Dangote Cements Record Half Year Profit Of #121.8 BN

Dangote Cement Plc achieved a profit after tax of
N121.808 in the six-month period ended June
30,2015, the company’s condensed consolidated
statement of profit or loss and other
comprehensive income for the period showed.
The figure was 21.65 per cent higher than the
N95.440bn PAT the cement giant announced for
the same period of 2014.
The statements, which were filed with the Nigerian
Stock Exchange on Thursday, showed that Dangote
Cement also achieved a 20.23 per cent growth in
profit before tax. Its PBT grew from N107.070bn to
N128.726bn in the period under review.
This followed a 15.94 per cent rise in revenue,
with the company realising N242.215bn revenue
as against N208.909bn in the first half of 2014.
The growth in profit was achieved despite
increases in administrative expenses, selling and
distribution expenses and finance costs.
The results showed that administrative expenses
rose to N13.618bn in the six months to June 30,
2015 from N7.295bn in the corresponding period a
year ago, while selling and distribution expenses
jumped to N23.385bn from N18.030bn.
Finance costs soared from N8.146bn to
N24.381bn, while cost of sales rose to N84.501bn
from N73.537bn.
Dangote Cement had grown its revenue to
N114.7bn from N103bn in the first quarter of 2015
on the back of its expansion programme, which
saw it commence operations in some African
countries.
Its net profit for the quarter had also risen by 44.1
per cent to N68.6bn from N47.62bn in the first
quarter of 2014.
The company had at its Annual General Meeting in
April received the approval of its shareholders to
pay N102bn as dividend for the 2014 financial
year.
The Board of Directors had proposed the dividend,
which translated into N6 per share after the
company grew its revenue from N386bn in 2013 to
N392bn in 2014.
The Chairman, Dangote Cement, Alhaji Aliko
Dangote, had explained that, “As a result of the
sizeable investment that we have made over the
past few years, Dangote Cement ended the year
(2014) with new lines in Nigeria, factories
becoming operational in Senegal and South Africa.”
Earlier in the year, the company had said that its
new plants in Senegal and Cameroun had
commenced operations with plants in Ethiopia and
Zambia following.