reports
- Lutfullahi Aderibigbe
Unilever Nigeria Plc H1:2025 Earnings Note | Stirring Growth, Spreadin...
Unilever Nigeria posted an exceptional H1:2025, with revenue rising 53.50% YoY to NGN98.10bn, driven by broad-based growth across all segments. Despite inflationary pressures, gross profit grew 60.63% YoY, while disciplined cost management and strong finance income helped operating profit surge 444.25% YoY to NGN18.81bn. PAT rose 224.64% YoY to NGN14.41bn, supported by margin expansion and improved cost absorption.
- Lutfullahi Aderibigbe
PRESCO PLC | Harvesting Gains from Strategic Expansion
Presco Plc delivered a strong H1:2025, with revenue up 125.8% YoY to NGN198.7bn, driven by its GOPDC acquisition in Ghana and higher domestic CPO prices. Operating profit rose 138.3% YoY to NGN129.8bn, supported by strong margins and disciplined cost management. Despite its solid performance, Presco trades at a P/E of 11.91x vs. 13.40x industry average, highlighting valuation upside.
- Callista Chileke
Dangote Sugar Refinery Plc. H1:2025 Earnings Note | Losses Narrow, but...
In H1:2025, DANGSUGAR delivered a significant improvement, narrowing its loss-after-tax by almost 90% compared to H1:2024. This progress was driven by a strong 45.53% year-on-year (YoY) revenue growth, supported by robust sales across key product segments and improved cost management amid a more stable exchange rate environment. Although finance costs continue to pose a significant challenge, their decline driven by lower foreign exchange losses, along with the company’s improved topline and op...
- Callista Chileke
Guinness Nigeria Plc 12M:2025 Earnings Note | Sustained Earnings Momen...
Guinness Nigeria is back in the spotlight with strong 12M:2025 results showing a 65.82% revenue jump and a turnaround to a NGN16.2bn net profit. Valuation-wise, Guinness trades at a P/E multiple of 15.82x, well below the sector average of 38.40x, suggesting that the market has yet to fully price in the company’s improving fundamentals. Based on our projections, the stock is positioned for a 43.56% increase over the next 12 months, driving our recommendation to STRONG BUY at the current price of...
- ARM Research
MPC Delivers Another Rate Hold in July 2025 Meeting | July 2025 Post M...
At the July 2025 Monetary Policy Committee (MPC) meeting, the Committee maintained the Monetary Policy Rate (MPR) at 27.50% for the third consecutive time, keeping all other monetary parameters unchanged. This decision reflects the Committee’s focus on sustaining recent disinflation momentum and reinforcing exchange rate stability. However, while the Committee appreciated the relative FX stability, it was cautious about the uptrend in Month-on-Month (MoM) inflation.
- ARM Research
June 2025 Inflation Report | High Base Effect Keeps YoY Inflation Tape...
June 2025 offered another month of relief as headline inflation eased to 22.22% YoY (from 22.97% in May 2025), aided by a stronger Naira (NGN1,546.50/USD) and high base effect. However, food inflation rose sharply to 3.25% MoM, driven by flooding in Niger, insecurity in Benue, and a rebound in imported food costs. While core inflation also picked up to 2.46% MoM (from 1.10% MoM in May 2025), we expect some reprieve in July from softer global oil prices and lower fuel costs (NGN820/litre). Nonet...
- ARM Research
Charge Through the Trough | H2:2025 Nigeria Strategy Report
From President Trump's Washington to Beijing, and then Tehran, the first half of 2025 delivered a steady stream of shocks that clouded the global economic outlook. The drama of tariffs, escalating Middle East conflict, and a more relaxed stance by major central banks weighed heavily on investor sentiment. But one thing was for sure: amid these disruptions, Nigeria's macroeconomic landscape quietly found its balance. Inflation eased, the Naira regained some composure, and the central bank's paus...
- Ameerat Adamu
- ARM Research
Nigeria's 2025 Cement Sector Report | Betting on Cement
Despite global production cooling off in 2024, Nigeria’s cement sector remains firmly on a growth path. Our latest report explores how the country’s position as Sub-Saharan Africa’s largest producer is being reinforced by urbanization, infrastructure-led demand, and strategic self-sufficiency gains even in the face of FX pressure, inflation, and rising input costs. We dive into the opportunities created by government led projects, the rise of concrete roads, and how key players like Dangote, BU...
- ARM Research
How Long Will Investors Wait for Banking Dividends?
