Dangote Cement’s profit drop in Q1, 2016

For the first-quarter ended 31 March, 2016, Nigeria’s Dangote Cement recorded a 22.3% decline in net profit to NGN 54.4 billion (€243.17 million/US$273.16 million) from NGN 70.2 billion in the year-ago quarter.
May 3, 2016 Read time: 1 min

For the first-quarter ended 31 March, 2016, Nigeria’s 7635 Dangote Cement recorded a 22.3% decline in net profit to NGN 54.4 billion (€243.17 million/US$273.16 million) from NGN 70.2 billion in the year-ago quarter.

The decline was attributed to increased cost of sales, which stood at NGN 62.5 billion in the quarter in review from NGN 39.9 billion in the year-ago quarter.

Company gross earnings for the quarter in review stood at NGN 140.5 billion, up 22.5% from NGN 114.7 billion in the year-ago quarter.

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Dangote turnover grew 15.94% in first half of 2015

Nigeria-based Dangote Cement saw its turnover expand by 15.94% year-on-year to NGN 242.22billion (€1.11 billion/US$1.22 billion) in the first half of 2015.

During the same six-month period, the cement maker also reported a 21.65% surge in after-tax profit to register a NGN 121.81 billion value.

The company attributes its healthy half-year results to its recently implemented expansion plan which saw Dangote Cement commission plants in South Africa and Senegal.

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