Dangote Cement Plc has reported a revenue of N3.58tn for the financial year ended December 31, 2024, representing a 62 per cent increase from N2.21tn recorded in 2023.
The company’s financial statement, released to the Nigerian Exchange Limited recently, showed that the cost of sales rose by 63.5 per cent to N1.65tn from N1.01tn in the previous year.
Gross profit stood at N1.93tn, marking a 61 per cent increase from N1.2tn in 2023.
In the period under review, the administrative expenses increased by 74 per cent to N220.54bn from N126.53bn, while selling and distribution expenses rose by 69.5 per cent to N618.66bn from N365.1bn. Other income surged by 129 per cent to N57.07bn from N24.95bn.
Profit from operating activities grew by 57 per cent to N1.15tn from N734.27bn in 2023.
However, finance costs rose by 125 per cent to N700.3bn from N310.96bn. Finance income increased by 515 per cent to N168.57bn from N27.4bn.
The company also recorded a N109.4bn net monetary gain, compared to N101.16bn in 2023.
Profit before tax stood at N732.54bn, representing a 32 per cent increase from N553.1bn in the previous year.
Tax expenses rose by 135 per cent to N229.29bn from N97.52bn. Profit after tax grew by 10.5 per cent to N503.25bn from N455.58bn.
Revenue from Nigerian operations was N2.19tn, while Pan-African operations contributed N1.48tn. Eliminations and central administrative costs led to a reduction of N93.53bn. Profit after tax from Nigerian operations stood at N1.18tn, while Pan-African operations recorded a loss of N24.37bn.
Sales volume increased to 27.71 million tonnes from 27.28 million tonnes in 2023, while production volume rose to 26.95 million tonnes from 26.68 million tonnes.
The company disclosed that it secured a $675m loan from Afreximbank with a 24-month grace period and a 60-month total maturity period. The loan, secured by an all-assets debenture, attracts interest at the Secured Overnight Financing Rate plus a 6.5 per cent margin.
Total assets stood at N6.4tn, while total liabilities were N4.23tn. Net additions to non-current assets, excluding deferred tax, amounted to N1.97tn.
Earnings per share for the group increased to N29.74 from N26.47, while for the standalone entity, it rose to N61.32 from N29.15.
The PUNCH reported that the Chairman and Chief Executive Officer of Dangote Industries Ltd., Aliko Dangote, on Saturday unveiled a $400m plan to restart a second production line at Ethiopia’s Mugher cement plant, a move expected to double the facility’s annual output to 5 million tonnes.(Punch)
