Cement Manufacturers on NGX Pays N115.782 Billion Income Tax in H1 2022

Cement manufacturing companies listed on the Nigerian Exchange Limited (NGX) paid N115.782 billion in income tax in the first half (H1) of 2022.

Their unaudited financial statements obtained by Investors King revealed.

Dangote Cement Plc, Nigeria’s most capitalised company and the largest cement manufacturing company in sub-Saharan Africa, paid N92.786 billion in income tax in H1 2022, up from N89.624 billion paid in the same period of 2021.

The company reported a 10.2% decline in profit after tax to N172.104 billion, down from N185.692 billion reported in the corresponding period of 2021. Dangote Cement realised N808.037 billion in revenue during the period.

BUA Cement Plc, Nigeria’s second-largest cement manufacturer, remitted N13.527 billion in income and deferred taxes to the Federal Inland Revenue Service in the first 6 months of the year.

The cement manufacturing company generated N188.562 billion in revenue and reported a 41.40% increase in profit after tax to N61.364 billion.

Lafarge Africa, another key player in the cement industry, reported revenue of N186.587 billion in the first half of the year. The company then paid N9.468 billion in income tax before declaring a profit after tax of N37.410 billion for the period under review.

Therefore, the firms paid (Dangote Cement – N92.786 billion; BUA Cement – N13.527 billion and Lafarge Africa remitted N9.468 billion) a combined N115.782 billion in income tax to the federal government in H1 2022.

Together, the three cement manufacturing companies realised N1.183 trillion in combined revenue and reported a total profit after tax of N172.202 billion.