The reported disclosed revenue of N244.2bn up by 34% higher than 2016Full Year recorded, but slightly below consensus NGN245.9bn
In the same vein, the company recorded EBITDA of N62.18bn up by 41% higher compared with 2016 Full Year, and well-above consensus N58.5bn.
Still on impressive record, the finance charges for year dropped by 27.6% to close on N15.1bn
The Profit After Tax stood at N33.7bn, up by 326% higher to 2016Full Year, and above consensus NGN29.9bn
Compared to analyst estimates, revenue and EBITDA trailed by 4% and 7% respectively while PAT beat by 9%
The most interested topic to shareholders is the dividend which showed final dividend of N27.5 was declared, equating to N42.5 for the year as against analyst estimate of N38.2 and 3% yield on last closing price
For Q4-17, though revenue was higher by 12.4% y/y, it declined 7% q/q, suggesting possible lower sales volume. Compared to analyst estimate, sales revenue was down 14%
Opex grew 17% y/y and 11% q/q. The reported 21% ratio to sales is consistent with analyst estimate, and is greater than the 20% reported in Q4-16 and 9M-17 average of 17.7%
EBIT margin of 21% was lower 309 bps y/y and 447 bps q/q
The surprising declines in finance income (-102% y/y and 104% q/q) and finance charges (120% y/y and 97% q/q) are noteworthy. Net forex loss in Q4 was NGN20 million – the lowest recorded during the year
While PBT fell 23% y/y (+23% q/q), PAT grew 44% y/y (67% q/q) on significantly lower effective tax rate of 13% as against 54% in Q4-16 and 36% in Q3-17.