Dangote Cement Reports N553.10bn Profit In 2023

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Dangote Cement Plc has announced to the investing public that its profit before tax increased to N553.10 billion in the financial year ended December 31, 2023, representing an increase of nearly six per cent from the N524 billion reported in the 2022 financial year.

The cement manufacturing company also declared N445.58 billion profit after tax, a growth of N382.31 billion in 2022.

From the loss and profit figures, Dangote Cement announced N2.21 trillion in revenue, a significant increase of 36.44 per cent from N1.62 trillion reported in 2022.

The management of Dangote Cement proposed a dividend of N30 per ordinary share in 2023 from N20.00 per share, translating into a 4.37 per cent dividend yield in the year under review from a 7.66 per cent dividend yield in 2022.

Hitherto, Dangote Cement announced a 29 per cent increase in revenue to N1. 51 trillion in nine months of 2023, Dangote Cement reported N404. 89 billion profit before tax, representing an increase of 20.5 per cent from N335. 9 billion reported in nine months of 2022.

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The Cement maker reported an N277.55 billion profit in nine months of 2023, an increase of 30.2 per cent from N213.10 billion reported in nine months of 2022.

Dangote Cement’s net exchange loss on foreign-denominated transactions, hike in production cost of sales, finance cost and selling and distribution expenses impacted negatively on the company’s PBT as the combined four indicators hit N1.16tillion in nine months of 2023 from N873.67 billion in nine months of 2022.

Speaking on the results, Chief Executive Officer, of Dangote Cement, Mr. Arvind Pathak, in a statement said, “This positive nine-months of 2023 result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment. We achieved double-digit growth in Group revenue at N1.51trillion, while EBITDA rose to an all-time high of N662.8billion, up 28.5 per cent.”

“Again, we continue to show strength in the diversity of our operations. Our pan-African operations generated a record revenue and EBITDA growth of 103.9 per cent and 255.4 per cent, respectively, contributing 41.9 per cent to Group volumes.

“This unprecedented growth was driven by sustained demand across our countries of operation. We will continue to explore emerging opportunities and export strategies around the region to further consolidate the Group’s performance, Pathak added.

Pathak concluded, “Looking ahead, we are at the final stage in completing our 1.5Mta grinding plant in Cote d’Ivoire, having commissioned our 0.45Mta Takoradi plant in the first half of the year. We are focused on improving our value proposition, anchored on our promise to deliver strong and superior cement to our unwavering customers. I am very pleased with the direction of our business and confident we will finish the year strong.”

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