Dangote Cement Plc has posted its earnings report for the first-half (H1) of the year 2020.This was disclosed in the interim financial statement the company sent to the Nigerian Stock Exchange on Friday.
The unaudited result for the period showed that the nation’s largest cement manufacturer declared a profit of N126.14 billion, against N119.24 billion recorded H1 of 2019.
It posted revenue of N476.85 billion for the period ended June 2020 compared to N467.73billion recorded for the period ended June 2019, showing
a 2% increase in the comparative period in 2019.
Its Profit before tax was ₦N162.85 billion for the period ended June 2020 from ₦ 155.48 billion reported for the period ended June 2019. The company’s cost of sales went up to N202.42billion in H1’20 from H1’19 level of N193.17billion, up 4.8%.
Dangote Cement Plc, however, reported earnings per share of 745kobo for the period ended June 2020 compared 707 kobo reported for the comparative period in 2019.
The decline in Group Revenue was because of the weak Revenue from its Nigerian operations (-1.3% y/y to N610.2 billion), as the growth in sales volumes generated by sales promotions could not cushion the impact of price discounts offered to customers.