By Dipo Olowookere
One of the major players in the cement industry in Nigeria, Dangote Cement Plc, has declared a profit before tax of N108.4 billion in the first quarter of 2018.
This was in contrast to the N77.3 billion achieved in the corresponding quarter of last year, representing 40.2 percent growth.
Business Post reports that the various strategies put in place by the management of the cement maker also ensured that the revenue generated by the firm in the period under review to increase significantly.
According to the unaudited financial statements released by Dangote Cement, its revenue in Q1 2018 appreciated by 16.3 percent to N242.1 billion compared with N208.2 billion in Q1 2017.
Also, the company grew its gross profit by 20.3 percent to N144.8 billion in Q1 2018 from N120.4 billion in Q1 2017, while profit from operating activities finished at N103.8 billion as at March 31, 2018 versus N83.3 billion as at March 31, 2017.
It was revealed that after tax deduction, administrative expenses, selling and distribution expenses and others, the profit for the period grew by 29.1 percent to N72.1 billion from N55.9 billion posted in March 2017.
During the period under review, the total assets of Dangote Cement stood at N1.72 trillion compared with N1.67 trillion in the corresponding period of last year, while the total liabilities stood at N854.7 billion as at March 31, 2018 against N884.5 billion as at March 31, 2017.
The financial statements disclosed further that the firm’s Earnings Per Share (EPS) increased in Q1 2018 by 23.9 percent to N4.20k from N3.39k in Q1 2017.
Adedapo Adesanya