Earnings Flash

Dangote Sugar Plc. Posts PAT growth of 33.15% in FY 2020 result

Dangote Sugar Plc. showed that Revenue grew by 33.03% from N161.09 bn in FY’2019 to N214.30 bn in FY’2020. Similarly, gross profit increased by 40.38% to N53.75 bn in FY’2020 from N38.29 bn in FY’2019. The increase in gross profit was driven by the surge in revenue despite a 30.74% hike in cost of sales. Profit from operations advanced by 48.46% from N29.93 bn in FY’2019 to N44.44 bn in FY’2020, due to a 49.67% increase in other income and a 16.83% decline in selling and distribution expenses. Profit before tax grew by 52.98% to N45.62bn in FY’2020 from N29.82 bn in FY’2019. Profit after tax grew by 33.15% from N22.36 bn in FY’2019 to N29.77 bn in FY’2020, despite a 112.5% increase in income tax expenses. Consequently, earnings per share rose by 31.02%, from N1.87 in FY’2019 to N2.45 in FY’2020. Dangote Sugar has a BVPS of N10.39, P/BV of 1.73x and P/E ratio of 7.35x. The stock currently trades at N18.00.

Please find here Dangote Sugar Plc FY-2020 result analysis

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ZENITH BANK Plc. Posts 10.40% PAT Growth in Q4’2020

The Q4’2020 result of Zenith Plc showed that Interest income advanced by 1.26% from N415.56 bn in Q4’2019 to N420.81 bn in the current period. Net interest income increased by 12.23% to N299.68 bn in Q4’2020 from N267.03 bn in Q4’2019. The increase in net interest income was driven by a 18.45% decline in interest expense. Likewise, profit before tax advanced by 5.17% from N243.29 bn recorded in Q4’2019 to N255.86 bn in the current period. The growth in profit was driven by a 256.89% and 3.29% increase in other operating income and trading income, respectively, but subdued by a 64.51% hike in impairment charge and a 20.75% fall in net fees and commission income. Profit after tax grew by 10.40% from N208.84 bn in Q4’2019 to N230.57 bn in Q4’2020, due to a 26.57% decline in income tax expense. Consequently, earnings per share went up by 10.38% from N6.65 in Q4’2019 to N7.34 in Q4’2020. Zenith currently trades at N26.00.

Please find here the Zenith Q4 2020 Earnings Flash snapshot

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GTB Plc. HY’2020- Profit after tax dips by 4.90% to N94.27 billion

Dear Client/Reader,

Stanbic Plc HY’2020 showed an increase in bottom-line result as profit for the period grew by 24.72%. Interest income declined by 9.30% from N60.78 bn in HY’2019 to N55.13 bn in the current period. Net interest income went down by 4.48% from N39.31 bn in HY’2019 to N37.55 bn in HY’2020. Profit before tax advanced by 17.37% from N44.65 bn in HY’2019 to N52.41 bn in the current period. The increase in profit before tax is attributable to a 94.63% increase in trading income, and supported by declines in key expenditure line items, such as; the fees and commission expense and operating expense, which both went down by 5.41% and 3.06%, respectively. Profit after tax went up by 24.72% from N36.25 bn in HY’2019 to N45.20 bn in the current period, due to a 14.31% decline in income tax expense. Consequently, Stanbic recorded a 22.51% increase in earnings per share from N3.42 in HY’2019 to N4.19 in HY’2020. The company proposed an interim dividend of N0.40. Stanbic currently trades at N37.50.

Please find attached GTB Plc HY-2020 result analysis.  

