Dangote Cement Posts N65.55 Billion Profit After Tax in Q2 2020
Dangote Cement Plc, Nigeria’s most capitalised listed company, on Friday reported a strong second quarter (Q2) earnings despite the ongoing economic headwinds.
In the unaudited financial statement released through the Nigerian Stock Exchange, the cement manufacturing company grew revenue from N227.573 billion filed in the same period of 2019 to N227.670 billion in the second half of 2020.
The production cost of sales rose from N93.69 billion achieved in Q2 2019 to N98.095 billion in Q2 2020. While the company’s gross profit declined slightly from N133.879 billion in the corresponding period of 2019 to N129.575 billion in Q2 2020.
Dangote cement reported an increase in administrative expenses from N11.75 billion in Q2 2019 to N13.214 billion in Q2 2020. Profit from operating activities fell slightly from N82.144 billion in Q2 2019 to N81.700 billion in Q2 2020.
Profit before tax slid marginally from N76.528 billion achieved in Q2 2019 to N74.794 billion Q2 2020.
However, because income tax paid by Dangote Cement Plc in the second quarter declined from N17.542 billion in Q2 2019 to N9.243 billion in Q2 2020. The company was able to record positive better profit after tax of N65.551 billion, up from N58.986 billion reported in the corresponding quarter of 2019.
Total assets expanded to N1.805 trillion in the quarter under review from N1.741 trillion in the same quarter of 2019.
Similarly, total liability increased from N843,414 billion in Q2 2019 to N1.066 trillion in Q2 2020.
Total equity, however, decreased from N897.937 billion in Q2 2019 to N739.367 billion in Q2 2020.
Earnings per share also improved from N3.47 in Q2 2019 to N3.85 in Q2 2020.