Reported Earnings • May 06
First quarter 2026 earnings released: EPS: ₦0.11 (vs ₦0.043 in 1Q 2025) First quarter 2026 results: EPS: ₦0.11 (up from ₦0.043 in 1Q 2025). Revenue: ₦1.35b (down 5.3% from 1Q 2025). Net income: ₦122.5m (up 176% from 1Q 2025). Profit margin: 9.1% (up from 3.1% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₦6.06. The fair value is estimated to be ₦7.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last 3 years. Earnings per share has grown by 82%. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₦7.50, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 21x in the Food industry in Nigeria. Total returns to shareholders of 911% over the past three years. Declared Dividend • Apr 08
Dividend increased to ₦0.06 Dividend of ₦0.06 is 50% higher than last year. Ex-date: 30th June 2026 Payment date: 6th August 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.0%. Payout Ratios Payout ratio: 19%. Cash payout ratio: 42%. Announcement • Apr 07
McNichols PLC announces Annual dividend, payable on August 06, 2026 McNichols PLC announced Annual dividend of NGN 0.0600 per share payable on August 06, 2026, ex-date on June 30, 2026 and record date on June 29, 2026. Announcement • Apr 03
McNichols PLC, Annual General Meeting, Jul 30, 2026 McNichols PLC, Annual General Meeting, Jul 30, 2026. Buy Or Sell Opportunity • Mar 31
Now 24% undervalued Over the last 90 days, the stock has risen 124% to ₦7.31. The fair value is estimated to be ₦9.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last 3 years. Earnings per share has grown by 82%. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦7.42, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 19x in the Food industry in Nigeria. Total returns to shareholders of 900% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₦7.00, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 23x in the Food industry in Nigeria. Total returns to shareholders of 843% over the past three years. Buy Or Sell Opportunity • Mar 02
Now 20% undervalued Over the last 90 days, the stock has risen 183% to ₦7.63. The fair value is estimated to be ₦9.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last 3 years. Earnings per share has grown by 82%. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₦8.47, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 18x in the Food industry in Nigeria. Total returns to shareholders of 1,378% over the past three years. Reported Earnings • Jan 31
Full year 2025 earnings released: EPS: ₦0.28 (vs ₦0.10 in FY 2024) Full year 2025 results: EPS: ₦0.28 (up from ₦0.10 in FY 2024). Revenue: ₦6.28b (up 8.2% from FY 2024). Net income: ₦342.5m (up 196% from FY 2024). Profit margin: 5.5% (up from 2.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jan 31
Now 27% undervalued Over the last 90 days, the stock has risen 114% to ₦6.35. The fair value is estimated to be ₦8.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last 3 years. Earnings per share has grown by 79%. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦7.10, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 30x in the Food industry in Nigeria. Total returns to shareholders of 1,100% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₦3.59, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 16x in the Food industry in Nigeria. Total returns to shareholders of 571% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₦3.19, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 15x in the Food industry in Nigeria. Total returns to shareholders of 529% over the past three years. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₦2.75, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 15x in the Food industry in Nigeria. Total returns to shareholders of 372% over the past three years. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: ₦0.096 (vs ₦0.023 in 3Q 2024) Third quarter 2025 results: EPS: ₦0.096 (up from ₦0.023 in 3Q 2024). Revenue: ₦1.74b (up 2.2% from 3Q 2024). Net income: ₦103.7m (up 308% from 3Q 2024). Profit margin: 6.0% (up from 1.5% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 73% per year whereas the company’s share price has increased by 69% per year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₦3.20, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 14x in the Food industry in Nigeria. Total returns to shareholders of 402% over the past three years. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: ₦0.045 (vs ₦0.03 in 2Q 2024) Second quarter 2025 results: EPS: ₦0.045 (up from ₦0.03 in 2Q 2024). Revenue: ₦1.66b (up 16% from 2Q 2024). Net income: ₦50.5m (up 49% from 2Q 2024). Profit margin: 3.0% (up from 2.4% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year whereas the company’s share price has increased by 68% per year. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₦3.44, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 14x in the Food industry in Nigeria. Total returns to shareholders of 339% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦2.78, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 13x in the Food industry in Nigeria. Total returns to shareholders of 255% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of ₦0.04 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 06 August 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Nigerian dividend payers (5.5%). Lower than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₦2.12, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 153% over the past three years. New Risk • May 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.16b market cap, or US$1.35m). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Revenue is less than US$5m (₦6.1b revenue, or US$3.8m). Reported Earnings • Apr 28