On June 13th, 2025, the Central Bank of Nigeria (CBN) released a circular titled “Temporary Suspension of Bank Dividends and Bonus Circular”. Key highlights from the circular include: • No Dividends: Banks under forbearance cannot pay dividends to shareholders, meaning profits must be retained to bolster their financial reserves. • No Executive Bonuses: Banks are barred from issuing bonuses to executives, ensuring funds are not diverted to personal compensation. • No New Offshore Invest...
- ARM Research
Inflation Report | FX Stability Eases Inflation, Food Prices Rise
In May 2025, headline inflation sustained its downward trend, decreasing by 74 basis points (bps) to 22.97% Year-on-Year (YoY) from 23.71% in April 2025. This decline was propelled by a 12bps reduction in food inflation to 21.14% YoY from 21.26% YoY and a 110bps drop in core inflation to 22.28% YoY from 23.39% YoY in April 2025. On a Month-on-Month (MoM) basis, headline inflation declined to 1.53% in May 2025, down from 1.86% in April 2025, following a decline in core inflation to 1.10%...
- ARM Research
Harvest Season, Lower Fuel Prices Slow Inflation in April 2025
After a sharp rise in March 2025 to 24.23% YoY, Nigeria’s headline inflation softened by 52 basis points (bps) to 23.71% Year-on-Year (YoY) in April 2025. This moderation was driven by declines in both food inflation (down 53bps to 21.26% YoY from 21.79% YoY) and core inflation (down 105bps to 23.39% YoY from 24.43% YoY), signaling a broad-based easing in price pressures.
- ARM Research
- Callista Chileke
Guinness Nigeria Plc 9M:2025 Earnings Note | Brewing a Comeback
Guinness Nigeria is charting a new course and this time it is under new leadership. With the Tolaram Group now steering the ship and cost-saving measures like the halt in International Premium Spirits (IPS) imports, we are seeing strong signs of a turnaround. Our latest report, “Brewing a Comeback”, dives into the business’ 9M:2025 numbers and factors behind the company’s recovery. Guinness currently trades at a price/earnings (P/E) ratio of 26.06x, though slightly above the industry average ...
- ARM Research
- Callista Chileke
BUA Foods Q1:2025 Earnings Note | Sustained Growth Momentum
In Q1:2025, BUA Foods delivered another strong performance, with profit after tax more than doubling year-on-year. This impressive bottom-line growth was supported by modest revenue growth of 23.85% YoY, improved cost efficiency, and a strategic focus on expanding production and market reach. Beyond the numbers, BUA Foods is clearly positioning itself for long-term dominance. With ongoing investments in production capacity, new product introductions such as the 25kg Midi-Bulk Macaroni Pack, a...
- ARM Research
- Lutfullahi Aderibigbe
Nascon Allied Industries Plc Q1:2025 Earnings Note | Beats Growth Ex...
NASCON had a strong start to the year, with revenue up 77.2% YoY to NGN41.85bn and profit before tax surging 559% to NGN11.31bn. Growth was driven by higher volumes and pricing in salt and seasoning, tighter cost control, and a steep drop in FX losses (NGN55.4mn vs. NGN3.05bn in Q1:2024). Finance income also jumped 163%, further lifting earnings. While we like the company's operational momentum and strategy execution, the current share price of NGN53 (as of April 29, 2025) trades above our revi...
- ARM Research
- Callista Chileke
Nigerian Breweries Q1:2025 Earnings Note | Back on the Profitability P...
Just as we expected, Nigerian Breweries bounced back to profitability in Q1:2025. After the last two years of losses, the company swung back to profit in Q1:2025, thanks to strong sales, aggressive advertising, smarter cost controls, and less FX pain. Additionally, the company is not just brewing beer anymore. With full ownership of Distell Nigeria now in the bag, NB looks set to deepen its footprint beyond its traditional base and expand into wines, spirits and flavored alcoholic beverages. ...
- Ameerat Adamu
- ARM Research
- ARM Research
- Oyinkansola Aregbesola
Access Holdings Plc 2024FY Earnings Note | Core Income Boost Gross Ear...
In its recently released audited 2024FY results, Access Holdings’ Gross Earnings grew by 87.72% YoY to NGN4.87trn mainly due to the increase in interest income (+110.38% YoY to NGN3.48trn) and non-interest income (+47.86% YoY to NGN1.02trn). Elsewhere, Operating Expenses increased by 107.47% YoY to NGN1.45trn, following higher personnel expenses, admin expenses and IT & e-business expenses in the period. Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 18.93% YoY and 3.70% YoY eac...
- 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.
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