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Dangote Cement Hits Record Quarterly Revenue Amid Surge in Cement Prices

Dangote Cement achieves record quarterly revenue, driven by a surge in cement prices reaching up to N12,000.

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Dangote Cement Hits Record Quarterly Revenue Amid Surge in Cement Prices
Dangote Cement

Dangote Cement achieves record quarterly revenue, driven by a surge in cement prices reaching up to N12,000.

Despite challenges like increased production costs and a weaker naira, the company saw a 26.1% output expansion in Nigeria and a significant rise in exports to Cameroon and Ghana.

Dangote Cement, Africa’s largest cement manufacturer, has achieved its highest-ever quarterly revenue in the year ending March, driven by a nearly doubled price of cement.

VerseNews gathered that with retail prices soaring to between N10,000 and N12,000 in February from N5,000 to N6,000 in January, the company’s turnover reached N817.4 billion, buoyed by a 26.1% output expansion in Nigeria and increased exports to Cameroon and Ghana.

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CEO Arvind Pathak stated, “Despite elevated cost pressures…our first-quarter results reflect our commitment to navigating challenges effectively.”

He highlighted a surge in Nigerian exports by 87.2%, emphasizing intensified efforts on exports.

However, increased production costs and a 551.4% surge in net exchange loss due to a weaker naira significantly impacted gross profit, with operating profit affected by rising selling and distribution expenses, particularly in haulage, which more than doubled.

Although profit before tax rose by 13.3% to N166.4 billion and profit after tax slightly improved by 2.9% to N112.7 billion, cost pressures led to a decline in the net profit margin to 13.8%.

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Despite challenges, Dangote Cement recorded an extraordinary income of N410.4 billion from translating net gains from pan-African investments into naira, resulting in a total comprehensive income of N523 billion for the period, over five times higher than the previous year’s first quarter.

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