Dangote Cement Plc has reported a profit before tax of N421.1 billion for Q1 2026, according to its recently filed financial statements on the Nigerian Exchange.
This reflects a 35% year-on-year increase from N311.9 billion in Q1 2025, driven largely by strong topline growth, with revenue rising to N1.19 trillion from N994.6 billion.
A closer look at revenue shows cement and clinker sales accounted for 99.99% of total revenue, while other products contributed a marginal 0.01%, reflecting the company’s core focus.
This strong performance flowed to the bottom line, with earnings per share rising to N19.14 from N12.29, while on the balance sheet, retained earnings increased to N1.8 trillion from N1.5 trillion, indicating sustained value creation.
Key highlights (Q1 2026 vs Q1 2025)
- Revenue: N1.19 trillion, up 20.45% YoY
- Cost of sales: N448.7 billion, up 10.18% YoY
- Gross profit: N749.3 billion, up 27.56% YoY
- Selling and distribution costs: N177.5 billion, up 15.55% YoY
- Operating profit: N506.1 billion, up 27.37% YoY
- Finance costs: N98.2 billion, down from N129.3 billion
- Pretax profit: N421.1 billion, up 35% YoY
- Retained earnings: N1.8 trillion, up 20.91% YoY
Driving the numbers
On the income statement, full-year revenue of N1.198 trillion was driven primarily by cement and clinker sales of N1.197 trillion, with sales volume rising to 7.4 million tonnes from 6.5 million tonnes.
- Revenue from other products remained minimal at N78 million, up from N6 million in Q1 2025.
Reflecting higher volumes, the cost of sales increased by 10.18% to N448.7 billion, resulting in gross profit of N749.3 billion, compared to N587.3 billion recorded in the prior year.
- After accounting for administrative expenses of N71.5 billion, selling and distribution costs of N177.5 billion, other income of N5.2 billion, and impairment charges of N704 million, operating profit rose to N506.1 billion.
Finance costs declined to N98.2 billion from N129.3 billion, and, together with finance income of N3.04 billion and gains on net monetary position of N10.1 billion, contributed to a pretax profit of N421.1 billion.
Following an income tax expense of N100.06 billion, profit after tax settled at N321.09 billion, up from N209.2 billion, with earnings per share increasing to N19.14 from N12.29.
Balance sheet
On the balance sheet, total assets remained largely flat at N6.03 trillion, with property, plant and equipment standing as the largest asset class at N3.7 trillion.
Total liabilities narrowed to N3.1 trillion from N3.4 trillion, with trade and other payables of N1.3 trillion representing the largest share of the company’s obligations.
On the equity side, retained earnings rose to N1.8 trillion from N1.5 trillion, supporting total equity of N2.8 trillion, up from N2.6 trillion in the prior year.
Market reaction
Given that the results were published ahead of the market open on April 30, 2026, the company’s shares are expected to react positively at the start of trading.
Year-to-date, the stock has gained 59.28% to N970 per unit, with over 206 million shares exchanged.