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UBA Plc. Posts 21.69% PAT Decline in HY’2020

Dear Client/Reader, 

The HY’2020 result of UBA Plc showed that Interest income advanced by 0.34% from N204.89 bn in HY’2019 to N205.59 bn in the current period. Net interest income increased by 8.36% to N119.32 bn in HY’2020 from N110.12 bn in HY’2019. The increase in net interest income was driven by the rise in interest income and an 8.97% drop in the interest expense. In a similar tune, operating income increased by 7.70% from N182.64 bn in HY’2019 to N196.71 bn in the current period, on the back of a 6.73% and 7.52% increase in fees and commission income and net trading and foreign exchange income, respectively. However, profit before tax declined by 18.71% from N70.27 bn recorded in HY’2019 to N57.13 bn in the current period. The decline in profit was due to a 150.22% and 20.57% increase in net impairment loss and operating expenses, respectively. Likewise, profit after tax declined by 21.69% from N56.74 bn in HY’2019 to N44.43 bn in HY’2020. Consequently, earnings per share went down by 23.46% from N1.62 in HY’2019 to N1.24 in HY’2020. The company proposed an interim dividend of N0.17. UBA currently trades at N6.45.

Please find attached UBA Plc HY-2020 result analysis.  

Regards,

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STANBIC Plc. HY’2020- Profit after tax grew by 24.72% to N45.20 billion

Dear Client/Reader, 

Stanbic Plc HY’2020 showed an increase in bottom-line result as profit for the period grew by 24.72%. Interest income declined by 9.30% from N60.78 bn in HY’2019 to N55.13 bn in the current period. Net interest income went down by 4.48% from N39.31 bn in HY’2019 to N37.55 bn in HY’2020. Profit before tax advanced by 17.37% from N44.65 bn in HY’2019 to N52.41 bn in the current period. The increase in profit before tax is attributable to a 94.63% increase in trading income, and supported by declines in key expenditure line items, such as; the fees and commission expense and operating expense, which both went down by 5.41% and 3.06%, respectively. Profit after tax went up by 24.72% from N36.25 bn in HY’2019 to N45.20 bn in the current period, due to a 14.31% decline in income tax expense. Consequently, Stanbic recorded a 22.51% increase in earnings per share from N3.42 in HY’2019 to N4.19 in HY’2020. The company proposed an interim dividend of N0.40. Stanbic currently trades at N37.50.

Please find attached STANBIC Plc HY-2020 result analysis.        

Regards,

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SEPLAT Plc Declares Loss After Tax of N37.78 Billion in HY’2020

The HY’2020 result for Seplat Plc revealed that revenue declined by 26.49% from N108.97 bn recorded in HY’2019 to N80.11 bn in the current period. Similarly, gross profit went down by 79.67% from N63.53 bn in HY’2019 to N12.92 bn in HY’2020. The decline in gross profit derived from the drop in revenue, and from a 47.88% rise in cost of sales. The firm reported an operating loss of N38.71 bn in HY’2020, coming from a
profit position of N42.68 bn in HY’2019, reflecting a decline of 190.71%. The sharp fall seen in the operating profit can be traced to a 26.48% surge in the general and administrative expenses and a N50.09 bn impairment loss on non-financial assets. Consequently, profit before tax declined by 234.86% from N36.96 bn in HY’2019
to -N49.84 bn in HY’2020, on the back of a 66.80% drop in finance income and a 64.73% rise in finance cost.

In a similar fashion, the company recorded a loss after tax of N37.78 bn in HY’2020 as against a profit of N37.50 bn recorded in HY’2019, reflecting a decline of 200.76%. Accordingly, earnings per share went down by 199.09% from N65.92 in HY’2019 to -N65.32 in HY’2020. The stock currently trades at N310.2.

Please find attached our full report

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FBNH Plc. Posts 23.84% PAT Growth in HY’2020

FBNH Plc HY’2020 results showed an increase in the bottom-line as profit for the period grew by 23.84%. Interest income however declined by 4.31% from N216.76 bn in HY’2019 to N207.42 bn in the current period.

