Dangote Cement Plc has reported a profit after tax of N455.58 billion for the financial year ending December 2023, marking a significant 19.7% increase year-on-year.
The leading cement manufacturer disclosed this information in its annual report and financial statements for the full year ended December 31, 2023.
The company revealed a substantial growth in full-year group revenue, amounting to N2.208 trillion compared to N1.618 trillion in the previous year, representing an impressive 36% increase.
Moreover, the group’s net profit surged by 19% to N456 billion from N382 billion in 2022. Similarly, earnings per share rose by 19% to N26.47, up from N22.27 in the previous year.
Dangote Cement also experienced a notable improvement in profit before tax (PBT), which rose to N553.1 billion in 2023 from N524 billion in 2022. Meanwhile, profit for the year increased to N455.58 billion from the 2022 figure of N382.3 billion.
In light of its outstanding performance, the company announced a dividend of N30 per share, a significant increase from the N20 per share paid in the previous year. However, this dividend payout is subject to appropriate withholding tax and approval.
As of December 31, 2023, Dangote Cement’s total unclaimed dividends outstanding rose to N4.7 billion, compared to N4.4 billion in 2022.
Furthermore, the company’s stock closed at N686.70 per share on February 29, reflecting a remarkable 114.7% year-to-date increase.
