Dangote Cement Generates N901b, Posts N390b Profit in 2018
By Dipo Olowookere
The board of Dangote Cement, one of the companies owned by Mr Aliko Dangote, has announced the audited financial statements of the firm for the year ended December 31, 2018.
The results, released today, showed an improvement from what was recorded in the 2017 financial year.
For example, the revenue generated by the company improved by 11.9 percent to N901.2 billion from N805.6 billion achieved in the 2017 financial year.
Also, the profit before tax improved to N300.8 billion from N289.6 billion, with the company getting a tax credit of N89.5 billion during the fiscal year to shoot its profit after tax to N390.2 billion in the period under review.
Dangote Cement said in the 2018 FY, its production cost of sales increased to N383.3 billion from N351.3 billion, while the administrative expenses gulped N52.5 billion in the year against N45.3 billion a year earlier.
Furthermore, the sum of N136.9 billion was spent on selling and distribution expenses in 2018 fiscal year versus N109.9 billion expended in the 2017 FY.
In the brief analysis of the financial statements by Business Post, Dangote Cement recorded N10.2 billion for other income in contrast to N5.2 billion posted in 2017 FY, with N517.9 billion declared as gross profit in the period under consideration compared with N454.3 billion 12 months earlier.
The board said profit from operating activities was N338.7 billion in 2018 versus N304.2 billion in 2017. In addition, the finance costs declared by the firm was N49.8 billion against N52.7 billion a year earlier.
An analysis of the balance sheet showed that while the total assets stood at N1.694 trillion against N1.666 trillion, the total liabilities reduced to N707.9 billion from N781.4 billion.
The earnings per share (EPS) of Dangote Cement stood at N22.83k in 2018 FY against N11.65k in FY 2017.