Dangote Cement Plc (DANGCEM) has reported a strong nine-month result for the period ended September 30, 2025, supported by higher pricing in its Nigerian market and efficiency gains across operations.
Despite slightly lower volumes, the company’s disciplined cost control and lower finance expenses delivered record profits.
Improved pricing and lower finance costs helped drive strong 9M 2025 performance.
Financial Highlights
- Revenue: N3.15 trillion, up 23.2% (N2.56 trillion in 9M 2024)
- EBITDA: N1.43 trillion, up 57.2%, margin 45.3% (vs 35.5%)
- Profit before tax: N1.04 trillion, up 156.2%
- Profit after tax: N743.3 billion, up 166.3%
- Earnings per share: N43.82, up 164.8%
- Net debt: N958 billion, down from N2.06 trillion (FY 2024)
- Group volumes: 20.2Mt, down 2.1%
The nine-month profit already surpasses the company’s full-year 2024 performance, reflecting stronger pricing, cost containment, and reduced financial charges.
Nigeria Operations Remain the Growth Engine
Nigeria accounted for over two-thirds of group revenue and was the main source of profit growth.
- Revenue: N2.18 trillion, up 42.4%
- EBITDA: N1.29 trillion, up 85.2%, margin 59.2%
- Volumes: 13.2Mt, up 0.4%
- Cement and clinker exports: 1.1Mt, up 23%
Performance was supported by a more efficient energy mix, which cut production costs, and the deployment of compressed natural gas (CNG) trucks to reduce logistics expenses. These helped offset softer domestic volumes and inflationary pressures.
Pan-Africa Operations Weighed Down by Economic Uncertainty
Operations outside Nigeria were weaker due to elections and liquidity challenges in several markets.
- Revenue: N1.06 trillion, down 3.4%
- EBITDA: N201 billion, down 18.6%, margin 19%
- Volumes: 7.94Mt, down 5%
Tanzania and Zambia recorded modest growth, but Senegal, Ghana, Cameroon, and South Africa saw volume declines linked to slower construction activity and political uncertainty.
Cost Management and Balance Sheet
- Manufacturing costs: N1.29 trillion, up 4% despite inflation pressures.
- Admin & selling expenses: N703 billion, up 15%, moderated by lower haulage costs.
- Finance income: N77 billion, up 164%, helped by higher interest-earning balances.
- FX losses: down sharply from N222 billion to N1 billion as the naira appreciated.
- Net debt: reduced by N1.1 trillion on stronger cash flow and repayments.
Capital Expenditure and Expansion
Total capital expenditure stood at N462 billion, split between Nigeria (N364 billion) and Pan-Africa (N98 billion).
The company commissioned a 3Mta Côte d’Ivoire grinding plant, lifting total installed capacity to 55 million tonnes per annum.
Construction continues at the Itori Integrated Plant in Nigeria, which is expected to support domestic supply and exports.
Management Commentary:
“The commissioning of our Côte d’Ivoire plant marks another step in our growth journey,” said Arvind Pathak, Chief Executive Officer.
“Our focus remains on sustaining earnings momentum, driving efficiency, and executing our long-term growth strategy.”
Bottom line
Dangote Cement’s nine-month 2025 results underline improved operational discipline and stronger financial management.
While volumes were largely flat, profit margins expanded sharply due to pricing adjustments, cost efficiency, and better foreign exchange outcomes.
The fourth quarter will indicate whether these trends can be sustained amid mixed demand across Africa.