Net interest income went down by 7.35% from N141.69 bn in HY’2019 to N131.28 bn in HY’2020, due to the drop in interest income and a 1.44% increase in interest expense. The company recorded a 14.70% increase in operating profit from N36.23 bn in HY’2019 to N41.55 bn in the current period. The increase in operating profit is attributable to a 16.41% and 183.05% increase in net fees and commission income and trading income,
respectively. Also, impairment charges increased by 38.65% from N22.11 bn in HY’2019 to N30.65 bn in HY’2020. Profit before tax advanced by 14.26% from N36.25 bn in HY’2019 to N41.42 bn in the current period. Profit after tax went up by 23.84% from N28.78 bn in HY’2019 to N35.65 bn in the current period.

Consequently, the company recorded a 60.71% increase in EPS to N1.35 in HY’2020 from N0.84 in HY’2019. FBNH currently trades at N5.00.

Please find attached our full report

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Unilever Nigeria Plc Reports 115% PAT Decline in HY-2020 MBC Securities

Unilever Nigeria Plc. HY’2020 results showed that revenue declined by 35.91% from N42.66 bn in HY’2019 to N27.34 bn in the current period. This decline was due to the slowdown witnessed in both their food products and home/personal care revenue sources, as their performance was hampered by the weakened purchasing power of consumers in the economy. Similarly, gross profit fell by 45.74% to N6.16 bn in HY’2020 from
N11.35 bn in HY’2019, despite a 32.35% decline in cost of sales. The firm recorded a decline of 136.62% in operating profit from N3.85 bn in HY’2019 to -N1.41 bn in the current period, and this was majorly driven by a 196.80% increase in impairment loss. Profit before tax declined by 112.07% to -N566.80 mn in the current period from N4.70 bn in HY’2019, due a 29.33% decline in finance income. Consequently, profit after tax fell by 114.77% from N3.52 bn in HY’2019 to -N519.11 mn in the current period. The firm recorded an 114.75% decline in earnings per share from N0.61 in HY’2019 to -N0.09 in the current period. The stock currently trades at N12.25.

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UCAP Plc. HY’2020- Profit after tax went up by 16% to N1.91 bn

United Capital’s result for HY’2020 showed that gross earnings increased by 37.26% from N3.24 bn in HY’2019 to N4.45 bn in HY’2020. Net operating income rose by 45.40% from N2.82 bn in HY’2019 to N4.10 bn in HY’2020, due to a 347.65%, 85.03% and 77.15% increase in net interest margin, net trading income and fees and commission income, respectively. Profit before tax rose by 14.10% from N1.99 bn in HY’2019 to N2.27 bn in the current period, despite the surge in key expenditure line items, such as the personnel expenses which rose by 7.86%, and the other operating expense which increased by 87.73%. Profit after tax increased by 15.98% to N1.91 bn in the current
period from N1.65 bn in HY’2019. Consequently, Earnings per share went up by 14.29% from N0.28 in HY’2019 to N0.32 in the current period.

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Presco Plc. HY’2020: PBT and PAT Grew by 67.71% and 70.51%, Respectively

Presco’s results for HY’2020 revealed that revenue increased by 29.35% from N10.41 bn in HY’2019 to N13.46 bn in the current period. Similarly, gross profit went up by 32.10% to N9.04 bn in HY’2020 from N6.85 bn in HY’2019, despite a 24.06% surge in cost of sales. In the same vein, operating profit increased by 51.73% from N4.35 bn in HY’2019 to N6.60 bn in the current period. The growth recorded in the operating
profit was supported by reductions in key expenditure line items, such as; the administrative expenses and selling and distribution expenses, which both declined by 21.01% and 18.00%, respectively. Profit before tax rose by 67.71% to N5.77 bn in HY’2020 from N3.44 bn in HY’2019, supported by an 8.64% decline in finance
cost. Profit after tax advanced by 70.51% from N2.58 bn in HY’2019 to N4.39 bn in HY’2020. Consequently, earnings per share grew by 70.82%, from N2.57 in HY’2019 to N4.39 in HY’2020. Presco currently trades at N47.45.

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