Dangote Cement announced 48.63% declined in profit after tax for the financial year ended December 31, 2019.
In the financial results released through the Nigerian Stock Exchange (NSE) on Wednesday the company’s profit before tax stood at N250.479 during the period under review, a 16.73 percent down from the N300.806 billion reported in 2018.
While the profit after tax declined by 48.63 percent from N390.325 billion in 2018 to N200.521 billion for the 2019 financial year.
The board of the company proposed N16 per share subject to the approval of the shareholders.
Commenting on the report, Joe Makoju, the Chief Executive Officer, said, “Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets. The Nigerian operations maintained volume and revenue performance in a challenging environment. Export sales were affected by the border closure in the second half of 2019. Looking ahead, I expect an increase in volumes in 2020 as we commence clinker exports via shipping from Nigeria.
“Pan-Africa volumes were slightly up notably supported by Tanzania and Senegal. I am glad to report that Tanzania contributed positively at EBITDA level. In 2020, I believe Dangote Cement will see an increase in profitability in Pan-Africa driven by higher volumes and further efficiency improvements.
“As I retire from Dangote Cement, I am proud to have watched it grow from a local producer back in 2007 to a major force in global cement production. Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement, serving neighbouring countries. I wish Mr Michel Puchercos all the best as the new Group Chief Executive Officer of Dangote Cement.”