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Dangote Cement declares N121.8bn half-year profit

By on August 1, 2015

Dangote Cement Plc achieved a profit after tax of N121.808 in the six-month period ended June 30,2015, the company’s condensed consolidated statement of profit or loss and other comprehensive income for the period showed.

The figure was 21.65 per cent higher than the N95.440bn PAT the cement giant announced for the same period of 2014.

The statements, which were filed with the Nigerian Stock Exchange on Thursday, showed that Dangote Cement also achieved a 20.23 per cent growth in profit before tax. Its PBT grew from N107.070bn to N128.726bn in the period under review.

This followed a 15.94 per cent rise in revenue, with the company realising N242.215bn revenue as against N208.909bn in the first half of 2014.

The growth in profit was achieved despite increases in administrative expenses, selling and distribution expenses and finance costs.

The results showed that administrative expenses rose to N13.618bn in the six months to June 30, 2015 from N7.295bn in the corresponding period a year ago, while selling and distribution expenses jumped to N23.385bn from N18.030bn.

Finance costs soared from N8.146bn to N24.381bn, while cost of sales rose to N84.501bn from N73.537bn.

Dangote Cement had grown its revenue to N114.7bn from N103bn in the first quarter of 2015 on the back of its expansion programme, which saw it commence operations in some African countries.

Its net profit for the quarter had also risen by 44.1 per cent to N68.6bn from N47.62bn in the first quarter of 2014.

The company had at its Annual General Meeting in April received the approval of its shareholders to pay N102bn as dividend for the 2014 financial year.

The Board of Directors had proposed the dividend, which translated into N6 per share after the company grew its revenue from N386bn in 2013 to N392bn in 2014.

The Chairman, Dangote Cement, Alhaji Aliko Dangote, had explained that, “As a result of the sizeable investment that we have made over the past few years, Dangote Cement ended the year (2014) with new lines in Nigeria, factories becoming operational in Senegal and South Africa.”

Earlier in the year, the company had said that its new plants in Senegal and Cameroun had commenced operations with plants in Ethiopia and Zambia following.

 

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