Dangote Cement's unaudited Q1 2024 results showed a 101% y/y growth in Revenue, reaching N817.35 billion compared to N406.72 billion in Q1 2023. Q/q, the company's performance remained robust, with Revenue increasing by 17.9% from Q4 2023's N693.49 billion. This remarkable growth is attributed to a combination of price hikes and increased sales volume.
Unilever Nigeria PLC held a conference call on 23 April 2024 to review its recently released Q1'24 financial results and provide guidance on the company's strategic initiatives for the future. Below are key highlights of the call.
Lafarge Africa reported Revenue growth of 8.6% y/y to N405.50bn for FY 2023 from N373.25bn in the prior period (FY 2022). Similarly, on a q/q basis, Revenue was up by 27.4% to N116.42bn in Q4 2023 from N91.40bn in Q3 2023. The broad-based growth in cement sales (up 8.5% to N392.57bn), aggregate and concrete sales (up 12% to N12.25bn), and other products (up 97.4% to N680m) contributed to the rise in topline growth in 2023.
BUA Cement’s +27.4% y/y Revenue growth in 2023 was primarily driven by upward increases in both price and sales volumes. BUA Cement reported price increases in 2023 with average cement price rising by 18.7% to N68,293/ton from N57,511/ton, in 2022, while sales volumes closed 2023 at 6.60 million MT from 6.30 MT in 2022, indicating a 4.8% increase. Due to a significant rise in FX losses of N69.96bn, profitability declined in 2023, with Pre-tax Profit down by 44.1% to N67.64bn from N121.11bn in 2022.
Unilever Nigeria Plc. recently released its Q1 2024 financial results, showing a significant uptick in revenue. Excluding its discontinued operations in the Home Care segment, the company's Revenue surged by 57.8% y/y, reaching N32.32bn compared to N20.48bn in Q1 2023.
In this report, we update our 12-month target price (TP) for Transnational Corporation Plc in line with our expectations for the power and hospitality businesses. For the former, the company's strategic positioning in power generation (7.0% of Nigeria's installed grid capacity and 10.0% of total output), export opportunity to other West African countries, and strategic alliances with DISCOs, eligible customers, and state governments are likely to be supportive in the near to medium term. See more here.
