External broker reports(aggregated public sources), CardinalStone

CardinalStone

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing.

Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Equity Bottom-Up

<ul><li>Aradel Holdings Plc (NGX: ARADEL) reported strong H1'25 earnings, with net income rising by 50.8% YoY to $94.5 million, supported by higher crude and refined product volumes as well as a $46.0 million uplift in profit from associates (ND Western and Renaissance Africa Energy Company).</li><li>The gross margin contracted as cost of sales surged by 63.1% YoY to $132.2 million, driven by higher output, pipeline-related costs, and a steep rise in royalties (+103.5% YoY), including a Q1'25 accrual tied to 2024 from differing interpretations of the royalty computation methodology.</li><li>Nonetheless, associate income and lower tax charges underpinned bottom -line resilience, lifting PAT margin to 39.8%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aradel Holdings Plc (NGX: ARADEL) reported strong H1'25 earnings, with net income rising by 50.8% YoY to $94.5 million, supported by higher crude and refined product volumes as well as a $46.0 million uplift in profit from associates (ND Western and Renaissance Africa Energy Company).The gross margin contracted as cost of sales surged by 63.1% YoY to $132.2 million, driven by higher output, pipeline-related costs, and a steep rise in royalties (+103.5% YoY), including a Q1'25 accrual tied to 2024 from differing interpretations of the royalty computation methodology.Nonetheless, associate income and lower tax charges underpinned bottom -line resilience, lifting PAT margin to 39.8%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aradel Holdings Plc - Early Fruits from New Strategic Acquisitions