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

Dangote Sugar Refinery / Equity Bottom-Up

<ul><li>Dangote Sugar Refinery (NGX: DANGSUGAR, TP: UR) reported a net loss of N24.27 billion in its unaudited H1'25 earnings, mainly driven by high finance costs during the period.</li><li>Revenue rose by 45.5% YoY, driven by increased sales across its key product segment. Sales of 50kg sugar rose by 46.7% YoY, retail sugar and molasses grew by 16.6% YoY and 28.4% YoY, respectively.</li><li>Cost of sales increased by 36.4%, with the cost-to-sales ratio declining to 88.0% (from 93.9% in H1'24), leading to a 5.9% increase in gross margin to 12.0%. </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>

Dangote Sugar Refinery (NGX: DANGSUGAR, TP: UR) reported a net loss of N24.27 billion in its unaudited H1'25 earnings, mainly driven by high finance costs during the period.Revenue rose by 45.5% YoY, driven by increased sales across its key product segment. Sales of 50kg sugar rose by 46.7% YoY, retail sugar and molasses grew by 16.6% YoY and 28.4% YoY, respectively.Cost of sales increased by 36.4%, with the cost-to-sales ratio declining to 88.0% (from 93.9% in H1'24), leading to a 5.9% increase in gross margin to 12.0%. 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.

Dangote Sugar Refinery Plc - Strong Revenue and Cost Control Fuel Profit Turnaround