By Dipo Olowookere
The revenue generated by Dangote Cement Plc in the first six months of this year depreciated by 3.05 percent, details of the company’s financial statements for the period ended June 30, 2019 have revealed.
In the results briefly analysed by Business Post, the cement manufacturer generated the sum of N467.7 billion in the period under consideration compared with the N482.4 billion raked in the same period of last year.
This impacted on the gross profit posted by the market leader in the cement industry, which stood at N274.6 billion in H1 2019 against N284.8 billion in H1 2018.
According to the company, the production cost of sales in H1 2019 dropped to N193.2 billion from N197.6 billion, indicating a decline by 2.23 percent.
In the period being reviewed, the administrative expenses incurred by Dangote Cement slightly increased to N25.0 billion from N24.7 billion, while the selling and distribution expenses rose to N80.3 billion from N62.2 billion, with the other income slowing to N1.2 billion from N2.5 billion.
The financial statements further revealed that the finance costs of the firm stood at N19.6 billion in H1 2019 against N21.5 billion, while the finance income ended June 2019 at N4.6 billion in contrast to N6.6 billion in June 2018.
Dangote Cement said its before tax reduced to N155.5 billion in H1 2019 from N185.5 billion, while the profit after tax appreciated to N119.2 billion from N113.2 billion.
This was because of the lower tax paid by the company; N36.3 billion in the first half of this year versus N72.4 billion in the first half of last year.
Adedapo Adesanya