Dangote Cement Plc, Nigeria's largest company by market valuation, posted record profit in the first half of the year as demand for the building material recovered with the easing of pandemic-induced lockdowns.
The Cement company grew profit by 52 percent to N191.6 billion in the first half of 2021 compared to N126.1 billion in the same time last year. This is its highest profit in not less than eight years.
Revenue also climbed 44.8 percent to a record N690.5 billion from N476.8 billion last year, the biggest jump since at least 2012.
Cement production and bagging capacity rose 6.5 percent to 48.5 metric tons in the first half of the year compared to 45.4 metric tons in the same period last year.
The production cost of sales rose 36.4 percent to N202.4 billion compared to N276.1 billion in the periods under review
As a result of the impressive sales, gross profit rose 51 percent to N414.1 billion from N274.4 billion in the first half of 2020.
Dangote Cement was also able to reduce its borrowing cost by 8.5 percent to N9.4 billion in the first half of 2021 compared to N10.2 billion in the same time last year.
Consequently, the company's Earnings per share (EPS) grew 50.4 percent to N11.21 per share from N7.45 per share in June 2020.
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