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Story behind the figures

How CAP PLC defied macro-headwinds to deliver outstanding FY 2025 performance

How CAP PLC defied macro-headwinds to deliver outstanding FY 2025 performance

Behind every balance sheet lies a deeper corporate narrative. In a fiscal year characterized by severe macroeconomic volatility, inflationary pressures, and weakened consumer purchasing power across Nigeria, Chemical and Allied Products (CAP) Plc has proved its mettle. The company’s full-year audited financial results for the period ended December 31, 2025, show a resilient performance that ...

Story behind the figures

Airtel Africa FY’26: A landmark year of digital transformation and record growth

Story behind the figures

Amid ₦1trn revenue, Access maintains silence on final dividend payout

Story behind the figures

Zenith Bank: Strategic decoupling of NPLs, shareholder value fuels growth

Story behind the figures

Beta Glass: Improved efficiency drives 144% profit surge

Cadbury 2025 results: A sweet return to profitability amidst lingering vulnerabilities

Chief Leemon Ikpea: The master of local content

Chief Leemon Ikpea: The master of local content

In the Nigeria’s oil and gas sector, few names command as much respect as Chief Leemon Agbonjague Ikpea. As the Founder and Group Managing Director of Lee Engineering and Construction Company Limited, Chief Ikpea has transitioned from humble beginnings to becoming a cornerstone of Nigeria’s industrial self-reliance. His trajectory is a testament to the Achiever ...

Story behind the figures

From mid-tier to market mover: The rebirth of FCMB Group in 2025

From mid-tier to market mover: The rebirth of FCMB Group in 2025

The 2025 financial year marked a definitive coming-of-age for FCMB Group Plc, as it bridged the gap between a mid-tier contender and a trillion-naira revenue powerhouse. The numbers tell a story of a bank that successfully navigated a high-interest-rate environment by aggressively repricing its core business while insulating against the volatility that plagued non-interest income ...

Story behind the figures

From mid-tier to market mover: The rebirth of FCMB Group in 2025

From mid-tier to market mover: The rebirth of FCMB Group in 2025

The 2025 financial year marked a definitive coming-of-age for FCMB Group Plc, as it bridged the gap between a mid-tier contender and a trillion-naira revenue powerhouse. The numbers tell a story of a bank that successfully navigated a high-interest-rate environment by aggressively repricing its core business while insulating against the volatility that plagued non-interest income ...

Story behind the figures

The great clean-up: Deconstructing First Holdco’s financial rebirth

The great clean-up: Deconstructing First Holdco’s financial rebirth

The 2025 financial year for First Holdco Plc (the parent company of First Bank of Nigeria) will be remembered not for a failure of the business, but for a deliberate, high-stakes demolition of its own balance sheet. While the headline figures initially shocked the market showing a staggering 92% plunge in profit after tax, the ...

Story behind the figures

BUA Cement 9M 2025: Profit jumps 492% on new plant efficiency

BUA Cement 9M 2025: Profit jumps 492% on new plant efficiency

BUA Cement Plc has delivered a stellar performance for the nine months ended September 2025, with profit after tax surging nearly fivefold to N289.86 billion. The results underscore the success of the company’s expansion strategy in Sokoto and Edo States. Revenue growth The company recorded a 47.19 per cent year-on-year increase in revenue, rising to ...

Story behind the figures

Geregu Power’s steady earnings growth masks margin pressure and liquidity strain amid sector bottlenecks

Geregu Power’s steady earnings growth masks margin pressure and liquidity strain amid sector bottlenecks

By Seun Ibiyemi Geregu Power Plc’s nine-month (9M) 2025 performance reflects a power generation company balancing resilient revenue growth with mounting cost pressures and working-capital challenges within Nigeria’s electricity market. While higher capacity utilization and improved grid dispatch lifted topline earnings and sustained profitability, rising gas costs, growing receivables, and tighter liquidity continue to temper ...

Story behind the figures

Oando’s upstream resurgence drives profit rebound as liquidity strains

Oando’s upstream resurgence drives profit rebound as liquidity strains

By Seun Ibiyemi Oando Plc’s performance for the first nine months of 2025 depicts a company at a strategic crossroads, shaped heavily by sweeping changes in the global energy industry and the evolving landscape of Nigeria’s oil and gas sector. While the energy group has delivered a sharp rebound in profitability driven by upstream expansion ...

