- Dangote Cement Grows Profit, Sterling Bank Earnings Rise
Dangote Cement Plc has reported a rise in its profit before tax to N155.6bn for the half-year of 2017 compared to N124.9bn recorded in the corresponding period of 2016.
Its gross revenue stood at N412.7bn compared to N292.2bn reported in June 2016.
In its report filed with the Nigerian Stock Exchange, it recorded a 12.6 percent increase in sales volume across Africa.
Revenues from operations in Nigeria increased by 34.5 per cent to N291.4bn while its revenue from African countries increased by 63.7 per cent to N124.4bn from N76bn mainly as a result of increased volumes and foreign exchange gains when converting the sales from country local currency into naira, the cement producer said in a statement on Sunday.
Commenting on the half-year results, Dangote Cement’s Chief Executive Officer, Onne van der Weijde, expressed satisfaction that the company’s revenues had continued to grow despite low sales from the Nigerian operations, noting that the revenues grew on the strength of sales from other African operations.
Meanwhile, Sterling Bank Plc has reported gross earnings of N57bn for the half-year ended June 30, 2017, representing a growth of 14 per cent over the corresponding period of 2016.
The bank, in a statement, said its net interest income increased by 5.4 per cent to N27bn against N25.6bn in the corresponding period of 2016.
“Operating expenses declined by 1.6 per cent to N25.7bn as against N26.1bn in 2016, Overall, the bank’s profit before tax was N4.3bn, while profit after tax was N3.8bn,” the bank explained.
Commenting on the results, the Managing Director/Chief Executive of the bank, Yemi Adeola, was quoted to have said, “We continued to deliver strong top line earnings with a 14 per cent growth in gross earnings arising from a 20 per cent increase in interest income.”
“In a bid to re-affirm the bank’s commitment to building efficient operations, it recorded a 110 basis point improvement in cost-to-income ratio as a result of the reduction in operating expenses.”
He said while net interest margin and asset quality improved by 80 basis points and 250 basis points respectively, the bank’s capital adequacy and liquidity ratios remained strong and above the regulatory benchmark, at 12 per cent and 35 per cent, respectively.