By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: Dangote Cement Reports Marginal Increase in Pre-Tax Profit Amid Rising Costs
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > Dangote Cement Reports Marginal Increase in Pre-Tax Profit Amid Rising Costs
Dangote Cement Plc experienced a slight rise in its pre-tax profit during the first nine months of 2024, reaching N406.38 billion
News

Dangote Cement Reports Marginal Increase in Pre-Tax Profit Amid Rising Costs

Fesadeb
Last updated: 2024/10/26 at 9:41 PM
Fesadeb Published October 26, 2024
Share
Dangote Cement Reports Marginal Increase in Pre-Tax Profit Amid Rising Costs
SHARE

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.

You Might Also Like

Nigeria Unveils Education Reform Plan to Tackle Falling Standards

Senator Akintunde Advocates Full Privatisation of Power Sector, Calls for Subsidy Reintroduction

Ohanaeze Youths Hail Launch of Enugu Air, Say Mbah Unlocking Economic Opportunities

Ogun Government to Launch Environmental Watchdog to Tackle Floods, Waste, and Infrastructure Abuse

Governor Lawal Distributes 59,205 Bags of Fertiliser to Boost Agriculture in Zamfara

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

TAGGED: AFFORDABLE HOUSING, Africa housing news, Central Bank of Nigeria, Construction, Dangote Cement, Housing, Latest Housing News & Updates - Africa Housing News, news, nigeria, real estate, trending news, trending news in nigeria
Fesadeb October 26, 2024 October 26, 2024
Share this Article
Facebook Twitter Email Print

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?