Dangote Cement Plc said its fourth-quarter normalized net income was 53 kobo per share, a decline of 56.6% from 1.21 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 8.96 billion nairas, a decrease of 56.6% from 20.64 billion nairas in the year-earlier period.
The normalized profit margin declined to 7.1% from 25.3% in the year-earlier period.
Total revenue climbed 55.1% on an annual basis to 126.28 billion nairas from 81.42 billion nairas, and total operating expenses rose 61.7% year over year to 90.66 billion nairas from 56.06 billion nairas.
Reported net income declined 9.7% year over year to 17.92 billion nairas, or 1.05 nairas per share, from 19.85 billion nairas, or 1.16 nairas per share.
For the year, the company's normalized net income totaled 7.18 nairas per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12.01 nairas.
EPS rose from 6.87 nairas in the prior year.
Normalized net income was 122.35 billion nairas, an increase from 117.13 billion nairas in the prior year.
Full-year total revenue rose year over year to 491.73 billion nairas from 391.64 billion nairas, and total operating expenses grew year over year to 282.60 billion nairas from 203.90 billion nairas.
The company said reported net income rose year over year to 184.99 billion nairas, or 10.86 nairas per share, in the full year, from 160.58 billion nairas, or 9.42 nairas per share.
As of March 1, US$1 was equivalent to 199.05 nairas.