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Dangote Cement reports N455.6bn profit

A profit after tax of N455.58 billion for the financial year ended December 2023 has been reported by Dangote Cement Plc. This represents a 19.7%…

A profit after tax of N455.58 billion for the financial year ended December 2023 has been reported by Dangote Cement Plc.

This represents a 19.7% increase year-on-year.

The largest cement maker announced this in its annual report and financial statements for the full year (FY) ended December 31, 2023.

It reported full-year group revenue of N2.208trillion (2022: N1.618trillion), representing an increase by 36 percent.

The group’s net profit increased by 19 percent to N456 billion (2022: N382 billion).

Its earnings per share increased by 19 percent to N26.47 (2022: N22.27).

The company’s profit before tax (PBT) increased to N553.1 billion in 2023, from N524 billion in 2022, while profit for the year rose to N455.58 billion from 2022 low of N382.3 billion.

The company announced an N30 per share dividend based on its impressive performance compared to the N20 per share paid last year.

This is subject to the appropriate withholding tax and approval.

The N686.70 per share which the stock closed on February 29 represents 114.7 percent increase year-to-date (YtD).

As of December 31, 2023, the company’s total unclaimed dividends outstanding increased to N4.7billion (2022: N4.4billion).

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