Dangote Cement Plc, Nigeria’s biggest company by market value, recorded sales of N1.022 trillion for the first nine months of the year, 34 per cent stronger than its figure for the same period last year, the company’s income statement issued Friday shows.
A boom in construction activities after the economy reopened from pandemic shutdowns is driving demand in the cement market, leading Dangote Cement to state in April it planned to expand capacity by one-third.
Dangote Cement, in which Africa’s richest man Aliko Dangote holds the controlling interest of 85.9 per cent, accounts for three out of every five bags of cement produced in Africa’s largest economy, where the product now sells for N3,400 per 50kg bag.
The cement maker, according to the document seen by PREMIUM TIMES, sold 22.2 million tonnes of cement and clinker within the period.
Pre-tax profit was 49 per cent stronger, leaping to N405.5 billion from 2020 level. After-tax profit grew one third to N278.3 billion, but that would have been bigger without a significant increase in tax.
Dangote Cement’s income tax spending more than doubled to N127.2 billion, with current tax expense contributing the chunk of the figure.
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