Board Change • Feb 03
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Non Executive Director Joseph Umolu was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 03
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Non Executive Director Joseph Umolu was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 11
Upcoming dividend of ₦0.25 per share Eligible shareholders must have bought the stock before 18 September 2025. Payment date: 26 September 2025. Payout ratio is a comfortable 7.9% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Nigerian dividend payers (4.0%). Lower than average of industry peers (2.3%). Board Change • Sep 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Non Executive Director Joseph Umolu was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 29
First quarter 2026 earnings released: EPS: ₦1.66 (vs ₦1.95 in 1Q 2025) First quarter 2026 results: EPS: ₦1.66 (down from ₦1.95 in 1Q 2025). Revenue: ₦6.82b (down 24% from 1Q 2025). Net income: ₦295.6m (down 15% from 1Q 2025). Profit margin: 4.3% (up from 3.9% 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 71% per year but the company’s share price has increased by 121% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Non Executive Director Joseph Umolu was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦101, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 930% over the past three years. Announcement • Jun 04
Northern Nigeria Flour Mills Plc, Annual General Meeting, Sep 25, 2025 Northern Nigeria Flour Mills Plc, Annual General Meeting, Sep 25, 2025. Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: ₦9.79 (vs ₦8.56 in FY 2024) Full year 2025 results: EPS: ₦9.79 (up from ₦8.56 in FY 2024). Revenue: ₦35.4b (up 36% from FY 2024). Net income: ₦1.75b (up 14% from FY 2024). Profit margin: 4.9% (down from 5.9% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has increased by 136% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₦132, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 1,114% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦90.50, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 978% over the past three years. Board Change • Apr 15
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (10 non-independent directors). Non-Executive Director Auwalu Muktari was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 18
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (10 non-independent directors). Non-Executive Director Auwalu Muktari was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₦73.30, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 9x in the Food industry in Nigeria. Total returns to shareholders of 778% over the past three years. Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₦12.96 (vs ₦3.27 in 3Q 2024) Third quarter 2025 results: EPS: ₦12.96 (up from ₦3.27 in 3Q 2024). Revenue: ₦8.47b (down 2.5% from 3Q 2024). Net income: ₦2.31b (up 296% from 3Q 2024). Profit margin: 27% (up from 6.7% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 89% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦54.45, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 715% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₦40.00, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 9x in the Food industry in Nigeria. Total returns to shareholders of 439% over the past three years. Board Change • Nov 20
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (10 non-independent directors). Non-Executive Director Auwalu Muktari was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Nov 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 7.5% 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 High level of non-cash earnings (29% accrual ratio). Market cap is less than US$10m (₦6.68b market cap, or US$3.96m). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Oct 31
Second quarter 2025 earnings released: EPS: ₦8.16 (vs ₦2.99 in 2Q 2024) Second quarter 2025 results: EPS: ₦8.16 (up from ₦2.99 in 2Q 2024). Revenue: ₦12.1b (up 73% from 2Q 2024). Net income: ₦1.45b (up 173% from 2Q 2024). Profit margin: 12% (up from 7.6% 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 94% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦35.25, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 369% over the past three years. Announcement • Aug 07
Northern Nigeria Flour Mills Plc, Annual General Meeting, Sep 05, 2024 Northern Nigeria Flour Mills Plc, Annual General Meeting, Sep 05, 2024, at 14:00 W. Central Africa Standard Time. Location: the bristol palace hotel, 54/56 guda abdullah road, farm center, kano, Nigeria New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (₦8.61b market cap, or US$5.69m). Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: ₦0.75 (vs ₦0.29 in 3Q 2022) Third quarter 2023 results: EPS: ₦0.75 (up from ₦0.29 in 3Q 2022). Revenue: ₦5.52b (up 65% from 3Q 2022). Net income: ₦134.0m (up 155% from 3Q 2022). Profit margin: 2.4% (up from 1.6% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦53.65, the stock trades at a trailing P/E ratio of 51.7x. Average trailing P/E is 15x in the Food industry in Nigeria. Total returns to shareholders of 561% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₦44.95, the stock trades at a trailing P/E ratio of 43.3x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 696% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₦38.70, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 510% over the past three years. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦21.75, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 206% over the past three years. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₦18.15, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 289% over the past three years. New Risk • Oct 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 8.9% 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 (₦2.72b market cap, or US$3.53m). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₦14.75, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 16x in the Food industry in Nigeria. Total returns to shareholders of 256% over the past three years. Upcoming Dividend • Aug 17
Upcoming dividend of ₦0.35 per share at 2.8% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Nigerian dividend payers (6.6%). Lower than average of industry peers (3.9%). New Risk • Jul 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.43b market cap, or US$3.20m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • Jul 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.35b market cap, or US$3.06m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • Jun 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.0% Last year net profit margin: 1.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.32b market cap, or US$3.07m). Minor Risk Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • Jun 29
