Dangote Cement Grows Profit After Tax by 91.1% in 2018

Prime Real Estate Development At Eko Atlantic CityCement trucks, operated by Dangote Cement Plc, deliver supplies to the construction site for the Eko Atlantic city project, developed by Eko Atlantic, near Victoria island in Lagos, Nigeria, on Friday, Feb. 12, 2016. Eko Atlantic city is an area of land reclaimed from the Atlantic ocean being developed into 10 million square meters of real estate. Photographer: George Osodi/Bloomberg
  • Dangote Cement Grows Profit After Tax by 91.1% in 2018

Dangote Cement announced total revenue of N901,213 billion for the 2018 financial year. This, was 11.9 per cent higher than the N805,582 billion generated in the previous year.

Profit before tax rose 3.9 per cent to N300,806 billion in the year under review, up from N289,590 billion recorded a year ago.

The company reported an impressive profit after tax of N390,325 billion, a 91.1 per cent increase when compared with the N204,248 recorded in 2017.

Earnings per share rose by 96 per cent to N22.83 from N11.56 in 2017.

Net assets to date stood at N986,613 billion in 2018, up 26.3 per cent from N781,360 billion in 2017.

Sales grew by 7 per cent in the year under review to N215.9 billion, largely driven by the surge in volume growth to 3.4 million metric tonnes in Nigeria.

On a yearly basis, sales in Nigeria expanded by 11 per cent to 14.2 million metric tonnes and was the largest driver of the 7 per cent sales growth.

While the profit before tax came in below experts’ prediction of N313.2 billion, the profit after tax surprisingly beat experts’ projection of N228.0 billion. Therefore, this should set positive momentum for Dangote Cement in the near-term.

Shares of Dangote Cement traded at N192.50 during Wednesday’s trading session.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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