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.

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TotalEnergies Marketing Nigeria / Equity Bottom-Up

TotalEnergies Marketing Nigeria (TOTAL NL)

<ul><li>Total Energies Marketing Nigeria Plc (NGX: TOTAL, TP: UR*) reported a net loss of N120.0 million in its Q1’25 unaudited financial statement, driven by a 17.9% YoY decline in topline and a 216.3% YoY surge in net finance costs to N5.8 billion.</li><li>The decline in revenue stemmed from weaker demand across its key product segments.</li><li>Specifically, sales from white products — Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Aviation Turbine Kerosene (ATK) — fell by 28.9% YoY to N155.5 billion.</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>

Total Energies Marketing Nigeria Plc (NGX: TOTAL, TP: UR*) reported a net loss of N120.0 million in its Q1’25 unaudited financial statement, driven by a 17.9% YoY decline in topline and a 216.3% YoY surge in net finance costs to N5.8 billion.The decline in revenue stemmed from weaker demand across its key product segments.Specifically, sales from white products — Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Aviation Turbine Kerosene (ATK) — fell by 28.9% YoY to N155.5 billion.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.

Total Energies Marketing Nigeria Plc - Weaker Revenue and Higher OPEX Drives Net Loss in Q125