2022 3rd quarter results: It’s another earning season for the third quarter of the calendar year. Check this page for a summary of the results of some of the largest and most significant companies in Nigeria.
October 28th, 2022
FBN Holdings Plc has reported a profit for the year to date to the tune of N91 billion, a 123% high compared to the amount in the same period of 2021.
In spite of the presence of inflation during the period, the report shows that the group improved its interest income massively by 42.3% to stand at N370 billion from N260 billion in the previous year. This was majorly driven by an increase in investment securities as well as loans and advances to customers during the period.
Similarly, the interest expenses also grew from N97 billion to N121 billion during the period as a result of deposits from customers and deposits from banks while the net interest income stood at N250 billion.
Fees and commission income were up to a value of N111 billion from N103 billion as the bank saw an increase in items such as letters of credit commissions and fees, account maintenance, custodian fees, and others.
Also, fee and commission expense was up to reach N20 billion in the first 9 months of the year from N17 billion in the same period last year, leaving the net fee and commission income at N91 billion. Notably, Fee and commission expense primarily relates to charges raised by switching platforms on holders of First Bank Limited ATM cards, who make use of the other banks’ machines while transacting business, and SMS alert-related expenses.
Fidelity Bank grows earnings by 38.73% to N241.894 billion on loan growth
Fidelity Bank Plc’s gross earnings for the third quarter ended September 30. 2022 grew by 38.73% y-o-y to N241.894 billion from N174.354 billion reflecting the increase in loans and advances and supported by the higher interest rate environment.
This was on the back of a high inflation environment and currency devaluation which the economy continues to battle.
Nigeria’s inflation rate hit a new 17-year high of 20.77% in September 2022. Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.
Interest and similar income using the effective interest rate method grew by 49.49% y-o-y benefitting from strong loan growth and a higher yield environment to N198.306 billion from N132.655 billion in 2021.
Interest income from loans and advances grew by 46.32% to N163.209 billion in 2022 from N111.540 billion in 2021. The income from loans and advances had an 82% contribution to the interest income for the period.
Fee and commission income grew to N25.042 billion in the third quarter of 2022 from N21.762 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
BUA Cement grows revenue by 40.5% to N262.6 billion on cement sales
BUA Cement Plc has announced its unaudited financial statements for the period ended September 30th, 2022, reporting revenue of N262.6 billion, a 40.5% increase year on year compared to N186.9 billion in Q3 2021.
The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services including Cement products which is the company’s main revenue.
The unaudited results which were released to the Nigerian Exchange Group (NGX) at the end of nine months ended September 30 indicated that operating profit increased by 31.1% to N99.2 billion from N75.7 billion as at 9M’2021 while Profit before Tax increased by 19.5% to N88.8 billion from N74.3 billion as at 9M’2021.
A Cursory view of the results showed that the company’s revenue was driven by a significant rise in revenue from sales of cement which delivered N262.6 billion.
Earnings per Share (EPS) was up 12.3% to 219 kobo from 195 Kobo as of 9M’2021.
Flour Mills boost Half-year revenue from Food, Agro Allied segments
Flour Mills of Nigeria Plc, has announced its half-year unaudited results for the period ended 30 September 2022 revealing a 38% increase in revenue to N720.576 billion from N522.821 billion in 2021.
The result was amid an inflationary year that saw the price of goods and services increase significantly. In addition to the increasing prices, the Russia-Ukraine war set off a chain reaction in the global economy, causing a spike in essential commodities such as wheat. Despite these, the company witnessed an increase in revenue, underlying the importance of food as a necessity.
The audited results which were released to the Nigerian Exchange Group (NGX) indicated that the cost of sales increased 39% to N651.789 billion versus the prior period of 2021 which stood at N468.406 billion.
The revenue was enhanced on the back of the food and agro-allied segment of the group despite inflationary pressure and slim in the household wallets.
According to the financial statement, the miller said at the H1’23 Analyst / Investor Call that the food segment contributed 61.84% growth of the revenue to N445.671 billion from N337.452 billion in 2021 while the Agro-allied segment followed by 21.35 of the revenue with N153.901 billion from N101.060 billion in 2021.
Profit after tax dropped by 46% to N5.700 billion in 2022 from N10.528 billion in 2021.
October 27th, 2022
Zenith Bank Plc has released its interim consolidated and separate financial statement for the period ending September 2022.
The report shows that the bank raised its profit in the third quarter of the year by 8.55% to record N174.331 billion from N160.594 billion in the third quarter of last year.
The bank reported a 19.66% growth in gross earnings to N620.574 billion from N518.574 billion in 2021.
During the period, the bank increased interest and similar income by 26.52% to stand at N390.755 billion against N308.844 billion in the same period of 2021 as investment securities in treasury bills, bonds and others rose.
