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Dangote Cement Q2 profit climbs 8.0% YOY

Dangote Cement Plc said its normalized net income for the second quarter came to 2.16 nairas per share, a gain of 8.0% from 2.00 nairas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.86 billion nairas, a gain of 8.0% from 34.12 billion nairas in the prior-year period.

The normalized profit margin dropped to 28.9% from 32.4% in the year-earlier period.

Total revenue grew 21.0% year over year to 127.48 billion nairas from 105.34 billion nairas, and total operating expenses grew 32.4% from the prior-year period to 63.51 billion nairas from 47.96 billion nairas.

Reported net income grew 10.9% on an annual basis to 53.45 billion nairas, or 3.14 nairas per share, from 48.19 billion nairas, or 2.83 nairas per share.

As of July 30, US$1 was equivalent to 199 nairas.