GBOLABO AFUWAPE
African cement manufacturing giant Dangote Cement has announced its closed period on Monday.
The company in a statement signed by Mahmud Kazaure, Company Secretary said that it shall enter into its closed trading period from Monday, 11 February, 2019 and it will last till one (1) day (i.e. 24 hours) after the audited financial results for the year ended December 31, 2018 is released to the public.
The close period is the time period between the completion of a listed company’s financial results and the announcing of these results to the public.
The company also announced that its board of directors will meet on Monday 25 February, 2019 to appraise the 2018 full year financial statement for the year ended 31 December, 2018.
It will be recalled that Dangote cement had last week announced the resignation of Olusegun Olusanya, an independent Non-Executive Director.
In its 2018 third quarter financial report, revenue for the company increased from N603 billion in 2017 to N685 billion. This represents a 13.54 percent increase year on year.
Profit Before Tax (PBT) increased from N220 billion in 2017 to N247 billion. This represents a 12.35 percent increase year on year.
Profit after tax (PAT) also increased from 154 billion in 2017 to 158 billion. This represents a 2.70 percent increase year on year.
The earnings per share (EPS) also increased from N9.04 in 2017 to N9.29 in 2018. This represents a 2.70 percent increase year on year.
DANGOTE CEMENT STOCK PERFORMANCE
The stock of Dangote cement, though it has grown by 11.24 percent from around N168.90 to about N189 so far in 2019, it had sustained a bearish trend in the last one year having dropped by 30.39 percent from N271.01 recorded a year ago to N189 recorded as at close of Monday’s trading session.
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