn, driven by volume recovery and pricing gains in salt and seasoning. Q3:2025 performance was equally solid, as revenue grew 33.03% YoY to NGN39.19bn. Gross profit increased 62.24% YoY to NGN57.18bn, with margins expanding to 48.72% (vs. 44.10% in 9M:2024). PAT jumped 171.62% YoY to NGN24.33bn, supported by FX gains and tighter cost control, while EBITDA rose 8.42% YoY to NGN25.36bn. Retained earnings i...
- ARM Research
October 2025 Inflation Report | Inflation Slows Further as FX Stabilit...
Nigeria’s headline inflation eased for the seventh consecutive month to 16.05% YoY in October 2025 (from 18.02% in September), marking the lowest reading since March 2022. The decline was driven by sustained harvest effects, FX stability, and broad-based moderation core inflation. Food inflation fell to 13.12% YoY, while core inflation dropped to 18.69% YoY and held steady at 1.42% MoM, reflecting lower service costs across the economy. Looking ahead, we expect inflationary pressures to ease fu...
- ARM Research
- Callista Chileke
Dangote Sugar Refinery Plc. 9M:2025 Earnings Note | Turning the Corner
Dangote Sugar (DANGSUGAR) posted a notable 9M:2025 recovery, with revenues rising 29.3% YoY to NGN626.24bn and gross profit margin improving to 14.38% (vs. 4.09% in 9M:2024), supported by strong volume growth across 50kg sugar, molasses, and retail segments. Furthermore, FX stability helped compress finance costs by 68.5% YoY to NGN92.25bn, despite higher interest on commercial papers. However, aggressive debt repayments led to a decline in cash to NGN79.88bn, but still kept debt-to-equity ratio...
- ARM Research
- Callista Chileke
BUAFOODS' Q3/9M:2025 Earnings Note | Strong Volume Growth Drives Margi...
BUAFOODS reported robust 9M:2025 results, with revenue up 32.7% YoY to NGN1.42trn and PAT rising 101.24% YoY to NGN405.27bn, supported by strong volume growth across sugar, rice, flour, and pasta segments. In Q3:2025, margins softened slightly due to higher expenses, but profit remained strong, increasing 99.93% YoY and 11.91% QoQ to NGN147.37bn. We assign a HOLD rating and revise our 12-month target price to NGN735.22, representing a 6.17% upside from the current price of NGN692.50 (November 1...
- ARM Research
- Callista Chileke
Nestlé Q3/9M:2025 Earnings Note | A Slow but Steady March Back to Posi...
NESTLE posted a notable earnings rebound in 9M:2025, supported by lower finance costs and a reversal from FX losses. Consequently, it recorded its first quarterly profit of NGN21.91bn, after four consecutive quarters of losses, bringing its 9M:2025 Profit-After-Tax (PAT) to NGN72.48bn. Finance costs declined sharply by 85.05% YoY in 9M:2025 to NGN55.17bn, reflecting a 20.29% YtD reduction in total debt and a NGN20.75bn FX gain. Consequently, the company’s interest coverage ratio improved to 3.2...
- ARM Research
- Callista Chileke
International Breweries' Q3/9M:2025 Earnings Results | Turning the Cor...
International Breweries Plc (INTBREW) delivered a strong turnaround in 9M:2025, marking its first nine-month profit since 2018. The brewer reported a NGN57.83bn Profit-After-Tax (PAT) (vs. NGN112.81bn loss in 9M:2024), supported by 37.6% YoY revenue growth to NGN472.57bn and sustained pricing and volume recovery. Profitability metrics strengthened notably, with EBITDA margin expanding by 840bps YoY to 18.34% (though down 934bps QoQ due to seasonal effects). The improvement reflects pricing effi...
- Ameerat Adamu
- ARM Research
Lafarge Africa Plc. 9M:2025 Earnings Note | Driving Profits Through En...
Lafarge Africa Plc (WAPCO) delivered a solid 9M:2025 performance, supported by volume growth, pricing strength, and energy efficiency gains. Revenue rose 62.77% YoY to NGN780.49bn, while gross margin expanded to 58.44%. Profit before tax and profit after tax grew 232.14% and 245.86% YoY to NGN313.29bn and NGN207.78bn, respectively, with EPS at NGN12.90. ROE and ROA stood at 44.02% and 26.99%, reflecting strong capital efficiency. We retain our target price of NGN192.86 and a STRONG BUY rating, ...
- ARM Research
- Lutfullahi Aderibigbe
PRESCO Plc 9M/Q3:2025 Earnings Note | Solid 9M Performance Despite Sea...
Key Takeaways Revenue Softens on Seasonal Lull: Revenue declined 27.8% QoQ to NGN75.76bn due to the lean season, though YoY growth remained strong at +113.51%, supported by firm CPO prices and higher output capacity. Cost Pressures Intensify Sequentially: Cost of sales grew 100.7% YoY to NGN72.4bn and 163.0% QoQ to NGN46.02bn, reflecting replanting expenses, higher logistics costs, and the full consolidation of GOPDC operations. The frontloaded production strategy geared toward meeting ...
- ARM Research
- Callista Chileke
Off-Season Impacts Nigerian Breweries’ Q3:2025 Earnings Results
Key Takeaways Seasonal Slowdown Impacts Topline: NB’s Q3:2025 revenue declined 13.05% QoQ to NGN308.24bn, reflecting the typical Q3 moderation in beer consumption. However, YoY revenue rose 33.38%, driven by higher prices and an improved product mix. Negative EPS in Q3:2025: NB posted a loss of NGN2.91bn in Q3:2025, translating to a negative EPS of NGN0.13, compared to a profit of NGN42.81bn (EPS: NGN1.38) in Q2:2025. Nevertheless, 9M:2025 performance remained strong, with profit up 157.20% Yo...
- ARM Research
UBA H1:2025 Earnings | Interest Income and Lower Impairments Support B...
UBA delivered resilient earnings in H1:2025, with gross earnings up 17.28% YoY to NGN1.61trn, largely supported by a strong 32.89% YoY growth in interest income on loans and investment securities. However, higher interest expense (+70.43% YoY) and weaker non-interest income (-25.35% YoY) pressured overall performance. Despite cost discipline, Cost to Income ratio rose to 55.32%. PAT grew 6.06% YoY to NGN335.53bn, helped by lower impairment charges (-39.97% YoY). Balance sheet strength was evid...
- ARM Research
ZENITHBANK H1:2025 Earnings Note | Profit Dips Amid Soaring Impairment...
Zenith Bank reported a 7.9% YoY drop in Profit After Tax (PAT) to NGN532.18bn, weighed by an 83.2% surge in impairment charges to NGN760.81bn following the CBN’s mandate on forbearance exposures. Gross earnings rose 19.96% YoY to NGN2.52trn, supported by a strong 60.01% YoY growth in interest income to NGN1.84trn, largely from Treasury bills, placements, and customer loans. This drove Net Interest Income up 89.45% YoY to NGN1.35trn. However, Non-Interest Income declined 28.41% YoY to NGN681.51b...
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