Dangote Cement posts improved 1H net profit

Dangote Cement reports a revenue of NGN1.76tn (US$1.09bn) for the six months ended 30 June 2024, growing from NGN950.8bn in the same period in 2023, up 85 per cent YoY. Earnings per share reached NGN11.26, representing an eight per cent increase YoY. 

EBITDA for the period was NGN666.2bn, a 50.3 per cent increase from the NGN443.2bn reported the year previous. Net profits were posted at NGN189.9bn during the period, marking a six per cent growth from the NGN178.6bn for the corresponding period in 2023. However, Dangote Cement has recorded a NGN68.5bn loss from entities outside of Nigeria. The group has been hit by a high interest environment, raises in power costs and raw materials. 

The company’s production volume has reached 13.79Mt, representing a four per cent improvement from the 13.24Mt production volume of 1H23.