The interest and similar expenses were valued at N107.848 billion in the third quarter of 2022 from N74.098 billion in the third quarter of 2021 representing a growth of 45.54, while net interest income rose by 20.51% from N234.746 billion to N282.907 billion in 2022.
Net fee and commission income grew to N100.057 billion in the third quarter of 2022 from N78.296 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
Nigerian Breweries grows profit by 80%, declares N3.288 billion interim dividend for shareholders
The Board of Directors also announced unaudited and provisional results for the third quarter (nine months) that ended 30th September 2022 with an 80.1% growth in profit after tax to N14.755 billion from N8.691 billion in 2021. Revenue grew by 27.2% to N393.449 billion from N309.281 billion in 2021.
The cost of sales rose by 20.22% from N198.745 billion in 2021 to N238.919 billion in 2022. Basic Earnings Per Share (kobo) stood at 182 kobo in 2022 from 107 kobo in 2021, a growth of 80%
The Board also announced the approval of an interim dividend of N3.288 billion interim dividend for its shareholders.
The dividend represents 40 kobo per ordinary share of 50 kobo in the share capital of the Company.
The brewer in a statement obtained from the NGX said the interim dividend will become payable on Thursday, 1 st December 2022 to all shareholders registered in the books of the Company at the close of business on Wednesday, 23rd November 2022.
Wema Bank grows earnings to N95.354 billion on loan growth
Wema Bank’s gross earnings for the third quarter ended September 30. 2022 grew by 51.17% y-o-y to N95.354 billion from N63.077 billion reflecting the increase in loans and advances and supported by the higher interest rate environment.
This was on the back of a high inflation environment and currency devaluation which the economy continues to battle.
Nigeria’s inflation rate hit a new 17-year high of 20.77% in September 2022. Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.
Interest income grew by +55.14% y-o-y benefitting from strong loan growth and a higher yield environment to N79.973 billion from N51.550 billion in 2021.
Interest income from loans and advances grew by 40.23% to N62.245 billion in 2022 from N44.387 billion in 2021. The income from loans and advances had a 77.83% contribution to the interest income for the period.
Airtel Africa increases half-year revenue by 12.9% to $2,565
Airtel Africa Plc released its half-year financial report for the period ending 30th September 2022. The report shows that revenue growth in reported currency was 12.9% at $2,565, as 16.9% constant currency revenue growth was partially offset by currency devaluation. Meanwhile, in Q2, constant currency revenue growth accelerated to 18.5% driven by ARPU growth of 8.9%.
According to the company’s report, revenue growth in the half was impacted again by the effect of some voice customers being barred in Nigeria and the loss of tower-sharing revenues following the recent sales of towers in Tanzania, Madagascar, and Malawi. It stated that growth for the half would have been around 20.4% in constant currency terms if the challenges were not present.
For mobile services and mobile money services combined, total revenue grew in Nigeria by 19.7%, East Africa by 16.2%, and Francophone Africa by 13.0% over the period.
The company also saw a strong constant currency revenue growth posted across all reporting segments: mobile services revenue for the Group was up by 15.6% driven by Nigeria (19.7%), East Africa (12.4%), and Francophone Africa (12.1%). Similarly, voice revenues continued to see double-digit revenue growth of 12.0%, whilst data revenues grew 22.1%. Revenue in mobile money also grew by 29.5% in constant currency, driven by 31.5% growth in East Africa and 23.6% growth in Francophone Africa.
Seplat Energy grows Q3 PBT by 90.3% to N77.5 billion, paying a Q3 dividend of $2.5 cents per share
Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2022, recording a rise in profit before tax by 90.3% to N77.5 billion from N38.6 billion year-on-year.
The company also generated cash from its operations to the tune of N154 billion from N64.9 billion year-on-year, rising by 124.7%.
The energy company also grew its revenue by 34.4% to N258.7 billion from N182.7 billion year-on-year; as its gross profit soars to N118.5 billion from N58.1 billion year-on-year, rising by 93.5%.
Seplat Energy is paying a Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period).
Union Bank reports N18 billion pretax profit
Union Bank announced its unaudited financial statements for the quarter that ended 30th September 2022, with Profit before tax up by 14% to N18.2 billion from N16.0 billion in 9M 2021.
Gross earnings were up 12.4% to N140.6 billion from N125.2 billion in 9M 2021 driven by higher earning assets.
Net operating income after impairments was up 7.3% to N76.3 billion from N71.2 billion in 9M 2021 driven by higher interest income.
Non-interest income was down 32.7% to N28.3 billion from N42 billion the previous year 2021 due to lower recoveries.
