Dangote Cement Plc, one of Africa’s leading cement producers, has released its condensed consolidated and separate interim financial statements for the three months and nine months ending on September 30, 2023. The financial results reveal a robust performance in the face of challenging market conditions.
In the Group’s segment results, Dangote Cement recorded a total revenue of ₦1,514,601 Billion, with a substantial portion coming from the Nigerian market, generating ₦933,084 million. The Pan-African segment contributed ₦588,243 million. After accounting for Central Administrative costs and eliminations, the Group’s EBITDA stood at ₦662,762 million. The Group also reported other income of ₦16,635 million. The profit from operating activities reached ₦561,008 million, and the profit for the period amounted to ₦277,548 million.
When comparing the current results to the same period in 2022, it is evident that Dangote Cement has sustained its strong performance. In the corresponding period in 2022, the Group’s revenue for the nine months ended September 30 was ₦1,177,256 million, whereas the EBITDA for the same period in 2022 was ₦515,879 million. The profit for the period was reported at ₦213,101 million in 2022.
Key Financial Highlights
Dangote Cement’s EBITDA for the three months ending September 30, 2023, amounted to ₦219,507 million. After accounting for depreciation, amortization, write-offs, and impairments, the profit from operating activities for the same period was ₦180,972 million. Finance income was reported at ₦19,070 million, while finance costs stood at ₦41,657 million. The gain/loss on net monetary positions for the period was ₦6,642 million.
Profit Before Tax and Income Tax Expense
The profit before tax for the three months ending September 30, 2023, was ₦165,027 million. After accounting for income tax expenses, the profit for the period was reported at ₦98,945 million.
Segment Assets and Liabilities
Dangote Cement’s total assets as of September 30, 2023, amounted to ₦3,344,733 million. Segment liabilities for the same period were reported at ₦1,978,723 million. Comparatively, as of December 31, 2022, the total assets were ₦2,615,655 million, with segment liabilities amounting to ₦1,536,708 million.
The financial statements demonstrate Dangote Cement’s resilience and ability to maintain a strong financial position, even in the face of market fluctuations and economic challenges. The company’s strategic investments and commitment to operational excellence continue to yield positive results, solidifying its position as a key player in the cement industry.