By Abubakar Yunusa
Dangote Cement has announced a net profit of N503.2 billion for the 2024 financial year, reflecting a 10% increase from the N455.6 billion recorded in 2023.
The cement giant also reported a significant surge in revenue, posting N3.58 trillion in 2024, a 62% rise from the N2.21 trillion achieved the previous year.
The company maintained a gross margin of 54%, consistent with 2023, with gross profit standing at N1.9 trillion. Dangote Cement also recorded an operating profit of N1.15 trillion, a 57% increase compared to N734.3 billion in 2023.
Despite this strong performance, the company faced significant financial pressures, including interest expenses of N448.1 billion and foreign exchange losses of N249 billion from international operations.
This brought total interest expenses for the year to N700 billion.
The company’s pre-tax profit rose to N732.5 billion, up from N553.1 billion in 2023. After a net tax expense of N229.3 billion, Dangote Cement reported a net profit of N503.2 billion.
A closer look at the company’s performance reveals contrasting results across different markets. Dangote Cement’s Nigerian operations recorded a net profit of N1.18 trillion, while its pan-African operations reported a net loss of N24.4 billion.
Revenue from Nigerian cement sales reached N2.06 trillion, with exports contributing N128.3 billion. Meanwhile, the group’s other African operations generated N1.48 trillion in revenue.
Dangote Cement’s financial performance in 2024 highlights its resilience despite economic challenges, including foreign exchange fluctuations and rising interest expenses.
The company remains a dominant player in the African cement industry and continues to expand its footprint across the continent.
