Dangote Cement Plc, Africa’s leading cement manufacturer, has announced a remarkable profit after tax of N455.58 billion for the financial year ended December 2023, marking a significant 19.7% increase compared to the previous year.
Despite facing challenges such as rising interest expenses and foreign exchange losses, the company’s profits soared owing to substantial revenue growth. Key highlights of the financial report include:
Revenue surged to N2.208 trillion from N1.618 trillion in 2022, reflecting a remarkable 36.44% year-on-year increase.
Gross profit reached N1.202 trillion, up by 25.79% from N955.433 billion in 2022.
Operating profit rose to N734.267 billion, marking a 25.33% increase from N585.876 billion in 2022.
Profit after tax climbed to N455.583 billion, showcasing a notable 19.17% year-on-year growth.
Earnings per share (EPS) stood at N26.47k per 50k share, up by 18.86% from N22.27k in 2022.
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The company declared a dividend of N30 per share, a significant increase from N20 per share paid out last year.
Dangote Cement’s outstanding shares are reported to be 16.7 billion.
The exceptional performance of Dangote Cement continues to be driven by its Nigerian operations, which contribute approximately 59% of the group’s revenue, as indicated in the financial statements.
In recognition of its impressive performance, the company announced a dividend of N30 per share, reinforcing its commitment to rewarding shareholders. This marks the fifth consecutive year of dividend payments by Dangote Cement.
Furthermore, the company’s share price has experienced a remarkable rally in the current year, posting a staggering 115% year-to-date gain, reflecting investor confidence in the company’s growth trajectory and financial strength.