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FTN Cocoa Processors Plc has made commendable progress in trimming its losses for the half-year ended June 2025, reducing its pre-tax loss by 89% from ₦10.5 billion to ₦1.1 billion. Despite this, the company remains in negative territory, with a fragile equity position, rising liabilities, and declining asset base—all of which suggest that recovery is still a work in progress.

Jaiz Bank Plc has delivered a resilient half-year 2025 performance, marked by strong earnings growth, expanding income streams, and a relatively stable cost profile. Gross income from financing and investment transactions rose 32% YoY to ₦44.01 billion, with net income after provisions reaching ₦43.66 billion, indicating efficient risk asset management despite a modest impairment loss.

Income Statement Analysis (6 Months Ended 30 June 2025) Metric H1 2025 (₦’000) H1 2024 (₦’000) % Change Revenue 12,131,817 8,207,077 +47.8% Gross Profit 5,962,385 3,232,529 +84.5% Operating Profit 4,566,128 2,208,959 +106.7% Profit Before Tax 4,670,347 2,058,921 +126.8% Profit After Tax (PAT) 3,109,081 1,342,294 +131.6% EPS (Kobo) 144 62 +132.3% Profit Margin significantly improved due to: Strong revenue growth of ~48%. Controlled administrative & distribution expenses.

Strengths: Significant Asset Growth Total assets grew by 17% to ₦66.74 billion, driven by impressive increases in cash (+118%) and financial assets (+27%), indicating a strengthened balance sheet and liquidity position. Strong Insurance Service Performance The insurance service result rebounded significantly to ₦3.26 billion, reversing the prior year’s loss of ₦9.56 billion—evidence of operational recovery.

Oando Plc’s H1 2025 financials reflect volatile earnings marked by margin compression and irregular income streams. While revenue remains robust and the company posted a profit for the half-year due to one-off tax credits and finance income, the underlying core operations signal significant weaknesses.

Key Highlights (H1 2025 vs H1 2024): Revenue grew by 53% to ₦36.76bn from ₦24.03bn. Gross Profit rose by 73% to ₦8.32bn.

Recovery underway, but revenue pressures and fragile working capital require caution. Catalysts Cost Efficiency Gains: The 38% YoY decline in distribution and administrative expenses to ₦536 million in H1 2025, alongside an 85% reduction in finance charges, has materially improved profitability.

Fidson Healthcare Plc delivered a strong top-line performance in H1 2025, recording a 68% YoY increase in revenue from ₦37.3 billion to ₦62.6 billion. Despite facing macroeconomic challenges including rising finance costs and exchange rate volatility, the company grew its profit after tax by nearly 4x, reaching ₦6.02 billion (vs.

BUA Foods Plc H1/Q2- Strong Operating Momentum Amid Macroeconomic Volatility BUA Foods Plc delivered an impressive performance in H1 2025, showcasing significant growth in revenue and profit across both group and company levels, despite the macroeconomic headwinds and exchange rate volatility. The company's ability to maintain high margins and generate robust profits reinforces its position as a resilient player in Nigeria’s consumer goods and food manufacturing sector.