Dangote Cement grows PAT by 5.37% to ₦119.24 billion in H1’19

Dangote Cement grows PAT by 5.37% to ₦119.24 billion in H1’19

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

Midea Showrooms And Stores In Nigeria

If you’ve been wondering where Midea showroom and stores are in Nigeria below is a list of Showrooms and...
- Advertisement -
- Advertisement -

Despite its weak Revenue in H1’19 resulting from reduced sales of Cement and other products, Dangote Cement Plc, a leading player in the Nigerian Cement Industry grew its Profit After Tax (PAT) for the period by 5.37% to ₦119.24 billion in H1’19 as against ₦113.16 billion in H1’18.

On the downside, the group’s total Revenue eased by 3.05% from ₦482.44 billion in H1’18 to ₦467.73 billion in H1’19 owing to a 3.04% and 18.71% reduction in the Revenues from the sales of Cement (to ₦467.60bn) and Other product of the group (to ₦126 million).

The group also incurred an increase of 1.07% and 29.22% in Administrative, and Selling and Distribution expenses respectively in H1’19 compared to H1’18 period. The groups’ Administrative expenses increased to ₦24.98 billion in H1’19 as against ₦24.71 billion in H1’18, while Selling and Distribution expenses increased to ₦80.31 billion in H1’19 as against the ₦62.15 billion expended in H1’18.

Read:  Dell Technologies Gen Z Research Reveals Good News: We Haven’t Raised a Generation of Robots

The increase in Administrative expenses could be attributed to the slight increases in
Management fee (up by 37.37% to ₦2.01 billion) and Other expenses (up by 11.20% to ₦9.01 billion); while the increase in Selling and Distribution expenses was driven by a 33.46% increase in Haulage expenses (to ₦55.79 billion) and a 141.09% increase in Advertisement and Promotion cost (to ₦3.09 billion).

Read:  Dangote Sign An Agreement With Chevron On Gas Supply

On the positive, the group Finance cost eased by 8.9% to ₦19.62 billion in H1’19 as against ₦21.53 billion in H1’18. This could be attributed to the increased funding of the group’s operation with loans from the parent company and cheaper instruments like Commercial paper as against high interest-bearing loan.

Read:  The ups and downs of building a pan-African business: In conversation with Aliko Dangote

Despite the group’s Profit Before Tax (PBT – ₦155.49 billion) trailing that of H1’18 by 16.20%, its Basic Earnings Per Share (EPS) ₦7.00k, usurp that of H1’18 by 5.37% due to a 49.92% reduction in Income tax to ₦36.25 billion in H1’19 as against ₦72.37 billion in H1’18.

 

GTI Research

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Will Facebook Become A Bank?

Facebook founder Mark Zuckerberg may regret the day he supported the idea of more regulation and higher taxes for the tech...

Vinpearl Announced Its Strategies to Expand International Markets and Aviation Cooperation

HANOI, VIETNAM - Media OutReach - 25 February 2020 - On February 20, 2020, Vinpearl JSC announced its strategies to expand international markets to many countries and...

Konga Targets $10 Million Turnover By 2024

E-commerce giant, Konga has revealed that the business will hit the $10 million daily turnover mark by 2024. To realise the target, Konga has disclosed...

Lucky LaLiga Fans To Watch ElClásico With Their Barça & Real Madrid Heroes

Real Madrid and Barcelona supporters in Nigeria, Mexico and Colombia can view Sunday’s hugely awaited LaLiga ElClásico in the presence of legends and LaLiga...
%d bloggers like this: