Dangote Cement Reports N455.6 Billion Profit

Dangote Cement Plc, Nigeria’s leading cement manufacturer, has announced a remarkable financial performance for the year ended December 31, 2023, showcasing substantial growth in profitability and revenue.

The company reported a profit after tax of N455.58 billion in its annual financial report, marking a significant 19.7% increase from the previous year.

The company’s financial results indicate a robust year of operations, with full-year group revenue reaching N2.208 trillion, up 36% from N1.618 trillion recorded in 2022.

This impressive revenue growth underscores Dangote Cement’s strong market presence and operational efficiency amidst challenging economic conditions.

Net profit for the group also saw a notable increase, rising by 19% to N456 billion, compared to N382 billion in the preceding year. Earnings per share followed suit, climbing 19% to N26.47 from N22.27 in 2022.

The company attributed these gains to a combination of strategic initiatives to optimise production and expand market reach.

Further financial highlights include a profit before tax (PBT) of N553.1 billion for 2023, up from N524 billion in 2022, demonstrating the company’s successful cost management and operational strategies.

Additionally, profit for the year experienced a significant boost, reaching N455.58 billion, an increase from the previous year’s N382.3 billion.

In recognition of its stellar performance, Dangote Cement announced a dividend payout of N30 per share, subject to withholding tax and shareholder approval.

This marks an increase from the N20 per share distributed last year, reflecting the company’s commitment to delivering value to its shareholders.

The company’s stock performance has also been noteworthy, closing at N686.70 per share on February 29, representing a year-to-date increase of 114.7%.

However, the report also highlighted an increase in total unclaimed dividends, which rose to N4.7 billion as of December 31, 2023, from N4.4 billion the previous year.