Operating expenses grew by 5.2% to N58.1 billion from N55.2 billion in 9M 2021 an outcome of higher non-discretionary regulatory costs, software expenses, and power costs.
Customer deposits were up 12.7% at N1.53 trillion from N1.36 trillion in Dec 2021.
October 26, 2022
Cadbury Nigeria reports 86% growth in third-quarter profit to N2.816 billion
Cadbury Nigeria Plc has announced its unaudited financial statements for the period ended September 30th, 2022, reporting a profit of N2.816 billion, an 86% increase year on year compared to N1.513 billion in Q3 2021.
The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services.
- Cadbury reported a profit before tax of N4.023 billion in 2022 as against N2.161 billion posted in 2021, representing a growth of 86%.
- The unaudited results, which were released to the Nigerian Exchange (NGX) at the financial year-end indicated that revenue increased 41.57% to N42.540 billion, compared to the prior period of 2021 which stood at N30.047 billion.
- A cursory view of the results showed that the company’s revenue was driven by a significant rise in revenue from its two major product lines. Both segments delivered revenue of N41.541 billion in the nine months period compared to N28.859 billion in the same period last year.
- Further checks showed that both segments contributed 97.65% of the total revenue of N42.540 billion recorded by the company during the quarter under review.
- The company’s cost of sales grew by 39.89% from N24.22 billion in 2021 to N34.164 billion in 2022.
October 25, 2022
GTCO ride on strong third quarter to post N66 billion pre-tax profits
Guaranty Trust Holding Plc has released its unaudited consolidated and separate financial statements for the third quarter period that ended September 30, 2022.
- The report shows that the bank grew its third-quarter pre-tax profit to N66.4 billion up by 12.93% when compared to the corresponding quarter of 2021 where it posted N58.8 billion.
- The company’s profits were boosted by strong revenue growth during the quarter which saw the bank grow net interest income from N55.8 billion to N66.8 billion.
- Income from commissions and fees also rose from N14.9 billion to N18.8 billion during the quarter.
- GTB earnings per share for the quarter rose from N1.78 per share to N1.88 per share.
AIICO rides on higher premium to report N1.3 billion profit in 3rd quarter
AIICO Insurance Plc reported a net premium income of N18.3 billion representing a 32.7% increase when compared to the N13.79 billion reported in the corresponding quarter last year.
- Net claims during the quarter rose from N9.2 billion to N11.1 billion during the quarter.
- Underwriting expenses N13.9 billion (2021 Q3: N16.5 billion)
- Pre-tax profits N1.3 billion compared to N880.7 million losses
- YTD earnings per share of 17 kobo is higher than 9 kobo reported a year earlier.
October 24th
UBA posts all round earnings growth in the third quarter of 2022
United Bank for Africa reported a net interest income of N105 billion representing a 29% increase when compared to the N81.1 billion reported same period last year.
- Income from commission and fees rose to N22.3 billion from N22.1 billion same period last year.
- Trading and forex income – N29.2 billion (2021 Q1: N18.2 billion)
- Operating expenses – N100.7 billion (2021 Q1: N73.1 billion)
- Pre-tax profits – N52.7 billion vs N47.1 billion
- EPS – N1.29 vs N1.25
October 14th
Geregu Power Plant reports a pre-tax profit of N795 million
Nigeria’s largest power-generating company reported a revenue of N5.2 billion in the third quarter of 2022 compared to N13.3 billion same quarter in 2021.
- Operating profit N1.4 billion compared to N1.7 billion operating loss for the corresponding period in 2021.
- Pre-tax profits for the year were N795.5 million compared to N506.6 million same period in 2021.
- EPS 46 kobo vs 10 kobo
United Capital post N3.8 billion pre-tax profits in the third quarter
United Capital Plc reported gross earnings of N5.4 billion for the quarter compared to N4.4 billion reported in the same period last year.
- Operating Expenses – N5.4 billion (2022 Q3: N1.1 billion loss)
- Pre-tax profits – N3.8 billion (2022 Q3: N3.3 billion loss)
- EPS +219 (-N188 loss)
Zenith Bank Plc has released its interim consolidated and separate financial statement for the period ending September 2022.
The report shows that the bank raised its profit in the third quarter of the year by 8.55% to record N174.331 billion from N160.594 billion in the third quarter of last year.
The bank reported a 19.66% growth in gross earnings to N620.574 billion from N518.574 billion in 2021.
During the period, the bank increased interest and similar income by 26.52% to stand at N390.755 billion against N308.844 billion in the same period of 2021 as investment securities in treasury bills, bonds and others rose.
The interest and similar expenses were valued at N107.848 billion in the third quarter of 2022 from N74.098 billion in the third quarter of 2021 representing a growth of 45.54, while net interest income rose by 20.51% from N234.746 billion to N282.907 billion in 2022.
