Dangote Cement records N186bn annual profit

Dangote Cement Plc has recorded an increase of N186bn in its profit after tax for the 2018 financial year, the Punch reports.

The financial statement for the year ended December 31, 2018, which was made available to the Nigerian Stock Exchange on Wednesday, showed that the company’s profit after tax increased from N204bn in 2017 to N390bn in 2018.

According to the newspaper, the firm received a tax credit of N89.5bn, compared to the N85.3bn tax expense in 2017.

The company said it exported 800,000 metric tonnes of cement to West African countries in the year under review.

According to the audited results, it sold a total of 23.54 MT of cement across Africa, indicating an increase of 7.4 per cent over the 21.92 MT sold in 2017.

The firm said the increase in the sales volume was attributable to higher building activities as the economy recovered from recession.

It said the sales volume in Nigeria was quite significant, given the turbulent market situation as the election period approached, which usually saw people hedge in the construction industry during such periods.

The Group Chief Executive Officer, Dangote Cement, Joe Makoju, said, “This is a record financial performance by Dangote Cement, driven by a strong increase in our home market, Nigeria, despite heavy rains and uncertainties about the election.

“Although pan-African volumes were unchanged in 2018, I am confident that we will see an increase in 2019, driven by higher volumes in Tanzania, Ethiopia, Congo and Sierra Leone. Now that we have gas turbines operating in Tanzania, we will also see increased profitability in the pan-African region and this will help to improve overall Group margins.”

The company recorded total revenue of N901.21bn across Africa, with its Nigerian operations recording N618.30bn, representing an increase of 11.9 per cent over the N552.36bn that was recorded in 2017.

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