Economy
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.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
