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Dangote Cement Q1 profit climbs 34.8% YOY

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Dangote Cement Q1 profit climbs 34.8% YOY

Dangote Cement Plc said its first-quarter normalized net income amounted to 2.63 nairas per share, an increase of 34.8% from 1.95 nairas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 44.86 billion nairas, a gain of 34.8% from 33.29 billion nairas in the year-earlier period.

The normalized profit margin climbed to 39.1% from 32.1% in the year-earlier period.

Total revenue climbed 10.8% year over year to 114.74 billion nairas from 103.57 billion nairas, and total operating expenses grew 14.8% year over year to 56.32 billion nairas from 49.03 billion nairas.

Reported net income rose 45.7% on an annual basis to 69.64 billion nairas, or 4.09 nairas per share, from 47.78 billion nairas, or 2.80 nairas per share.

As of May 5, US$1 was equivalent to 199 nairas.