Dangote Cement Plc reported a revenue of N3.58 trillion for the financial year ending December 31, 2024, marking a 62% increase from N2.21 trillion in 2023.
This growth was primarily driven by strong performance in Nigeria, which contributed N2.19 trillion, while Pan-African operations added N1.48 trillion.
The company’s cost of sales rose by 63.5% to N1.65 trillion from N1.01 trillion in the previous year, resulting in a gross profit of N1.93 trillion, a 61% increase from N1.2 trillion in 2023.
Administrative expenses increased by 74% to N220.54 billion, and selling and distribution expenses grew by 69.5% to N618.66 billion.
Consequently, profit from operating activities rose by 57% to N1.15 trillion from N734.27 billion in 2023.
However, finance costs surged by 125% to N700.3 billion from N310.96 billion, primarily due to increased interest expenses and foreign exchange losses.
Despite these challenges, profit before tax stood at N732.54 billion, a 32% increase from N553.1 billion in the previous year.
After accounting for tax expenses, profit after tax grew by 10.5% to N503.25 billion from N455.58 billion.
The company’s 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.
Earnings per share for the group increased to N29.74 from N26.47 in the previous year.
In line with its dividend policy, the Board of Directors has recommended a dividend of N30.00 per share for the 2024 financial year, maintaining the same level as in 2023.
This decision aligns with the company’s strategic growth objectives and reinforces investor confidence.
