In its unaudited Q1'24 results, Transnational Corporation Plc (TRANSCORP - TP: N32.59) recorded stellar growth in PAT to N35.9 billion, driven by robust topline performance across the power and hotel subsidiaries.
Access Holding’s Q1 2024 unaudited numbers showed a 183.1% y/y growth in Interest Income driven by growth in both Interest Income on Net Loans and yields on investment securities due to a higher yield environment and growth in earnings assets. Net Loans grew 19.7% in Q1 2024 compared with the December 2023 position, inclusive of the impact of devaluation on foreign currency loans.
International Breweries’ Q1 2024 unaudited numbers showed Revenue growth of 89.7% y/y to N103.22bn from N54.39bn (Q1 2023). On a q/q basis, Revenue was up 34.4% from N76.82bn in Q4 2023. We believe the topline growth was mainly driven by the c.23.5% price increase across product segments of the business in the quarter. The Cost of Sales (ex-depreciation) grew faster than Revenue, up 114.8% y/y to N66.79bn (Q1 2024) from N31.09bn (Q1 2023). Consequently, Gross Margin declined to 35.3% from 42.8% (Q1 2023). Although, Gross Profit was up 56.3% y/y to N36.43bn from N23.31bn in Q1 2023.
In Q1 2024, Nestle reported its Revenue went up 43.4% y/y and 21.9% q/q to N183.48bn from N127.97bn in Q1 2023 and N150.53bn in Q4 2023. Cost of Sales (adjusted for depreciation) rose significantly to N132.49bn (+78.0% y/y) in Q1 2024 from N74.41bn in Q1 2023. This led to a drop in its Gross Profit to N51.00bn (-4.8% y/y) in Q1 2024 from N53.56bn in Q1 2023 allowing for a Gross Profit Margin of 27.8% (-14.1ppts) from 41.9% in Q1 2023.
In its recently released unaudited Q1 2024 results, MTN Nigeria sustained its Revenue growth momentum, reporting a 32.5% y/y growth in Revenue to N752.98bn from N568.14bn in Q1 2023. On a q/q basis, Revenue increased by 8.2% from the N695.90bn recorded in Q4 2023. The growth in Service Revenue (up 32.0% y/y) remained the major driver of the rise in Total Revenue.
In its recently released unaudited Q1 2024 results, Lafarge Africa reported a 50% y/y Revenue growth to N137.77bn in Q1 2024 from N91.82bn in the prior period (Q1 2023). Similarly, on a q/q basis, Revenue was up by 18.3% from N116.42bn in Q4 2023. The broad-based growth in cement sales (up 49.14% to N133.42bn), aggregate and concrete sales (up 84.43% to N4.18bn), and other products (up 76.81% to N179m) contributed to the rise in topline growth in Q1 2024. While no information has been provided on the Revenue breakdown, we attribute the company’s top-line growth to a mix of price and volume growth.
