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Home Industries Company News

Dangote Cement report N610 billion in revenue

Nairametrics by Nairametrics
February 28, 2020
in Company News, General News, Spotlight
Dangote finally addresses how he amassed his wealth without father’s money, Dangote talks about when he will buy Arsenal , Aliko Dangote defends border closure, reacts to Dangote Cement result, Can Nigeria's King Cement maker Dangote Cement withstanding COVID-19?, Aliko Dangote and his slide from $25 billion to $7 billion

Aliko Dangote, billionaire and chief executive officer of Dangote Group

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Dangote Cement reported a profit after tax of N200 billion representing a massive 49% drop in profits from a year earlier. The drop in profits was mostly driven by stunted growth in its local and Pan African businesses.

Segment performance

Nigeria: The cement giant reported revenues of N610.2 billion in 2019 compared to N618.3 billion a year earlier. Profit after tax was N275.1 billion in 2019 compared to N491.6 billion in 2018. EBITDA, a notable performance measure for institutional investors was N361 billion down from N397 billion placing operating expenditure as the major drivers of profitability drop.

Pan Africa: The cement giant reported revenue of N891.7 billion compared to N901 billion a year earlier. Revenue from business outside Nigeria was N282.7 billion compared to N283.2 billion a year earlier. However, it continued to report losses from its Pan African business with a loss after tax of N85.2 billion compared to N87.8 billion in losses.

Border closure to blame: A report from Reuters revealed Dangote Cement blamed the border closure for affecting exports to other African countries thus hurting top and bottom-line growth. Outgoing Dangote Cement CEO, Joseph Makoju reportedly blamed border closure for leading a drop in exports from 0.7 million tonnes in both 2018 and 2017 to 0.5 million tonnes in 2019.

READ ALSO: Border closure doesn’t violate free trade agreement – Agric Minister, Sabo Nanono 

“We undoubtedly faced several challenges last year,” Makoju told an analyst call. “We are very optimistic about the market in 2020 and we expect to see some increase especially for infrastructure project.” Joseph Makoju.

Joseph Makoju also said total production volumes last year were flat at 14.1 million tonnes and that Higher discounts, marketing and haulage cost caused core profit to fall 9.1%, while margins slid 59.2%, he said.

Dangote Cement had before now reported only one profitability drop in 2016 when Nigeria fell into a recession. Profits went from N153.2 billion in 2015 to N142.2 billion in 2016. The company bounced back in 2017 and 2018 with profits of 204.2 and N390 billion respectively. 2019 is the first time Dangote Cement in reporting a revenue drop since we started tracking its results in 2011.

Related

Tags: 2019 FY resultBusiness NewsBusiness news in NigeriaCorporate news in NigeriaDangote cementDangote Cement PlcNigeria Business news

Comments 1

  1. Emma white says:
    February 27, 2020 at 10:13 am

    The truth is not been said of the drop in the profit or revenue of Dangote company ( cement) . it is all because the dangote price is higher, and this is making buyers or customers to go for lesser price and better products and they are getting their value. Dangote should bring his price down and see if his revenue will not climb up. The border closure does not affect it at all.

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