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Dangote Cement Breaks Record with N1tn Earnings in 9 Months

Aliko Dangote

Dangote Cement’s Nigerian businesses produced approximately N1 trillion in sales during the first nine months of this year.

This information is published in the unaudited interim financial statements issued to the Nigerian Exchange Limited for the nine months ended September 2023.

The data shows a 4.76% increase from N890.65 billion in the same period in 2022 to N933 billion in 2023.

The feat follows the firm becoming the most valuable in Nigeria by market capitalization at the conclusion of the first half of 2023, surpassing MTN and Airtel Africa.

Dangote Cement earned N588.24 billion from its Pan-African activities within the same time period, representing a significant 103.89% increase over the N288.51 billion earned in 2022.

As projected, Dangote Cement’s Nigerian operations earnings increased dramatically to N856.45 billion by September 2023, up from N336.25 billion in 2022.

However, its Pan-African activities suffered a loss of N54.35 billion, compared to the N127.67 billion loss reported in 2022.

The cement firm, which operates in several African nations, reported a significant growth in iGroup’s sales for the fiscal year ended September 2023.

The revenue surged by 28.63% to reach N1.51tn, compared to N1.18tn in September 2022.

During this time, the group incurred a finance cost of N20.67 billion, reported a loss on foreign-denominated transactions of N99.02 billion, and incurred an income tax charge of N127.34 billion.

As a result, the group’s profit for the period in question was N277.55 billion, a significant 30.24% increase over the N213.10 billion achieved in 2022.

Dangote Cement’s revenue in the third quarter was N563.77 billion, a significant rise from the N369.22 billion reported in Q3 2022. Profit during the third quarter of 2023 increased by 141% to N98.95 billion from N40.99 billion.

Furthermore, earnings per share increased by a significant 29.6% to N16.08.

Speaking on the results, Chief Executive Officer, Arvind Pathak, said:

This positive nine-month result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment.

Pathak stated that the company is currently in the last stages of completing their 1.5Mta grinding facility in Cote d’Ivoire, and that their 0.45Mta Takoradi mill was successfully opened in the first part of the year.

He also underscored the company’s commitment to improving its value proposition, with a major focus on providing high-quality cement to its loyal client base.


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