Dangote Cement records N165.03 billion PBT in Q3 2023 

Dangote Cement Plc recorded a pre-tax profit of N165.03 billion in Q3 2023, representing a 132.4% increase year-on-year from N71.01 billion recorded in Q3 2022. 

The group’s financial statements for the period ending September 30, 2023, show a revenue of N563.77 billion in Q3 2023, marking a 52.7% increase from the revenue in the corresponding quarter in 2022.  

The group’s profit after tax for Q3 2023 amounted to N98.9 billion, a year-on-year increase of 141.3% from the figure recorded in Q3 2022.  

Key Highlights Q3 2023 vs Q3 2022 

• Revenue: N563.77 billion, +52.7% YoY 

• Gross profit: N304.11 billion, +46.3% YoY 
• Profit from operating activities: N180.97 billion, +56.7% YoY 
• Profit before tax: N165.03 billion, +132.4% YoY 
• Profit after tax: N98.95 billion, +141.3% YoY 
• Earnings per share: N5.38, +138.3% YoY 

• Total comprehensive income for the period: N96.63 billion, +55.02% 
• Total assets: N2.144 trillion, +34.7% YTD 

Insights  

Even with operating expenses rising 33.3% year-on-year in Q3 2023, the group still improved its operating margin. It achieved an operating margin of 32.1% in Q3 2023 compared to 31.3% in Q3 2022. 

The group’s nine-month performance also reflected significant growth, as the group recorded revenue of N1.514 trillion during the nine months ending September 30, 2023.

A 28.7% year-on-year increase from the N1.18 trillion recorded in the corresponding period of 2022.

During the nine-month period, the group achieved a profit before tax of N404.89 billion, representing a year-on-year increase of 20.54% from the corresponding period in 2022.  

The group has been putting up a strong financial showing in 2023 despite forex losses incurred in Q2 2023.