Despite Economic Hardships and Cement Price Surge, Dangote Cement Reports Significant Profit
Amidst complaints about the rising cost of cement in Nigeria, Dangote Cement has announced a substantial profit for the year ending 2023, with earnings exceeding N455 billion, marking a 19% increase compared to the previous year.
While Nigerians grapple with the high cost of cement, Dangote Cement has disclosed a remarkable profit of over N455 billion for the year ending 2023, indicating a 19% increase from the previous year. This announcement comes at a time when the surge in cement prices in Nigeria has begun to hinder construction activities across the country.
Dangote Cement's financial report for the end of December 2023 revealed that the company's revenue reached N2.208 trillion, up 36% from 2022, according to Daily Trust. The profit after tax for the year 2023 increased to N553 billion from N524 billion in 2022. Additionally, the company announced a dividend of N30 per share, compared to N20 per share in the previous year, as reported by Nairametrics.
This financial success occurs amidst widespread concern over the escalating price of cement in Nigeria, which has exceeded N10,000 in some areas, drawing public attention. Following discussions between the Minister of Works and cement companies including Dangote, BUA, and Lafarge, a consensus was reached to potentially lower the price of cement to N7,000.
President Tinubu has called for a reduction in cement prices to previous levels. Minister of Works, Dave Umahi, conveyed Tinubu's dismay at the rising cement prices and his directive for companies to adjust their pricing.
Source: Legit.ng
