Copy of Heirs Insurance Profit Hits ₦9.5 Billion As Premiums Surge 89%; Applied Materials Beats Q3 Estimates As AI Chip Demand Fuels Growth; eTranzact revenue rises 22.6% On The Quarter And 150% Year

The latest earnings reports are highlighting both strong growth and fresh pressure across major businesses. Heirs Insurance saw premiums surge despite a decline in profit, Applied Materials is benefiting from relentless AI chip demand, while eTranzact posted double-digit revenue growth. Meanwhile, Klarna is cutting its outlook as weaker consumer spending weighs on its business. Here’s what the latest numbers are saying about the companies shaping the market. All this and more in today’s Read It And Eat!

Markets as of  20th of August 2026.. Cells in RED mean that the value is down, cells in Green mean the value is up.

MAJOR HEADLINES

• Heirs Insurance Profit Hits N9.53 Billion As Premiums Surge 89% 

Heirs Insurance Group (HIG) has reported a combined profit before tax (PBT) of ₦9.53 billion for the financial year ended December 31, 2025, representing a 14.9% decline from the ₦11.2 billion recorded in 2024.

The decline in profitability came despite a significant expansion in the Group’s insurance business, with combined gross written premium (GWP) rising sharply by 88.5% year-on-year to ₦115 billion from ₦61 billion in 2024. Nairametrics

• Applied Materials Beats Q3 Estimates As AI Chip Demand Fuels Growth

Applied Materials forecast fourth-quarter revenue above Wall Street expectations on Thursday, betting that unabated demand for advanced AI chips will continue to fuel robust spending on its ​semiconductor manufacturing equipment.

Even so, its shares dropped more than 5% in extended trading ​as lofty investor expectations overshadowed the results. The stock has more than ⁠doubled this year. Reuters

• eTranzact revenue rises 22.6% to N16.3 billion in H1 2026

eTranzact International Plc grew revenue by 22.6% to ₦16.28 billion in the first half of 2026, as the payments company expanded its operations during the period.

The growth came as eTranzact continued to invest in its agent banking and POS network, while navigating changes in Nigeria’s payments landscape. Year on Year, eTranzact grew 150% Nairametrics

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Minor Headlines

• Walmart issued a Q2 beat-and-raise on e-commerce growth and tariff refunds but shares tumbled 9% as sales growth slowed to a six-year low CNBC

• Alibaba posted a 75% drop in Q2 profits due to higher AI spending, though cloud revenue rose 45% CNBC

• Target issued a Q2 beat-and-raise as its turnaround picked up steam with a boost from tariff repayments and better sales trends CNBC

• TJX issued a Q2 beat-and-raise as budget-conscious shoppers flock to its discount stores, though operational missteps hurt sales last quarter Reuters

• Chams Profit Climbs As Cards And Biometrics Revenue Hits ₦7.7 Billion Nairametrics

• The Home Depot beat Q2 earnings and revenue estimates and reaffirmed its FY guidance amid 'frozen housing market conditions' CNBC

• Coty Beats Revenue But Warns Of Weak Profit As Beauty Giant Enters “Transition Year” BOF

• ZIM Revenue Rises 9% As Profit Jumps 170% On Strong Shipping Demand ZIM

• Deere Beats Earnings As Construction Strength Offsets Weak Farm Equipment Demand Reuters

• Yancoal Profit Jumps 42% As Record Coal Output Drives Stronger Earnings Yahoo Finance