First quarter 2025 earnings released First quarter 2025 results: EPS: ₦0.043. Revenue: ₦1.42b (up 21% from 1Q 2024). Net income: ₦44.4m (up 53% from 1Q 2024). Profit margin: 3.1% (up from 2.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦1.90, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 591% over the past three years. Declared Dividend • Apr 21
Final dividend of ₦0.04 announced Shareholders will receive a dividend of ₦0.04. Ex-date: 30th June 2025 Payment date: 6th August 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 18
McNichols PLC, Annual General Meeting, Jul 30, 2025 McNichols PLC, Annual General Meeting, Jul 30, 2025. New Risk • Apr 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (26% accrual ratio). Market cap is less than US$10m (₦1.68b market cap, or US$1.07m). Minor Risk Revenue is less than US$5m (₦5.8b revenue, or US$3.7m). Reported Earnings • Feb 04
Full year 2024 earnings released: EPS: ₦0.11 (vs ₦0.032 in FY 2023) Full year 2024 results: EPS: ₦0.11 (up from ₦0.032 in FY 2023). Revenue: ₦5.86b (up 267% from FY 2023). Net income: ₦116.1m (up 222% from FY 2023). Profit margin: 2.0% (down from 2.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: ₦0.023 (vs ₦0.009 in 3Q 2023) Third quarter 2024 results: EPS: ₦0.023 (up from ₦0.009 in 3Q 2023). Revenue: ₦1.70b (up 422% from 3Q 2023). Net income: ₦25.4m (up 298% from 3Q 2023). Profit margin: 1.5% (down from 2.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₦1.57, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 13x in the Food industry in Nigeria. Total returns to shareholders of 412% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₦1.90, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 519% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦1.54, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 10x in the Food industry in Nigeria. Total returns to shareholders of 402% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₦1.18, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 10x in the Food industry in Nigeria. Total returns to shareholders of 285% over the past three years. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: ₦0.03 (vs ₦0.021 in 2Q 2023) Second quarter 2024 results: EPS: ₦0.03 (up from ₦0.021 in 2Q 2023). Revenue: ₦1.44b (up 364% from 2Q 2023). Net income: ₦33.9m (up 126% from 2Q 2023). Profit margin: 2.4% (down from 4.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 24
Upcoming dividend of ₦0.02 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 30 July 2024. Payout ratio is a comfortable 62% and the cash payout ratio is 80%. Trailing yield: 1.7%. Lower than top quartile of Nigerian dividend payers (7.0%). Lower than average of industry peers (2.0%). New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Market cap is less than US$10m (₦1.17b market cap, or US$791.5k). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Revenue is less than US$5m (₦2.5b revenue, or US$1.7m). Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦1.02, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 9x in the Food industry in Nigeria. Total returns to shareholders of 227% over the past three years. Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: ₦0.032 (vs ₦0.027 in FY 2022) Full year 2023 results: EPS: ₦0.032 (up from ₦0.027 in FY 2022). Revenue: ₦1.62b (up 94% from FY 2022). Net income: ₦35.7m (up 81% from FY 2022). Profit margin: 2.2% (down from 2.4% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦1.02, the stock trades at a trailing P/E ratio of 36.7x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 412% over the past three years. New Risk • Dec 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Market cap is less than US$10m (₦759.4m market cap, or US$951.1k). Minor Risk Revenue is less than US$5m (₦1.1b revenue, or US$1.4m). New Risk • Nov 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (₦481.6m market cap, or US$599.2k). Minor Risk Revenue is less than US$5m (₦1.1b revenue, or US$1.3m). Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: ₦0.009 (vs ₦0.003 in 3Q 2022) Third quarter 2023 results: EPS: ₦0.009 (up from ₦0.003 in 3Q 2022). Revenue: ₦325.5m (up 58% from 3Q 2022). Net income: ₦6.39m (up 173% from 3Q 2022). Profit margin: 2.0% (up from 1.1% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (₦431.2m market cap, or US$558.6k). Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Revenue is less than US$5m (₦961m revenue, or US$1.2m). Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: ₦0.021 (vs ₦0.013 in 2Q 2022) Second quarter 2023 results: EPS: ₦0.021 (up from ₦0.013 in 2Q 2022). Revenue: ₦309.9m (up 51% from 2Q 2022). Net income: ₦15.0m (up 164% from 2Q 2022). Profit margin: 4.8% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 25
