Earnings Highlights | STANBIC, UNILEVER, NESTLE, BUAFOODS, NASCON and DANGSUGAR Q1: 2024 Results

Earnings Highlights | STANBIC, UNILEVER, NESTLE, BUAFOODS, NASCON and DANGSUGAR Q1: 2024 Results
(Source: Afrinvest Research , Date: 07-May-2024)

Dear Afrinvestor,

It's Earnings Season!

Quick Glance at the Highlight:

STANBIC's gross earnings rose 87.1% y/y to ₦180.6bn, aided by the 111.4% growth in net interest income (to ₦76.9bn) and a 37.5% expansion in non-interest income to ₦61.3bn. Although OPEX jumped 65.1% y/y to ₦68.4bn, cost-to-income ratio declined to 49.5% from 51.2% in the prior year. Consequently, PBT and PAT improved 73.0% and 58.1% respectively to ₦62.7bn and ₦45.6bn.
DANGSUGAR recorded a y/y topline growth of 20.1% in Q1:2024 to ₦122.7bn. However, its bottom line was negatively impacted by a sizeable FX loss worth ₦103.0bn.
UNILEVER's revenue grew by 57.8% y/y to ₦32.3bn while COS and OPEX surged 75.0% and 100.7% y/y respectively. Despite the elevated cost lines, the company's PBT and PAT printed at ₦4.4bn and ₦3.4bn respectively (Q1:2023: ₦4.5bn and ₦2.7bn sequentially).
NESTLE's revenue grew 43.4% y/y to ₦183.5bn. However, multiple pressure from FX loss (₦191.7bn) and higher COS (up 76.1% to ₦134.4bn) resulted in pre and post tax losses of ₦196.1bn and ₦142.7bn, sequentially.
BUAFOODS grew revenue by 147.3% y/y to ₦356.9bn. Despite the 61.4% spike in OPEX to ₦14.4bn and FX loss of ₦27.3bn, pre and post-tax profit accentuated by 35.7% and 37.9% y/y to ₦62.4bn and ₦55.8bn, respectively.
NASCON expanded its revenue by 39.7% y/y to ₦23.6bn. However, increased OPEX (up 43.3% to ₦6.4bn) and FX loss of ₦3.1bn dragged bottom line performance. Hence, PBT and PAT dipped 24.5% and 25.0% respectively to ₦1.8bn and ₦1.2bn.

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Best Regards,

Earnings Highlights | STANBIC, UNILEVER, NESTLE, BUAFOODS, NASCON and DANGSUGAR Q1: 2024 Results | InfoWARE Finance

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Earnings Highlights | STANBIC, UNILEVER, NESTLE, BUAFOODS, NASCON and DANGSUGAR Q1: 2024 Results (Source: Afrinvest Research , Date: 07-May-2024)

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Earnings Highlights | STANBIC, UNILEVER, NESTLE, BUAFOODS, NASCON and DANGSUGAR Q1: 2024 Results
(Source: Afrinvest Research , Date: 07-May-2024)