Dangote Cement Plc reported a pre-tax profit of N293 billion for the first half of 2024, marking a 22% increase from N239.9 billion in the same period last year.
The company also achieved significant revenue growth, with earnings reaching N1.76 trillion, an 85% rise compared to H1 2023. However, production costs surged by 118% to N833.3 billion, impacting overall profitability.
Despite the higher costs, Dangote Cement’s net profit for the period was N189.9 billion, a 6% increase from N178.6 billion in H1 2023.
The company faced rising expenses due to inflation, with operating expenses increasing by 103% to N403.2 billion. Taxes for the period also rose significantly to N103 billion from N61.2 billion last year.
The cement manufacturer saw a 4% increase in production volume, reaching 13.792 million tonnes. Revenue from operations outside Nigeria grew by 140% to N807 billion, although these entities posted a net loss of N68.5 billion.
Despite these challenges, Dangote Cement remains financially robust, with total assets growing by 36% to N5.4 trillion.