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Home Opinions Blurb

[ANALYSIS] This Should Have Been Dangote Cement’s Best Quarter But for This…

Nairametrics by Nairametrics
July 31, 2015
in Blurb, Spotlight
[ANALYSIS] This Should Have Been Dangote Cement’s Best Quarter But for This…
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Dangote Cement 2015 Second Quarter Results. Scroll down to see brief analysis of the results

Snap Shot

Dangote Cement2015 Q22015 Q1%age Change
N’mN’m
Income Statement
Revenue         127,478             114,73711.1%
Cost of sales         (44,504)             (39,997)11.3%
Gross Profit           82,974                74,740 11.0%
Operating Expenses         (19,408)             (17,595)10.3%
Operating Profit           63,566                57,145 11.2%
Other Income                399                 1,295-69.1%
Net Finance (Cost)/Income           (5,407)               11,728-146.1%
Profit Before Tax           58,558                70,168 -16.5%
Taxation           (5,369)                (1,549)246.7%
Profit after Tax           53,189                68,619 -22.5%
Tax as a %age of PBT9%2%
Indices
Eps (N)3.14.029%
Outstanding Shares           17,041               17,041
Debt to Equity-160%35%-122%
Gross Profit Margin65%65%0%
Operating Profit Margin50%50%0%
Profit Margin42%60%43%
SGA as a %age of Gross Profit23%24%1%
Interest Cost as a percentage of Operating Profit9%-21%-341%
Asset Turnover %51%20%-60%
Return on Equity41%22%-46%
Return on Asset26%10%-61%

Dangote Cement released its 2015 second quarter results showing revenues grew quarter on quarter to N127.4 billion representing an 11% growth.

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Bigger Operating Margins

The company also posted a Gross Profit margin of 65% making N82.9 billion in Gross profit. Operating profits also rose this quarter by 11% to N63.5 billion the highest it has ever recorded since we started tracking Dangote Cement. This should have made this result the best quarter yet however it was not to be.

Finance Charges & Higher Taxes

Dangote Cement pre-tax profits  dropped 16.5% to N58.5 billion compared to the N70 billion posted a year earlier. The reason for the drop in pre-tax profits was a N5.4billion finance charged it booked this quarter compared to the N11.7 billion Finance income it booked in the preceding quarter.

Dangote Cement also paid higher taxes this quarter incurring a N5.3billion tax charge this quarter compared to N1.5 billion in Q1.

More loans more spending

Dangote Cement also continued its investment spree spending another N49.5 billion this quarter basically equalling that N49.5 billion it spent in Q1. Dangote has now spent N99 billion this year alone as it ramps up production capacity locally and in other African countries.

Dangote Cement also added another N80 billion to its borrowings taking the total to about N315 billion.

Share Price

Dangote Cement is currently trading at N170 with a price earnings ratio of 15.4x. Its share price has returned -11.2% YTD and as also lost 22% in the last 12 months.

 

52Wk Range
139.10 – 233.94

1 Yr Return
-24.60%

YTD Return
-11.80%

Current P/E Ratio (TTM)
15.48

Dividend Indicated Gross Yield
3.51%

Note: I now prefer to analyse interim results on a quarter on basis (both year on year or quarter over quarter) as it gives me a closer and intricate view of the company performance.


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Tags: Manufacturing
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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