BREAKING: Dangote Cement announces N553.10bn profit, shareholders get N30 dividend

Dangote Cement Plc has announced its profit before tax increased to N553.10billion in financial year ended December 31, 2023, representing an increase of nearly six per cent from the N524 billion reported in 2022 financial year.

The cement manufacturing company also declared N445.58 billion profit after tax, a growth of N382.31 billion in 2022.

From the loss and profit figures, Dangote Cement announced N2.21 trillion revenue, a significant increase of 36.44 per cent from N1.62 trillion reported in 2022.

The management of Dangote Cement proposed a dividend of N30 per ordinary share in 2023 from N20.00 per share, translating into 4.37per cent dividend yield in the year under review from 7.66 per cent dividend yield in 2022.

The company had announced 29 per cent increase in revenue to N1. 51trillion in nine months of 2023, Dangote Cement reported N404. 89 billion profit before tax, representing an increase of 20.5 per cent from N335. 9billion reported in nine months of 2022.

The Cement maker reported N277.55billion profit in nine months of 2023, an increase of 30.2 per cent from N213.10 billion reported in nine months of 2022.

Speaking on the results, Chief Executive Officer, Dangote Cement, Mr. Arvind Pathak, in a statement said, “this positive nine-months of 2023 result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment. We achieved double-digit growth in Group revenue at N1.51trillion, while EBITDA rose to an all-time high of N662.8billion, up 28.5 per cent.”

“Again, we continue to show the strength in the diversity of our operations. Our pan-African operations generated a record revenue and EBITDA growth of 103.9 per cent and 255.4 per cent, respectively, contributing 41.9 per cent to Group volumes.

“This unprecedented growth was driven by sustained demand across our countries of operation. We will continue to explore emerging opportunities and export strategies around the region to further consolidate the Group performance, Pathak added.

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