Dangote Cement Plc said its normalized net income for the first quarter amounted to 2.94 nairas per share, a gain of 45.2% from 2.03 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 50.10 billion nairas, a gain of 45.2% from 34.51 billion nairas in the year-earlier period.
The normalized profit margin declined to 24.1% from 24.6% in the year-earlier period.
Total revenue climbed 48.1% year over year to 208.17 billion nairas from 140.52 billion nairas, and total operating expenses grew 48.3% from the prior-year period to 125.12 billion nairas from 84.39 billion nairas.
Reported net income increased 36.2% from the prior-year period to 72.47 billion nairas, or 4.25 nairas per share, from 53.20 billion nairas, or 3.12 nairas per share.
As of April 28, US$1 was equivalent to 305.55 nairas.