Dangote Cement Rakes N805b as Revenue, N204b Profit in 2017

**Declares N10.50k per share dividend

By Dipo Olowookere

One of the leading cement makers in the country, Dangote Cement, generated the sum of N805.6 billion as revenue in 2017, Business Post is reporting.

This information was made known in the company’s financial statements for the year ended December 31, 2017, released today on the Nigerian Stock Exchange (NSE).

In the firm’s earnings, it was disclosed that the amount made last year surpassed what was realized two years ago when Nigeria slipped into recession, N615.1 billion.

Business Post gathered from the financial statements that the revenue was buoyed by activities from Dangote Cement’s operations in Nigeria.

The company’s operations in Nigeria, its biggest market in Africa, contributed N552.4 billion to the total revenue generated last year, an increase from the N426.1 billion it raked two years ago.

However, the volume of cement sold in Nigeria in 2017 depreciated by 7 percent to 12.7 million tonnes from 15.1 million tonnes in 2016.

During the year under review, the cement manufacturer recorded a gross profit of N454.3 billion compared with N291.3 billion in 2016, while the selling and distribution expenses closed at negative N109.9 billion against negative N82.7 billion in 2016.

Its profit from operating activities grew by 66.7 percent to N304.2 billion last year from N182.5 billion two years ago.

Dangote Cement’s pre-tax profit closed at N289.6 billion in the period under review in contrast to N142.9 billion in the corresponding period, while the post-tax profit stood at N204.3 billion as at December 31, 2017 against N142.9 billion as at December 31, 2016.

The company’s total assets closed at N1.7 trillion in the 2017 financial year against N1.5 trillion in 2016, while the total liabilities stood at N884.5 billion last year compared with N803.6 billion two years ago.

In addition, the shareholders’ fund of Dangote Cement finished at N781.4 billion in 2017 in contrast to N725.5 billion in 2016.

Business Post reports that the firm’s Earnings Per Share (EPS) stood at N11.65k in the period under review compared with N8.78k two years ago.

Meanwhile, the board of Dangote Cement has proposed the payment of N10.50k per share dividend to its shareholders to be paid on June 21, 2018, a day after its Annual General Meeting (AGM) slated for the Civic Centre, Lagos by 11am.