Dangote Cement Posts Marginal Increase in 9-Month Pre-Tax Profit
Lagos, Nigeria – October 26, 2024 – Dangote Cement Plc has announced a marginal increase in its pre-tax profit for the first nine months of 2024, rising to N406.38 billion.
According to the company’s unaudited financial statement, revenue surged by 69.5% to N2.56 trillion during the period, up from N1.51 trillion in the corresponding period of 2023.
However, the company’s production costs increased significantly, rising by 91% to N1.23 trillion, while finance costs more than doubled, jumping 137% to N451.21 billion.
Key highlights of the results include:
- Revenue: N2.56 trillion, up 70%
- Production cost: N1.23 trillion, up 91%
- Gross profit: N1.32 trillion, up 52%
- Operating profit: N750.5 billion, up 34%
- Profit Before Tax: N406.38 billion, up 0.36%
- Profit After Tax: N279.09 billion, up 0.56%
The company’s material costs rose by 76% to N299.83 billion, while energy costs increased by 109%. Staff salaries and related costs also doubled to N98.87 billion.
Despite the revenue growth, sales volume only increased marginally by 1.92% to 20.67 million tonnes.
Analysts attribute the modest profit growth to high production and finance costs, as well as foreign exchange losses.
