2023FY Banking Stock Note | ZENITH | UBA | GTCo | ACCESSCORP
Zenith, UBA, Access and GTCo recently released their audited 2023 financial statements and was characterized by a common theme – “Supernormal profit” Zenith Bank released the audited Full-year results for 2023, revealing a robust topline performance. Gross Earnings, which exceeded our 2023FY estimates, grew by 125.45% YoY to NGN2.13trn on the wheels of increased interest […]
MTNN Plc 2023FY Earnings Note – Foreign Exchange Losses Bite Deep
Below is a detailed overview of the financial performance of MTN Nigeria Communications Plc during the 2023 full year. Strong Revenue Growth Offset by Higher Costs In its recently released 2023 full year (FY) financial result, MTN Nigeria Communications Plc (MTNN) observed higher revenue figures on a Year- on-Year (YoY) basis, recording a 22.69% YoY […]
2023FY Seplat audited Financial Result | Strong Revenue Performance Drives Bottom Line Growth
Seplat Energy’s revenue grew significantly by 72.53% year-on-year (YoY) to NGN696.87bn in 2023FY. This exceptional performance was fueled by a substantial increase in crude oil production (72.90% YoY), which offset the decline in crude oil prices (Average of 82.71 in 2023FY vs Average of USD100.93pb in 2022FY). The company also saw significant growth in gas […]
Nigerian Oil and Gas Sector Report 2024 | Unraveling Nigeria’s Oil and Gas Tapestry
This report delves into the complexities of the oil and gas sector, specifically focusing on OPEC’s impact on global energy dynamics and Nigeria’s potential as Africa’s leading oil producer. We delve deeper by analyzing major players within the Nigerian market, providing both price targets and insightful recommendations to guide investors towards informed decisions. Executive Summary […]
2023FY FBNH Unaudited Financial Result | Interest Income & Non-Interest Revenue to the Rescue
Below is a detailed overview of the unaudited financial result of FBNH for 2023FY. Interest Income & Non-Interest Revenue to the Rescue FBNH released the unaudited Full-year results for 2023, revealing a respective 88.52% YoY and 129.41% increase in Gross earnings and Profit Before Tax (PBT). Major drivers for earnings growth include higher interest income […]
Airtel Africa Plc H1:2024 FYE Performance – Charting through Tumultuous Headwinds
Below is a detailed overview of Airtel Africa Plc’s performance during the first half of its fiscal year. FX Devaluation Hinder Revenue Growth In its recently released H1:2024 financial result, Airtel Africa Plc (AIRTELAFRI) posted a marginal increase in its consolidated topline in reporting currency. Overall Revenue increased by 2.28% Year-on-Year (YoY) in H1:2024 (vs. […]
MTNN Plc Q3:2023 Earnings Note – Resilient Performance amidst Macro Headwinds
Below is a detailed overview of the financial performance of MTN Nigeria Communications Plc during the third quarter of 2023. Data ReveData Revenue Supports Revenue Growth In its recently released Q3:2023 financial result, MTN Nigeria Communications Plc (MTNN) noted increased revenue, exceeding its growth from a year ago. Topline grew by 21.76% YoY to NGN1.77trn […]
H1:2023 United Bank for Africa Plc Earnings Result | Marked by Increased Fair Value Gain on Derivatives
UBA’s H1:2023 financial results mirrored the earnings growth across its Tier-1 peers on the back of the FX liberalization policy implemented during the period. Gross earnings increased by 163.66% YoY to NGN981.78bn, largely supported by higher non-interest income (+381.30% YoY to NGN553.48bn). Interest Income remained elevated, growing by 66.57% YoY to NGN428.29bn. On the […]
H1:2023 Zenith Bank Plc Earnings Result | FX Revaluation Gains to the Rescue
Zenith Bank Plc published its H1:2023 interim financial results, recording a 138.51% YoY expansion in Gross Earnings to NGN931.12bn. This is on the wheels of a tremendous increase in non-interest income (+238.47% YoY to NGN551.84bn) in the period. Interest Income also supported growth in Gross Earnings as it grew by 71.86% YoY to NGN415.43bn. […]
H1:2023 GTCO Earnings Result | Remarkable Performance Riding on FX Revaluation Gains
In its recently released earnings results for the first half of 2023 (H1:2023), GTCO’s Gross Earnings jumped by 181.08% year-on-year (YoY) to NGN672.60bn mainly due to the spike in non-interest income (+385.03% YoY to NGN446.66bn), an offshoot of the massive FX revaluation gains recorded in the period. Elsewhere, Operating Expenses increased by 26.26% YoY to […]
