Dangote Cement records N955bn profit, higher by 14.6%

Dangote Cement Plc has recorded N955.4 billion as aggregate gross profit for the 12 months of 2022, rising by 14.6 per cent from N842.6 billion a year before.

In a statement it filed to the Nigerian Exchange on Monday, the building materials giant said its revenue grew by approximately 17.4 per cent to N1.62 trillion from N1.38trn in the period before. But profit before tax fell marginally by 2.6 per cent to N524bn from N538bn a year earlier. The decline in profit before tax was due mainly due to an increase of over 100 per cent in finance cost, which rose to N130.4bn from just N65.7bn.

These changes led to a profit after tax of N382.3bn, an increase of 4.8 per cent from N364.7bn in 2021.

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The company proposed a final dividend of N20 per share, payable to shareholders whose names appear on the books of the company on n March 30, 2023, the company said in a separate statement filed to the NGX. The books of the company will be closed on March 31, 2023, the statement said. The dividend is payable on April 14, 2023. The company reported earnings per share of N22.27 naira.

With a dividend of N20, this gives a dividend pay-out ratio of 89.8 per cent. The company’s share price closed on Monday at N272, giving a price-earnings ratio of 12.21 times.