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Dangote Cement profit misses consensus by 36.5% in Q2

Dangote Cement Plc said its normalized net income for the second quarter came to 2.72 nairas per share, compared with the S&P Capital IQ consensus estimate of 4.28 nairas per share.

In the prior-year period, the per-share result was a profit of 2.72 nairas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 46.32 billion nairas, compared with 46.36 billion nairas in the prior-year period.

The normalized profit margin dropped to 23.0% from 30.6% in the year-earlier period.

Total revenue increased 34.8% on an annual basis to 204.51 billion nairas from 151.67 billion nairas, and total operating expenses rose 13.4% from the prior-year period to 124.49 billion nairas from 109.78 billion nairas.

Reported net income grew 33.9% year over year to 71.02 billion nairas, or 4.17 nairas per share, from 53.05 billion nairas, or 3.11 nairas per share.

As of July 28, US$1 was equivalent to 314.55 nairas.