Net fee and commission income grew to N100.057 billion in third quarter of 2022 from N78.296 billion in 2021 on the back of rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
Nigerian Breweries grows profit by 80%, declares N3.288 billion interim dividend for shareholders
The Board of Directors also announced unaudited and provisional results for the third quarter (nine months) ended 30th September 2022 with 80.1% growth in profit after tax to N14.755 billion from N8.691 billion in 2021. Revenue grew by 27.2% to N393.449 billion from N309.281 billion in 2021.
Cost of sales rose by 20.22% from N198.745 billion in 2021 to N238.919 billion in 2022. Basic Earnings Per Share (kobo) stood at 182 kobo in 2022 from 107 kobo in 2021, a growth of 80%
The Board also announced the approval of an interim dividend of N3.288 billion interim dividend for its shareholders.
The dividend represents 40 kobo per ordinary share of 50 kobo in the share capital of the Company.
The brewer in a statement obtained from the NGX said the interim dividend will become payable on Thursday, 1 st December, 2022 to all shareholders registered in the books of the Company at the close of business on Wednesday, 23rd November, 2022.
Wema Bank grows earnings to N95.354 billion on loan growth
Wema Bank gross earnings for the third quarter ended September 30. 2022 grew by 51.17% y-o-y to N95.354 billion from N63.077 billion reflecting the increase in loans and advances and supported by the higher interest rate environment.
This was on the back of high inflation environment and currency devaluation which the economy continues to battle.
Nigeria’s inflation rate had hit a new 17-year high of 20.77% in September 2022. Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.
Interest income grew by +55.14% y-o-y benefitting from strong loan growth and higher yield environment to N79.973 billion from N51.550 billion in 2021.
Interest income from loans and advances grew by 40.23% to N62.245 billion in 2022 from N44.387 billion in 2021. The income from loans and advances had an 77.83% contribution to the interest income for the period.
Airtel Africa increases half-year revenue by 12.9% to $2,565
Airtel Africa Plc released it half-year financial report for the period ended 30th September 2022. The report shows that revenue growth in reported currency was 12.9% at $2,565, as 16.9% constant currency revenue growth was partially offset by currency devaluation. Meanwhile, in Q2, constant currency revenue growth accelerated to 18.5% driven by ARPU growth of 8.9%.
According to the company’s report, revenue growth in the half was impacted again by the effect of some voice customers being barred in Nigeria and the loss of tower-sharing revenues following the recent sales of towers in Tanzania, Madagascar, and Malawi. It stated that growth for the half would have been around 20.4% in constant currency terms if the challenges were not present.
For mobile services and mobile money services combined, total revenue grew in Nigeria by 19.7%, East Africa by 16.2%, and Francophone Africa by 13.0% over the period.
The company also saw a strong constant currency revenue growth posted across all reporting segments: mobile services revenue for the Group was up by 15.6% driven by Nigeria (19.7%), East Africa (12.4%), and Francophone Africa (12.1%). Similarly, voice revenues continued to see double-digit revenue growth of 12.0%, whilst data revenues grew 22.1%. Revenue in mobile money also grew by 29.5% in constant currency, driven by 31.5% growth in East Africa and 23.6% growth in Francophone Africa.
Seplat Energy grows Q3 PBT by 90.3% to N77.5 billion, paying Q3 dividend of $2.5 cents per share
Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2022, recording a rise in profit before tax by 90.3% to N77.5 billion from N38.6 billion year-on-year.
The company also generated cash from its operations to the tune of N154 billion from N64.9 billion year-on-year, rising by 124.7%.
The energy company also grew its revenue by 34.4% to N258.7 billion from N182.7 billion year-on-year; as its gross profit soars to N118.5 billion from N58.1 billion year-on-year, rising by 93.5%.
Seplat Energy is paying a Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the period).
Union Bank reports N18 billion pretax profit
Union Bank announced its unaudited financial statements for the quarter ended 30th September 2022, with Profit before tax up by 14% to N18.2 billion from N16.0 billion in 9M 2021.
Gross earnings was up 12.4% to N140.6 billion from N125.2 billion in 9M 2021 driven by higher earning assets.
Net operating income after impairments was up 7.3% to N76.3 billion from N71.2 billion in 9M 2021 driven by higher interest income.
Non-interest income was down 32.7% to N28.3 billion from N42 billion the previous year 2021 due to lower recoveries.
Operating expenses grew by 5.2% to N58.1 billion from N55.2 billion in 9M 2021 an outcome of higher non-discretionary regulatory costs, software expenses, and power costs.
Customer deposits were up 12.7% at N1.53 trillion from N1.36 trillion in Dec 2021.