The Board of Directors of Dangote Cement Plc has announced that it would meet to consider the close period of trading in respect of the company’s unaudited financial statements for nine months ended September 30, 2019.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE).
[READ MORE: GTBank announces close period ahead of Q3 2019 results]
The firm also revealed that the meeting for this purpose would hold on October 29, 2019.
Why this matters: The close period will allow the Board to consider the company’s unaudited financial statements for the nine months. Other company issues will also be discussed during the meetings.
What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
A Nairametrics report disclosed that Nigerian business magnate, Aliko Dangote, realizes N2.47 billion from cement sales every day. The Group Managing Director of Dangote Cement Plc, Joseph Makoju, disclosed that the cement company sells not less than 800,000 bags of cement products to the market daily.
A look into the Company’s financials: Dangote Cement interim Q2 financial statements demonstrated a fairly positive performance across all major indicators.
Revenue: The company’s revenue dropped by 3% to N467.7 billion in Q2 2019, compared to N482.4 billion that was recorded in Q2 2018. The decline in revenue happened in spite of the fact that the company’s production cost decreased slightly to N193.1 billion, down from N197.6 billion.
[READ: Blackstone pulls out of $5 billion pact with Dangote]
Profit Before Tax: Dangote Cement’s profit before tax stood at N115.5 billion in Q2 2019 compared to N185.5 billion in Q2 2018. Representing a decrease of 37.7%.
Profit After Tax: Interestingly, the cement maker’s profit after tax increased by 5.4% to N119.2 billion, compared to N113.1 billion in Q2 2018.
About Dangote Cement: The company is the leading cement manufacturer in Nigeria and Africa. It operates through two segments, Nigeria and Pan Africa. The company also engages in bagging and distribution of cement, limestone mining, coal production, and property investment activities.
Dangote Cement Plc was formerly known as Obajana Cement Plc. The company was incorporated in 1992 and is headquartered in Lagos, Nigeria.