Dangote Cement Plc experienced a slight rise in its pre-tax profit during the first nine months of 2024, reaching N406.38 billion, despite facing significant challenges from high finance and production costs that impacted revenue generation.
According to the company’s unaudited financial statement for the period spanning January to September 2024, revenues surged by 69.5%, climbing from N1.51 trillion in the same period of 2023 to N2.56 trillion. However, the marginal increase in pre-tax profit was less than N2 billion, up from N404.89 billion in 2023.
READ ALSO: Dangote Cement Plc delivers N382 billion profit in 2022
Despite a remarkable 70% revenue increase, Dangote Cement only achieved a modest 0.56% rise in profit after tax. This was largely due to a near doubling of production costs and a more than 100% increase in finance costs during the period.
The company’s material costs escalated from N169.9 billion to N299.83 billion, reflecting a 76% increase year-on-year. Additionally, energy consumption costs, including fuel and power, saw a staggering 109% rise, highlighting the impact of soaring energy prices across the country.
