( 3 minutes read)
· Dangote Cement Plc after-tax profit from January through March rose by almost half to N89.7 billion, on an year on year basis
· Sales increased by more than one-third from N249.182 billion to N332.7 billion. Sales in Nigeria were N239.7 billion
· Exports to other African countries contributed N93 billion or 28 per cent. These facts are found mentioned in the latest unaudited report of the company
Dangote Cement Plc after-tax profit from January through March rose by almost half to N89.7 billion, on an year on year basis. Sales increased by more than one-third from N249.182 billion to N332.7 billion. Sales in Nigeria were N239.7 billion. Exports to other African countries contributed N93 billion or 28 per cent. These facts are found mentioned in the latest unaudited report of the company.
Dangote Cement has a soaring demand in Nigeria and is taking steps to expand by over one- third of its current capacity as the country’s cement consumption spikes by 40 per cent. The company is expanding capacity from about 50,000 tons a day at the beginning of the year to 70,000 tons a day at the end of the year.
Pre-tax profit was N130.1 billion, 48 per cent higher than that of the first quarter of 2020. Profit after tax came down to N89.710 billion, due to a N15.790 billion loss in pan-African operations, which had greatly brought down after-tax profit of N103.776 billion from the Nigerian unit.
Importantly, the Nigerian government recently handed over a tax credit worth US$54 million or N22.3 billion or the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States.
