Nigeria | NGX

Presco Plc (PRESCO) in its audited FY 2023 results reported a 26.4% y/y growth in Revenue to N102.42bn from N81.03bn (FY 2022). However, on a q/q basis, Revenue was down 11.3% to N25.55bn (Q4 2023) from N28.8bn (Q3 2023) possibly due to the observed decline in CPO price during the quarter. The overall topline growth in the year was driven by improved sales of CPO, mill by-products and Fresh fruit Bunches (FFB).

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.