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Earnings Highlights | AIRTELAF, NB, GUINNESS, CHAMPION, FIDELITY & ETI's Earnings Results
(Source: Afrinvest Research , Date: 10-May-2024)
Dear Afrinvestor,

It's Earnings Season! 

Quick Glance at the Highlight:
  • AIRTELAF's service revenue fell 5.3% y/y to $5.0bn in FY:2024 due to the negative impact of the currency devaluation in Nigeria, Malawi, Zambia, and Kenya. The Group recorded a loss before and after tax of $63.0m and $89.0m respectively.
  • NB's revenue grew 84.2% y/y to ₦227.1bn. Nevertheless, bottom line closed in the negative region of ₦52.1bn, dragged by a record 397.5% jump in unrealised FX loss to ₦72.8bn.
  • GUINNESS revenue advanced 27.7% in 9M:2023/4 to ₦220.3bn. However, faster growth in cost of sales (up 36.2% y/y) and unrealised FX loss (up 1,226% y/y) resulted in a pre-tax loss.
  • CHAMPION sales revenue rose 69.4% y/y in Q1:2024 to ₦4.4bn. Yet, Loss before tax nudged higher by 481.8% y/y to ₦0.8bn, due largely to unrealised FX loss of ₦743.3m.
  • FIDELITY gross earnings grew 89.9% y/y to ₦192.1bn, supported by a 90.7% and 84.0% growth in Interest and Non-interest income respectively. On the back of this, pre-tax profit surged 120.1% y/y to ₦39.5bn.
  • ETI's gross earnings grew 69.9% y/y to ₦1.8tn, supported by a 75.0% and 60.1% increment in interest and non-interest income respectively. Similarly, PBT and PAT rose 63.3% and 68.3% y/y to ₦376.5bn and ₦263.5bn respectively.
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