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Nairaland Forum / Nairaland / General / Business / Dangote Cement’s Pre-tax Profit Hits ₦166 Billion (5454 Views)
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Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Great100000: 1:47pm On Apr 28 |
UPDATED: Dangote Cement’s pre-tax profit hits N166 billion amidst surge in cement price. The corporation bucked the price of a tonne of cement dramatically, setting it 78 per cent higher than a year ago. Dangote Cement, Africa’s biggest cement maker, hit its all-time peak for quarterly revenue in the year to March as the price of the binder nearly doubled year-on-year. In February, the retail price of cement rose to between N10,000 and N12,000 across many parts of Nigeria, weeks after it was sold for prices ranging between N5,000 and N6,000 earlier in January. Dangote Cement’s turnover is now N817.4 billion, according to its latest earnings report. Revenue received a boost from an output expansion of 26.1 per cent in Nigeria, its home operation, where consignments comprising seven ships of clinker were transported to neighbouring Cameroon and Ghana during the period, boosting exports. The corporation bucked the price of a tonne of cement dramatically, setting it 78 per cent higher than a year ago. Growing profit was daunting in the period on account of certain factors notably a significantly higher production cost which left gross profit heavily pressured and a 551.4 per cent leap in net exchange loss made possible by a much weaker naira. CEO Arvind Pathak said in a statement: “Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.” “During the quarter, we intensified our emphasis on exports, dispatching 7 ships from Nigeria to Ghana and Cameroon. As a result, our Nigerian exports surged by 87.2%,” the helmsman added. Operating profit took a hit from selling and distribution expenses, which climbed by 111.4 per cent to N145.3 billion after the spending on haulage soared more than twofold. That happened while inflation continued to soar, touching its summit in 28 years in March. It could set the tone for the third rate hike in the country this year, as the Central Bank of Nigeria seeks the balm to soothe a prolonged cost of living crisis that is leaving companies’ finances strained and has wearied the purchasing power of consumers and households. Profit before tax was up 13.3 per cent at N166.4 billion, while profit after tax slightly improved by 2.9 per cent, rising to N112.7 billion. Cost pressures so much weighed on the bottom line that the net profit margin, which shows the proportion of after-tax profit to revenue, dropped to 13.8 per cent, compared to almost 27 per cent in the same period last year. Dangote Cement, which has broad footprints across markets in Africa, generated N410.4 billion as an extraordinary income from translating net gains from pan-African investments into naira, whose exchange rate to the dollar jumped to a record after a devaluation early this year. On that score, the total comprehensive income for the period came to N523 billion, more than five times bigger than the figure for the first quarter of 2023. https://www.premiumtimesng.com/business/business-data/689699-updated-dangote-cements-pre-tax-profit-hits-n166-billion-amidst-surge-in-cement-price.html 1 Like
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Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by immortalcrown(m): 1:47pm On Apr 28 |
Cash out! But you didn't explain how it happened. They sold cement 15k Naira per bag. 10 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by RickyJesus: 2:03pm On Apr 28 |
Nigeria is not ripe for full blown capitalism, we should copy China economy system. 4 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by SpatialKing(m): 2:05pm On Apr 28 |
Can you imagine After selling cement at 15k, 17 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by kuboy: 2:06pm On Apr 28 |
This man is not trying for we Nigerian at all. 24 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by eedimo(m): 2:06pm On Apr 28 |
Good luck to them |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by NORSYK(m): 2:07pm On Apr 28 |
AT THE EXPENSE OF POOR NIGERIANS 11 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by 2023Blessed: 2:10pm On Apr 28 |
This news is so nauseating. Declaring unprecedented profits at the expense of Nigerians in a period of economic hardship 12 Likes 1 Share |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Obviouslyblunt: 2:12pm On Apr 28 |
Any company posting huge profits in Nigeria currently is a monopoly. 14 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by flyinnizam(m): 2:13pm On Apr 28 |
how are we sure it is not even more than that 1 Like |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Khyrvxjzy: 2:14pm On Apr 28 |
kuboy:poor man |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Khyrvxjzy: 2:15pm On Apr 28 |
why you all hate dangote dangote is a business man if you don like him then dont buy any of his things ask danfo drivers if its dangote fuel before you enter |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Jokerman(m): 2:23pm On Apr 28 |
Cement Baron. And I was told this man's refinery will reduce fuel prices 2 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by hotseat: 2:23pm On Apr 28 |
Dangote doing what he knows how to do best! After milking hapless Nigerians dry, he then smiles to the bank! "Army robber"! My consolation is that when he eventually drops dead, he would be wrapped up in a miserable mat and tossed into a pit. We came with nothing into this world and we shall go with nothing at the end. Dangote, the Shylock of Africa himself! Enjoy your insatiable and gluttonous wealth while it lasts! @hotseat 7 Likes 1 Share |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Akwamkpuruamu: 2:32pm On Apr 28 |
Skinning the poor and middle class to make money is same as blood, ritual money 6 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Ykc2(m): 2:36pm On Apr 28 |
Khyrvxjzy:do you like fulani herdsmen slaughtering villagers?do you ask this your yeye question before buying meat? 5 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Fairview1: 2:40pm On Apr 28 |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by IamANigerianMan: 2:40pm On Apr 28 |
Nigerians are very terrible people |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by bluefilm: 2:47pm On Apr 28 |
Who cares? Nonsense |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Lanre1st(m): 2:47pm On Apr 28 |
Economic theif 2 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Joshcoli(m): 2:48pm On Apr 28 |
Y |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by israelmao(m): 2:57pm On Apr 28 |
Profit made from arbitary increase of cement. 1 Like |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by mytime24(f): 3:16pm On Apr 28 |
Not |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by MasterTeeUSA: 3:26pm On Apr 28 |
with the floating of Naira, it's clear Dangote would make a lot less dollars ...so they decided to export more decreasing supply in Nigeria thus leading to increase in price. The upside, they exported more which is what any sane business person would do If he or she can make more...even those selling dry fish now prefer to export abroad...the downside is...things will cost more locally ...upside...we will produce more because greed is a factor in capitalism...folks can make more so they go for more. Great100000: 1 Like |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by EnEnPeecee: 3:31pm On Apr 28 |
At the expense of Nigerians. This monopolistic behavior of this guy is killing Nigerians |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by ggoldmine: 3:32pm On Apr 28 |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Khyrvxjzy: 3:35pm On Apr 28 |
Ykc2: actions have been taken on fulani you too take action on dangote |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Mccullum: 3:37pm On Apr 28 |
It's not Dangote fault, I blame FG that gives him chances of getting unprecedented gains with his unjustified hiking prices of cement at the detriment of Nigerian populace. This is open robbery via power of monopolizing cement production in Nigeria. 3 Likes |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by adioolayi(m): 3:40pm On Apr 28 |
Cement is just too expensive!!! Haba!!! |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by Franzinni: 3:41pm On Apr 28 |
NORSYK: |
Re: Dangote Cement’s Pre-tax Profit Hits ₦166 Billion by lordm(m): 3:44pm On Apr 28 |
God bless me as well |
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