Story behind the figures

Access Holdings records strong revenue, asset growth in Q3 2025, though rising impairments weigh on profit

Access Holdings records strong revenue, asset growth in Q3 2025, though rising impairments weigh on profit

By Seun Ibiyemi Access Holdings Plc has demonstrated resilience and strategic agility in its third-quarter (Q3) 2025 performance, leveraging an aggressive pan-African expansion strategy to deliver robust top-line growth despite a challenging economic terrain. In results released on October 30, 2025, the Group presented a positive but nuanced picture. While operations across Africa provided significant ...

Story behind the figures

Finance costs skyrocket 300% to ₦1.75trn, pressure NNPC Ltd margins

Finance costs skyrocket 300% to ₦1.75trn, pressure NNPC Ltd margins

By Seun Ibiyemi The Nigerian National Petroleum Company Limited (NNPC Ltd) has delivered a landmark financial performance for the 2024 fiscal year, posting record-breaking revenue and profit figures. The results underscore the impact of higher crude output, sector-wide reforms under the Petroleum Industry Act (PIA), and the strategic emergence of domestic refining capacity, most notably ...

Story behind the figures

H1 2025: First HoldCo balance sheet expands but impairments, FX losses weigh on profits

H1 2025: First HoldCo balance sheet expands but impairments, FX losses weigh on profits

By Seun Ibiyemi First HoldCo Plc delivered a mixed financial performance in the first half of 2025, creating a narrative of two halves, a robust strengthening of fundamentals and asset expansion, countered by significant operating pressures and a sharp decline in bottom-line earnings. As the institution accelerates efforts to exit regulatory forbearance, its H1 2025 ...

Story behind the figures

Fidelity Bank strengthens balance sheet, core operations in H1 2025 despite profit pressure

Fidelity Bank strengthens balance sheet, core operations in H1 2025 despite profit pressure

By Seun Ibiyemi Fidelity Bank Plc’s strategic efforts to expand its business footprint paid off handsomely in the first half of 2025, resulting in solid expansion across core business activities and a strengthened capital base. The interim financial statements for the half year ended June 30, 2025, reveal impressive growth in interest income, customer deposits, ...

Story behind the figures

Q3: UBA robust profit driven by pan-African diversification, strong interest income

Q3: UBA robust profit driven by pan-African diversification, strong interest income

United Bank for Africa (UBA) Plc has demonstrated significant financial strength, reporting a profit after tax (PAT) of N537.53 billion for the third quarter ended September 30, 2025. This figure marks a slight but steady 2.3 per cent increase over the N525.31 billion recorded in the same period of 2024. Although profit before tax (PBT) ...

Story behind the figures

Ecobank Q3 profit jumps 47% to ₦394.6bn, driven by digital and FX gains

Ecobank Q3 profit jumps 47% to ₦394.6bn, driven by digital and FX gains

By Seun Ibiyemi Ecobank Transnational Incorporated (ETI) has reported a strong financial performance for the third quarter ended September 30, 2025, with pre-tax profit rising by a remarkable 47 per cent year-on-year to ₦394.6 billion, up from ₦268.5 billion recorded in Q3 2024. The pan-African banking group also posted a 48 per cent rise in ...

Story behind the figures

Transcorp’s H1 2025 financial performance: Strong growth amid headwinds

Transcorp’s H1 2025 financial performance: Strong growth amid headwinds

By Seun Ibiyemi Transnational Corporation Plc (Transcorp) delivered a robust financial performance in the first half of 2025 (H1 2025), showcasing significant resilience despite ongoing domestic and global economic turbulence. The conglomerate’s strategy of an integrated management structure and cost optimization helped it achieve remarkable top-line growth, primarily fueled by its Power and Hospitality segments. ...

Story behind the figures

Transcorp’s H1 2025 financial performance: Strong growth amid headwinds

Transcorp’s H1 2025 financial performance: Strong growth amid headwinds

By Seun Ibiyemi Transnational Corporation Plc (Transcorp) delivered a robust financial performance in the first half of 2025 (H1 2025), showcasing significant resilience despite ongoing domestic and global economic turbulence. The conglomerate’s strategy of an integrated management structure and cost optimization helped it achieve remarkable top-line growth, primarily fueled by its Power and Hospitality segments. ...

