Global Community

Risks Financial risk management: market risk (including currency risk and cash flow interest risk), credit risk and liquidity risk. Political decisions and other legal aspects.

Cutix Plc – Revenue Growth Offset by Declining EPS and Compressed Profitability Overview: Cutix Plc posted strong topline performance for the full year ended April 2025, with a 30% revenue increase and a 19% growth in total assets , indicating business expansion. However, these gains were not matched by earnings growth.

Dangote Cement Plc (DCP) continues to show solid top-line growth, strong operational margins, and industry-leading market share. The company’s H1 2025 results demonstrate strong revenue expansion (+18% YoY) and a more-than-doubling of profit before tax (₦730.0bn vs ₦293.0bn in H1 2024).

Champion Breweries has delivered a strong recovery in H1 2025 , recording a notable swing from prior-year losses to a solid profit. The company posted: Revenue growth of 67% YoY to ₦15.93bn Gross profit more than doubled to ₦7.89bn (from ₦3.73bn) Profit after tax of ₦2.29bn compared to a loss of ₦387m in H1 2024 Basic EPS improved to 25.57 kobo , from a loss per share of 4.94 kobo ✅ Strengths: Significant revenue growth (both quarterly and year-to-date), indicating increased market penetration or pricing power.

Summary: BUA Cement delivered a stellar financial performance in H1 2025, with revenue rising 59.4% YoY to ₦580.3 billion and PAT surging over 428% YoY to ₦180.9 billion. This growth reflects pricing power, improved volume uptake, and operational efficiency.

Q2/H1 Result Solid Growth Trajectory with Strong Margins but Funding Cost Pressures Remain Infinity Trust Mortgage Bank Plc (ITMB) has delivered strong double-digit growth in both top-line and bottom-line metrics in H1 2025, reflecting the strength of its mortgage-focused business model amid Nigeria’s rising demand for housing finance. The bank’s ability to sustain profitability while aggressively expanding its loan book and asset base positions it as a viable growth stock in the financial services sector.

Overview: Africa Prudential delivered a strong first-half performance in 2025, growing profit after tax by 72.6% YoY to ₦1.35 billion, largely on the back of a surge in interest income and improved revenue from contracts with customers. However, rising operating expenses, significant drawdown in cash position, and elevated customer deposit liabilities present risks to liquidity and capital efficiency.

Based on the projections presented by the company on the investor day of March 31, 2025, we will assume 5-year fundamental projection for BlackRock based on its 2024 results and strategic targets: Assumptions Revenue CAGR : 10% annually, aligned with BlackRock’s 2030 ambition. Operating Margin : Maintained at 45% (as adjusted).

Pipeline Crenessity@ CRENESSITY Capsule 50/100 MG $766.66 packaging 50 MG 60u $45,999.60 packaging 100 MG 30u. Starts at approximately $21,338.71 USD for a monthly supply Ingrezza@ Ingrezza (valbenazine) As of July 2025 , the average pharmacy acquisition cost for Ingrezza capsules in the U.S. is approximately: $274.54 per capsule for the 60 mg and 80 mg strengths $250.16 per capsule for the 40 mg strength Other Products: Tetrabenazine Tablet 12.5 MG $62.52 Austedo Tablet 6 MG $100.06 Austedo XR Tablet 6 MG $100.06 Xenazine Tablet 12.5 MG $227.88 Assumptions Risks Risks and uncertainties associated with Neurocrine Biosciences' business and finances in general, risks and uncertainties associated with the commercialization of INGREZZA and CRENESSITY.