Dangote Cement Posts N455.6 Billion Profit Despite N164 Billion Fx Loses

Sub-saharan Africa’s biggest cement company, Dangote Cement Plc, said that it posted an amazing performance for the year ended December 31, 2023, as the profit and the revenue surged impressively.  

Profit after tax in the annual report of the company stood at N455.58 billion, which represents appreciable growth of 19.7% over the preceding year.

Summarily, the company’s financial results for the year reflect strong operations with full-year group revenues at N2.208 trillion, up 36% on N1.618 trillion in 2022.

Impressive revenue growth reflects Dangote Cement’s leader in the market, and their operational efficiency is obvious in economies under such severe stresses.

Overall, net profit at the group level also posted strong growth for the year and increased by 19% when comparing against last year to settle at N456 billion versus N382 billion.

The earnings per share moved along, increasing to up to 19% at N26.47 compared to N22.27 in 2022.

The increases, according to the company, came via cost efficiencies managed in the area of production and efforts that have been made towards the broadening of its market range.

Other financial highlights are profit before tax (PBT) in 2023 of N553.1 billion versus N524 billion posted in 2022 as an indication of the very strong and successful management of costs and operational strategies from the company.

On another account, profit for the year was tremendously improved at N455.58 billion vis-à-vis the previous year’s N382.3 billion. 

The company declared a dividend of N30 per share to be taxed at source when approved by shareholders, in recognition of its great performance.

This is higher compared to the N20 per share that the firm gave in the preceding year, signaling its commitment to giving good returns to its shareholders.

The performance of the stock was equally outstanding, closing the trading for February 29 at N686.70 per share with a year-to-date growth of 114.7% At the same time, the report noted an increase in total unclaimed dividends, which had grown to N4.7 billion as of December 31, 2023, up from N4.4 billion the previous year…[CONTINUE READING HERE]>>