Dangote Cement Grows Revenue by 25.21% in Q2

• Dangote Cement Grows Revenue by 25.21% in Q2

The largest cement manufacturing company in Africa, Dangote Cement Plc, grew revenue by 25.21 percent in the second quarter of the year.

The audited report released through the Nigerian Stock Exchange showed revenue rose to N227.573 billion, up from the N170.197 billion recorded in the same quarter of 2018. Representing 25.21 percent growth rate.

Dangote realised another revenue of N70.126 billion from other African nations during the quarter to take the group total revenue to N240.323 billion.

Gross profit grew 8.68 percent from N122.254 billion in the second quarter of 2018 to N133.879 billion in the second quarter of 2019.

Profit before tax declined by 30.14 percent to N76.528 billion in the second half of the year, down from N109.570 filed in the same period of 2018.

The drop in profit was as a result of the surged in production cost, selling and distribution expenses and administrative expenses.

Profit realised stood at N58.986 billion in the second quarter of 2019, down from N71.955 billion achieved in the same period of 2018.

Production volume declined by 6.2 percent year on year to 3.6 MT in Nigeria, while production was unchanged at 2.3MT across operating nations in Africa.

Earnings per share rose by 44 percent to N3.46 from N2.41 paid in Q2, 2018. Largely due to a 71 percent decline in net finance cost and 51 decline in tax provision for the period.