Story behind the figures

UBA delivers resilient H1 2025 results with N388.4bn profit, retained earnings Up 12.9%

UBA delivers resilient H1 2025 results with N388.4bn profit, retained earnings Up 12.9%

By Seun Ibiyemi United Bank for Africa (UBA) Plc has reported a pre-tax profit of N388.4 billion for the half year ended June 30, 2025, representing a 3.28 per cent decline from N401.5 billion recorded in the same period of 2024. Despite the dip, the results were considered resilient, reflecting strong top-line growth in a ...

Story behind the figures

Ecobank navigates headwinds with strong H1 2025 performance

Ecobank navigates headwinds with strong H1 2025 performance

By Seun Ibiyemi Ecobank Transnational Incorporated (ETI) demonstrated remarkable resilience in the first half of 2025, delivering a strong performance despite a challenging macroeconomic environment. The bank's diversified business strategy and a focus on operational efficiency drove significant growth in profitability and revenue across its 35-country footprint. Financial highlights and performance drivers ETI's H1 2025 ...

Story behind the figures

Dangote Cement delivers 174% profit surge in H1 2025 amid liquidity strains, investor pessimism

Dangote Cement delivers 174% profit surge in H1 2025 amid liquidity strains, investor pessimism

By Seun Ibiyemi Dangote Cement Plc has reported a strong profit surge in the first half of 2025, showcasing operational discipline and cost efficiency, even as concerns mount over liquidity pressures and investor confidence. Revenue and Profitability The company’s revenue climbed by 17.70 per cent year-on-year to N2.07 trillion, a performance largely driven by strategic ...

Story behind the figures

PZ Cussons Nigeria turnaround: N212.6bn revenue, N16.6bn pre-tax profit herald a promising recovery

PZ Cussons Nigeria turnaround: N212.6bn revenue, N16.6bn pre-tax profit herald a promising recovery

PZ Cussons Nigeria Plc has recorded a striking recovery in its full-year results for the period ended 31 May 2025, marking a decisive return to profitability after one of its most difficult financial years. The multinational consumer goods company, best known for its household and personal care products, posted figures that signal renewed resilience, improved ...

Story behind the figures

Nestle Nigeria Plc: Hampered by huge finance costs

Nestle Nigeria Plc: Hampered by huge finance costs

Introduction A thorough analysis of Nestle’s current financial report shows that the 2023 financial year was not a good one for the company. While it made good sales (as evidenced by the higher turnover figure), growing finance costs completely overshadowed the company’ profit. To this end, it was unable to turn a profit, recording a ...

Story behind the figures

FCMB Plc: Improved profitability parameters

Introduction FCMB Plc mostly recorded an improvement over the preceding year’s results in terms of turnover and profit, and this improvement carried over to its profit. As a result, the bank recorded better profitability ratios than that of the prior year. Profit margin, return on assets, return on equity, and other important profitability parameters improved. ...

Story behind the figures

NASCON Allied Industries Plc: A leap forward

NASCON Allied Industries Plc: A leap forward

Introduction Our analysis of NASCON Allied Industries Plc’s current financial report shows that it had a good year in 2023. It was able to step up the level of its business activities as shown by a growing turnover base. It was also able to increase profit during the course of the year. Profitability ratios for ...

Story behind the figures

Zenith Bank Plc: A profitable outing

Zenith Bank Plc: A profitable outing

Introduction Our analysis of Zenith Bank’s 2023 recent annual report shows that the year was quite a profitable one for the bank. Not only did the bank record a commendable growth in its turnover, it was also able to maintain such momentum to its profit. As a direct fallout, the bank’s profitability ratios (such as ...

Story behind the figures

Honeywell Flour Mills Plc: A tough year

Honeywell Flour Mills Plc: A tough year

By Folakemi Emem-Akpan Introduction Honeywell Flour Mills Plc went the way of most other Nigerian companies in 2023, recording lower turnover. It went one step further and recorded downright end of the year losses. Because of the losses, the company did not have good profitability ratios and seems to be floundering. All in all, it ...

Story behind the figures

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