Companies
Updated: February 28, 2023

Dangote Cement Records 14 Per Cent Increase In Profit

By Felicia Abisola Olamiji
February 28, 2023
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Dangote Cement Plc has released its audited financial statement for the 12 months of 2022, which reveals a gross profit of N955.4 billion, representing a 14.6 per cent increase when compared to the N842.6 billion recorded in the previous year.

The company's financial statement filed the Nigerian Exchange on Monday, also disclosed that its revenue grew by approximately 17.4 per cent to N1.62 trillion from N1.38 trillion in the period before.

However, profit before tax fell marginally by 2.6 per cent to N524 billion from N538 billion recorded in the previous year.

According to the company, the decline in profit before tax was due to an increase of over 100 per cent in finance cost, which rose to N130.4 billion n from just N65.7 billion.

These changes led to a profit after tax of N382.3 billion, an increase of 4.8 per cent from N364.7 billion in 2021.