Dangote Cement reports N455.6 billion profit despite incurring N164 billion in FX Losses.

Dangote Cement Plc reported a profit after tax of N455.58 billion for the financial year ended December 2023, representing a 19.7% increase year-on-year. 

The year-on-year growth in profits, despite growth in interest expenses and foreign exchange losses, was largely due to substantial revenue. 

Key highlights 

  • Revenue: N2.208 trillion from N1.618 trillion in 2022, +36.44% YoY 
  • Gross profit: N1.202 trillion from N955.433 billion in 2022, +25.79% YoY 
  • Operating profit: N734.267 billion from N585.876 billion in 2022, +25.33% YoY  
  • Profit after tax: N455.583 billion from N382.311 billion in 2022, +19.17% YoY. 
  • EPS: N26.47k per 50k share from N22.27k in 2022, +18.86% YoY  
  • Dividend: Announced N30 per share versus N20 per share (N
  • Outstanding Shares: 16.7 billion shares 

The group’s impressive performance continues to be driven by its Nigerian operations as reflected in the notes to the statements. The segment still accounts for about 59% of the group revenue. 

The company announced an N30 per share dividend based on its impressive performance compared to the N20 per share paid last year. Dangote Cement has consistently been paying dividends for the past five years. 

The share price has seen an impressive rally this year, gaining 115% YtD 

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