Upcoming dividend of ₦0.01 per share at 1.5% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 03 August 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Nigerien dividend payers (8.1%). Lower than average of industry peers (5.0%). Reported Earnings • May 01
First quarter 2023 earnings released: EPS: ₦0.007 (vs ₦0.015 in 1Q 2022) First quarter 2023 results: EPS: ₦0.007 (down from ₦0.015 in 1Q 2022). Revenue: ₦239.3m (up 10.0% from 1Q 2022). Net income: ₦5.10m (down 30% from 1Q 2022). Profit margin: 2.1% (down from 3.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: ₦0.049 (vs ₦0.02 in FY 2021) Full year 2022 results: EPS: ₦0.049 (up from ₦0.02 in FY 2021). Revenue: ₦849.9m (up 9.9% from FY 2021). Net income: ₦21.6m (up 51% from FY 2021). Profit margin: 2.5% (up from 1.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jan 31
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₦0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 6.3%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: ₦0.007 (vs ₦0.005 in 3Q 2021) Third quarter 2022 results: EPS: ₦0.007. Revenue: ₦205.8m (down 5.5% from 3Q 2021). Net income: ₦2.34m (down 34% from 3Q 2021). Profit margin: 1.1% (down from 1.6% in 3Q 2021). The decrease in margin was driven by lower revenue. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: ₦0.029 (vs ₦0.009 in 2Q 2021) Second quarter 2022 results: EPS: ₦0.029. Revenue: ₦204.7m (up 2.8% from 2Q 2021). Net income: ₦5.69m (down 12% from 2Q 2021). Profit margin: 2.8% (down from 3.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 24
Upcoming dividend of ₦0.03 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 04 August 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Nigerien dividend payers (8.1%). Lower than average of industry peers (5.0%). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 44% share price gain to ₦1.01, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 16x in the Food industry in Nigeria. Total returns to shareholders of 123% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₦0.034 (vs ₦0.019 in 1Q 2021) First quarter 2022 results: EPS: ₦0.034 (up from ₦0.019 in 1Q 2021). Revenue: ₦217.6m (up 34% from 1Q 2021). Net income: ₦7.24m (up 14% from 1Q 2021). Profit margin: 3.3% (down from 3.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₦0.048 (down from ₦0.054 in FY 2020). Revenue: ₦787.8m (up 7.6% from FY 2020). Net income: ₦15.8m (down 11% from FY 2020). Profit margin: 2.0% (down from 2.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Nov 01
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₦217.7m (down 11% from 3Q 2020). Net income: ₦3.52m (down 17% from 3Q 2020). Profit margin: 1.6% (down from 1.7% in 3Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 01
Second quarter 2021 earnings released: EPS ₦0.02 (vs ₦0.017 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₦199.0m (up 34% from 2Q 2020). Net income: ₦6.49m (up 16% from 2Q 2020). Profit margin: 3.3% (down from 3.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 24
Upcoming dividend of ₦0.03 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 05 August 2021. Trailing yield: 3.8%. Lower than top quartile of Nigerien dividend payers (7.9%). Lower than average of industry peers (4.9%). Reported Earnings • May 05
First quarter 2021 earnings released: EPS ₦0.019 (vs ₦0.019 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₦162.7m (down 3.8% from 1Q 2020). Net income: ₦6.33m (up 1.5% from 1Q 2020). Profit margin: 3.9% (up from 3.7% in 1Q 2020). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Feb 01
New 90-day high: ₦0.56 The company is up 19% from its price of ₦0.47 on 03 November 2020. The Nigerien market is up 30% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 12% over the same period. Reported Earnings • Jan 31
Full year 2020 earnings released: EPS ₦0.062 (vs ₦0.052 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₦739.2m (up 15% from FY 2019). Net income: ₦18.7m (up 9.5% from FY 2019). Profit margin: 2.5% (down from 2.7% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 06
New 90-day low: ₦0.44 The company is down 6.0% from its price of ₦0.47 on 07 August 2020. The Nigerien market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 23% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS ₦0.013 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ₦244.3m (up 42% from 3Q 2019). Net income: ₦4.24m (up 44% from 3Q 2019). Profit margin: 1.7% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 02
New 90-day high: ₦0.51 The company is up 2.0% from its price of ₦0.50 on 03 July 2020. The Nigerien market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is down 2.0% over the same period.