Dangote Cement Rakes N805b as Revenue, N204b Profit in 2017

Image

**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.

Share
Related Stories
Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
04-March-2024

NGX Posts 3.27% W-o-W Loss, MTN Closes as Worst-Performing Stock

By Dipo Olowookere The Nigerian Exchange (NGX) Limited recorded a week-on-week loss of 3.27 per cent last week as a result of profit-taking, especially after the Central Bank of Nigeria (CBN) raised the interest rate to 22.75 per cent from 18.75 per cent to attract hot money and slow down inflation, which is almost at 30.0 per cent. MTN Nigerian ended the trading week as the worst-performing stock after it shed 18.91 per cent to N200.70, and Sunu Assurances declined by 18.18 per cent to N1.71. Nestle Nigeria also dropped 18.18 per cent to sell at N900.00, CWG fell by

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

More Stories
Image
09-June-2023

VikingGenetics, Arla Partner to Increase Cows’ Milk Yield in Nigeria

By Modupe Gbadeyanka An exclusive genetics partnership has been entered between VikingGenetics and Arla Foods to help meet Nigeria’s growing demand for dairy commodities. The deal will allow Arla, which launched its dairy farm in Kaduna State recently, to use 100 per cent X-Vik sexed semen from VikingGenetics bulls in the herd. By exclusively using sexed semen, the outcome will be even more VikingHolstein heifer calves to expand the herd. In the near future, heifers could also be sold to other farmers in Nigeria for them to benefit local production further. “Arla aims to increase the cows’ milk yield, and

Image
02-January-2023

Kemi Adetiba Looks Forward to Entertainment Outfits on Stock Exchange

By Dipo Olowookere A prolific filmmaker and showbiz personality, Ms Kemi Adetiba, has expressed optimism that in the nearest future, entertainment companies will be on the Nigerian Exchange (NGX) Limited. According to her, the platform has done well to provide an avenue to attract entertainment outfits and expose them to an array of investors, including institutional and offshore investors, to raise funds to finance their projects. Ms Adetiba is one movie maker that has enjoyed the benefits a global platform offers to promote her works. Her flicks have enjoyed massive views on the global streaming channel, Netflix, and this has

Image
21-December-2016

Ekiti Assembly Approves N93b Budget for 2017

By Dipo Olowookere The 2017 appropriation bill for Ekiti State has finally been approved by the state’s House of Assembly. The N93.4 billion budget, presented to the lawmakers on December 6, 2016 by Governor Ayodele Fayose, received the backing of the Assembly on Tuesday, December 20, 2016. The 2017 appropriation bill was passed by Assembly after its committee on Finance and Appropriation submitted its report. The committee, led by Mr Samuel Abiola Jeje, informed his colleagues that they thoroughly scrutinised the appropriation bill entitled ‘Budget of Consolidation for Higher Heights’ and were satisfied with its contents. He said the budget

Image
22-June-2018

T-Bills Yields to Remain Slightly Pressured

By Dipo Olowookere Investors at the treasury bills market anticipating the sale of the instrument via the Open Market Operations (OMO) were disappointed on Thursday as the Central Bank of Nigeria (CBN) failed to conduct the exercise. Business Post reports that treasury bills worth N380 billion matured at the market yesterday. At the close of transactions on Thursday, the treasury bills market traded on a relatively flat note, with yields inching slightly higher by 0.06 percent on average. “This came as market players were looking to preserve some liquidity in anticipation of funding for a retail SMIS by the CBN

Image
15-September-2022

Access Holdings to Pay 20 Kobo Interim Dividend as H1’22 Net Profit Hits N88.9bn

By Dipo Olowookere The much-awaited financial results of Access Holdings Plc for the period ended June 30, 2022, have been submitted to the Nigerian Exchange (NGX) Limited. The organisation, according to the financial statements, improved its net profit by 2.30 per cent or N2 billion to N88.9 billion from the N86.9 billion it recorded in the first half of 2021. Business Post reports that the company also slightly expanded its pre-tax profit in H1 2022 by 0.41 per cent on a year-on-year basis to N97.8 billion from N97.4 billion. A trip to the top-line of the audited results indicated that

Image
18-June-2017

FG Plans Lucrative Business Employment in Agriculture

By Modupe Gbadeyanka Minister of State for Agriculture and Rural Development, Mr Heineken Lokpobiri, has expressed Federal Government’s strong political will and commitment to create business employment in agriculture. Mr Lokpobiri made this known when officials of Nestle Nigeria Plc lead by its Managing Director and Chief Executive Officer, Mr Mauricio Alarcon, visited him in his Abuja office. He said that the business-employment opportunities in agriculture cannot be fully tapped despite the country’s increasing population. Commending the good work and business activities of Nestle Nigeria whose source of raw materials for production of her varied food products is 82 percent

