Dangote Cement Plc, Nigeria’s largest listed company both by assets and market capitalisation, almost doubled profit after tax in the 12 months to December 2018, the company said in its audited financial statement released Wednesday by the Nigerian Stock Exchange in Lagos.
Net profit rose 91 percent to N390.33bn from N204.25bn it earned a year earlier, according to the statement.
Announcement of the earnings came before the company informed the investing public about the resignation of Brian Egan, its Chief Financial Officer (CFO), effective Feb. 28.
Egan, who doubled as an Executive Director of Dangote Cement, voluntarily resigned to return to Ireland and spend more time with his family, according to a notice sent to the NSE.
Increase in the profit was driven by sales growth, increased operating profit, lower finance costs and high income tax credit to the firm.
Revenue rose 11.87 percent to N901.21bn, from N805.58bn a year earlier. Despite the cost of goods sold rising to N383.31bn from N351.29bn, the cement manufacturer grew gross profit by 14 percent to N517.90bn as against N454.29bn achieved in 2017.
Dangote Cement recorded a pre-tax profit of N300.81bn in 2018, indicating a marginal increase of 3.87 percent from N289.59bn realised in the previous year, while earnings per share almost doubled to N22.83 in 2018 from N11.65.
Although Dangote Cement’s shares remained unchanged at N192.50 by the close of trading in Lagos Wednesday, the stock has returned 1.48 percent since the start of the year.
