Dangote Cement Paid Over N40 Billion in Income Tax in Q1 2021

Dangote Cement Plc, Nigeria’s most capitalised listed company, paid a total of N40.391 billion in income tax in the first quarter (Q1) of 2021.

This was higher than the N27.465 billion paid in the first quarter of 2020.

In the company’s unaudited financial statements, profit before tax grew to N130.101 billion while profit after tax moderated to N89.710 billion after income tax deduction.

Dangote Cement lost N9.520 billion to foreign exchange differential, the amount was due to conversion of net investments in foreign operations to severally devalue Naira in Q1 2021.

Therefore, Dangote Cement’s total comprehensive income for the first quarter dropped from N89.710 billion to N80.190 billion.

The manufacturer’s total assets rose to N2.121 trillion in the quarter under review. Total liabilities grew from N1.131 trillion in Q1 2020 to N1.150 billion in Q1 2021.