Image
05-April-2023

Four Biggest Losers of 2023 Nigerian General Elections

By Michael Owhoko, PhD The real losers of the 2023 Nigerian general elections are not the electorates who were deprived of their rights to freely choose candidates of their choice or the first-timer youths who were disappointed by the Nigerian state, or the candidates who lost or won as declared by the Independent National Electoral Commission (INEC). The biggest losers are President Muhammadu Buhari; INEC Chairman, Prof. Mahmood Yakubu; President-elect, Senator Bola Ahmed Tinubu; and Nigeria as a political entity. Except for Bola Tinubu, who carries the burden of legitimacy arising from a flawed process and total miniature votes garnered,

Image
10-July-2020

Dangote Sugar Gets Savannah Sugar for Market Expansion

By Modupe Gbadeyanka Shareholders of Dangote Sugar Refinery Plc have approved the proposed acquisition of Savannah Sugar Company Limited. This authorization for the merger between both firms was given at the company’s Extraordinary General Meeting (EGM) held in Lagos. According to the investors, they are in support of the transaction because it will further enhance production capacity of the company and consequently raise its market dominance. Dangote Sugar, which boasts of an install capacity to produce 1.44 million metric tonnes per annum, hopes to further conquer the sugar industry by leveraging on the Savannah Sugar’s sugarcane production capacity, and further

Ad
Ad
Recent Stories
Image
05-March-2024

Mosan-Okunola LCDA Chairman Calls for Proper Maintenance of Roads

By Adedapo Adesanya The Executive Chairman of the Mosan-Okunola Local Council Development Area (LCDA), Mrs Olabisi Adebajo, has called on residents to properly maintain and ensure the durability of the currently reconstructed roads in the area. She made this disclosure while on an inspection visit to the Powerline-Okunola axis of the area on Tuesday afternoon, adding that those found defacing the roads will be made to face the punishment. The council boss said, “We have some people dumping refuses where they are not supposed to, those shops will be sealed, and until they do the needful, we won’t reopen the

Image
05-March-2024

What Pentecostal Pastors Have in Common With Politicians

By Michael Owhoko, PhD The disparity of roles between ecclesiastics and politicians is generally expected to translate to differences in values, lifestyles and creeds, but this pattern has been disrupted and bridged in Nigeria by materialism.  Moral disconnects, lust and insatiability for money, wealth, fame, influence and power have conspired to bring the men of God to the level of politicians.  This is evident in the Pentecostal ministries where some founding pastors and general overseers {GOs} no longer exhibit ascetic dispositions and restraints from material allures. Men of God are ordained servants positioned to constantly communicate God’s values and the

Image
05-March-2024

Ghana’s Central Bank Suspends FX Trading Licence of First Bank

By Aduragbemi Omiyale The foreign exchange (FX) trading licence of FBN Bank Ghana Limited, a subsidiary of FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has been suspended by the Bank of Ghana. A statement issued on Monday by Ghana’s central bank disclosed that its action was because of the bank’s fraudulent documentation in its forex operations. The country’s banking sector regulator also suspended the FX trading licence of GTBank Ghana Limited, a subsidiary of Nigeria’s GTCO Plc, the parent company of GTBank Limited for the same offence. The notice from the central bank disclosed that

Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
05-March-2024

Petrol, Electricity Subsidies Will Gulp 3% of Nigeria’s GDP—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has warned the Nigerian government the payment of subsidies on petrol and electricity could take up to 3 per cent of the country’s gross domestic product (GDP) in 2024. The IMF stated this in a statement released on Monday on the completion of its 2024 Article IV Mission to Nigeria. The lender said that the recent improvements in revenue collection and oil production are encouraging, as “low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.” But it emphasised that, “The capping of fuel pump prices

Image
05-March-2024

Deel Buys 100% Stake in African HR Solution Company PaySpace

By Adedapo Adesanya Global human resources company, Deel, has announced the acquisition of African-based payroll and HR solution company, PaySpace, for an undisclosed amount, in one of its largest acquisitions to date. By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its full-stack payroll engine localized in 50 countries and integrated into its offering. PaySpace’s proprietary technology is a cloud-native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can

Image
05-March-2024

Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe

By Adedapo Adesanya  It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States. The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador. These personalities

Image
05-March-2024

Nigeria’s Economic Outlook is Challenging—IMF Declares

By Aduragbemi Omiyale The International Monetary Fund (IMF) has alerted that tough times await Nigerians, though it retained its gross domestic product (GDP) growth forecast for 2024 at 3.2 per cent. In a statement on the conclusion of the IMF Staff 2024 Article IV Mission to Nigeria, the global lender said the administration of President Bola Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years.” However, it praised the government’s approval of an effective and well-targeted social protection system, including the release of grains, seeds, and fertilizers,

Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr