Shares of Dangote Cement Plc, Nigeria’s largest listed company both by assets and market capitalisation, rose 5.92 percent in early trade, Thursday, on the Nigerian Stock Exchange (NSE) after the cement maker almost doubled profit after tax in 2018.
The stock, which had opened at N192.50, gained N11.40 to N203.90 as at 10:45 am Nigerian time in Lagos.
Net profit of Africa’s largest cement manufacturer rose 91 percent to N390.33bn from N204.25bn it earned a year earlier, making the company’s directors propose a dividend of N16 per share.
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.
