Dangote Cement Reports Net Profit Of N178.603bn

Dangote Cement Plc has reported a profit after tax of N178.603 billion in its half year financial results for the period ended June 30, 2023.

The company’s second-quarter results showing net profit of N178.603 billion as against N172.104 billion in 2022. However, the Group pre-tax profits fell 14 per cent to N239.863 billion as against N264.890 billion same period last year. Meanwhile, net profit

Revenue rose to N950.832 billion from N N808.037 billion in H1, 2022. Cost of sales stood at N383.088 billion as against N322.461 billion in 2022, while gross profit amounted to N567.744 billion compared to N485.576 billion in 2022.

The chairman of Dangote Cement, Aliko Dangote at the stated that “the prospect for our business remains bright as we continue to innovate new ways to deliver quality products to millions of our customers across Africa, while touching the lives of our communities.”

He noted that “our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient.

“In addition, we aim to deliver higher returns and value to our shareholders. We remain focused on demonstrating our clear commitment to transparency around environmental impacts and strategies for action while taking coordinated steps on climate change issues.”

Dangote emphasized that “we are committed to building an inclusive and sustainable business for all stakeholders across the value chain. Our continued focus on operational efficiencies and innovation will enable us navigate the challenges of the African macro context and achieve sustained growth and profitability.”