Dangote Cement reported a net profit of N503.2 billion for the 2024 financial year, marking a 10% increase from N455.6 billion in 2023.
The group’s revenue surged by 62% to N3.58 trillion in 2024, up from N2.21 trillion recorded in 2023. Gross profit reached N1.9 trillion, maintaining a 54% gross margin similar to 2023.
Operating profit rose by 57% to N1.15 trillion in 2024, compared to N734.3 billion in 2023. However, the company faced N700 billion in total interest expenses, including N448.1 billion in interest costs and N249 billion in foreign exchange losses.
Pre-tax profit increased to N732.5 billion in 2024, up from N553.1 billion in 2023. After tax expenses of N229.3 billion, the company’s net profit stood at N503.2 billion.
Nigerian Operations Drive Profit, Pan-African Units Report Loss
Dangote Cement’s Nigerian operations posted a net profit of N1.18 trillion, while other African operations recorded a net loss of N24.4 billion.
In 2024, cement sales in Nigeria generated N2.06 trillion in revenue, with exports contributing N128.3 billion. The company’s African operations posted N1.48 trillion in revenue.
Asset Growth and Financial Position
Dangote Cement’s total assets grew by 63% to N6.4 trillion in 2024, compared to N3.94 trillion in 2023. Net assets rose to N2.18 trillion from N1.73 trillion.
Despite strong performance, the company’s cash position declined by 70% to N131.7 billion in 2024, down from N432.2 billion in 2023. However, operating cash flow increased to N821.1 billion, up from N678.8 billion in 2023.
Earnings per share rose to N29.74, while the stock, priced at N480, had a price-to-earnings ratio of 16.13x, making it one of the most affordable industrial goods stocks.