Full year 2023 earnings released: EPS: ₦1.53 (vs ₦0.45 in FY 2022) Full year 2023 results: EPS: ₦1.53 (up from ₦0.45 in FY 2022). Revenue: ₦16.2b (up 6.1% from FY 2022). Net income: ₦272.8m (up 238% from FY 2022). Profit margin: 1.7% (up from 0.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to ₦8.90, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 10x in the Food industry in Nigeria. Total returns to shareholders of 126% over the past three years. Reported Earnings • Jan 28
Third quarter 2023 earnings released: EPS: ₦0.75 (vs ₦0.29 in 3Q 2022) Third quarter 2023 results: EPS: ₦0.75 (up from ₦0.29 in 3Q 2022). Revenue: ₦5.52b (up 65% from 3Q 2022). Net income: ₦134.0m (up 155% from 3Q 2022). Profit margin: 2.4% (up from 1.6% 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 13% per year whereas the company’s share price has increased by 16% per year. Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 11 non-independent directors. Acting MD & Director Boye Olusanya was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Oct 25
Second quarter 2023 earnings released: EPS: ₦0.16 (vs ₦0.51 in 2Q 2022) Second quarter 2023 results: EPS: ₦0.16 (down from ₦0.51 in 2Q 2022). Revenue: ₦3.85b (down 14% from 2Q 2022). Net income: ₦28.1m (down 69% from 2Q 2022). Profit margin: 0.7% (down from 2.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of ₦0.25 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Nigerien dividend payers (8.0%). Lower than average of industry peers (5.2%). Reported Earnings • Jul 27
First quarter 2023 earnings released: EPS: ₦0.95 (vs ₦0.48 in 1Q 2022) First quarter 2023 results: EPS: ₦0.95 (up from ₦0.48 in 1Q 2022). Revenue: ₦4.39b (up 9.6% from 1Q 2022). Net income: ₦168.6m (up 94% from 1Q 2022). Profit margin: 3.8% (up from 2.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 33% share price gain to ₦12.00, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 17x in the Food industry in Nigeria. Total returns to shareholders of 195% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 10 non-independent directors. Director Jack Cwach was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₦9.00, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 121% over the past three years. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 21% share price gain to ₦10.85, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 167% over the past three years. Reported Earnings • Feb 01
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₦0.29 (up from ₦0.53 loss in 3Q 2021). Revenue: ₦3.35b (up 59% from 3Q 2021). Net income: ₦52.6m (up ₦147.7m from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 21% share price gain to ₦7.90, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 12x in the Food industry in Nigeria. Total returns to shareholders of 112% over the past three years. Reported Earnings • Oct 22
Second quarter 2022 earnings released: EPS ₦0.51 (vs ₦0.44 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₦4.45b (up 82% from 2Q 2021). Net income: ₦90.9m (up 17% from 2Q 2021). Profit margin: 2.0% (down from 3.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 18
Inaugural dividend of ₦0.15 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 10 September 2021. The company last paid an ordinary dividend in August 2020. The average dividend yield among industry peers is 4.9%. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 20% share price gain to ₦7.35, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 9x in the Food industry in Nigeria. Total returns to shareholders of 17% over the past three years. Reported Earnings • Jul 06
Full year 2021 earnings released: EPS ₦0.39 (vs ₦0.36 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₦8.67b (down 2.0% from FY 2020). Net income: ₦69.9m (up 8.2% from FY 2020). Profit margin: 0.8% (up from 0.7% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₦4.90, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 13x in the Food industry in Nigeria. Total loss to shareholders of 26% over the past three years. Is New 90 Day High Low • Mar 09
New 90-day low: ₦5.70 The company is down 17% from its price of ₦6.88 on 09 December 2020. The Nigerien market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₦5.70, the stock is trading at a trailing P/E ratio of 3.1x, down from the previous P/E ratio of 3.8x. This compares to an average P/E of 11x in the Food industry in Nigeria. Total return to shareholders over the past three years is a loss of 1.0%. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₦7.85, the stock is trading at a trailing P/E ratio of 4.2x, down from the previous P/E ratio of 5.2x. This compares to an average P/E of 11x in the Food industry in Nigeria. Total returns to shareholders over the past three years are 42%. Reported Earnings • Feb 01
Third quarter 2021 earnings released: ₦0.53 loss per share (vs ₦0.33 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ₦2.11b (down 17% from 3Q 2020). Net loss: ₦95.1m (loss widened 61% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 19
New 90-day high: ₦8.10 The company is up 74% from its price of ₦4.65 on 21 October 2020. The Nigerien market is up 37% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 30% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 20% share price gain to ₦8.10, the stock is trading at a trailing P/E ratio of 4x, up from the previous P/E ratio of 3.3x. This compares to an average P/E of 14x in the Food industry in Nigeria. Total returns to shareholders over the past three years are 47%. Valuation Update With 7 Day Price Move • Dec 02
Market pulls back on stock over the past week After last week's 19% share price decline to ₦6.25, the stock is trading at a trailing P/E ratio of 3.1x, down from the previous P/E ratio of 3.8x. This compares to an average P/E of 13x in the Food industry in Nigeria. Total returns to shareholders over the past three years are 12%. Reported Earnings • Nov 04
Second quarter 2021 earnings released: EPS ₦0.44 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₦2.44b (up 81% from 2Q 2020). Net income: ₦77.8m (up ₦241.9m from 2Q 2020). Profit margin: 3.2% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 30
Market bids up stock over the past week After last week's 21% share price gain to ₦5.06, the stock is trading at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.1x. This compares to an average P/E of 11x in the Food industry in Nigeria. Total return to shareholders over the past three years is a loss of 9.4%. Is New 90 Day High Low • Oct 30
New 90-day high: ₦5.06 The company is up 18% from its price of ₦4.30 on 29 July 2020. The Nigerien market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₦4.85 The company is up 13% from its price of ₦4.30 on 09 July 2020. The Nigerien market is up 18% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Food industry, which is also up 13% over the same period.