Major cement producer, Dangote Cement has posted a drop in performance in its Q3 2019 financial statement for the 9 months period ended September 30, 2019.
The company made N679.8 billion selling about 348.3 million bags of cement as against N685.3 billion in 2018. This represents a 0.80 percent drop in revenue.
25.56 percent increase in selling and distribution expenses coupled with a marginal increase of 0.81 percent in production cost of sales drove down the company’s profit before tax by 20 percent to N197.7 billion from N247.4 billion in 2018.
Profit after tax also dropped by a marginal 2.5 percent to N154.4 billion in the review period from N158.3 billion in 2018.
Earnings per share for the period dropped to N9.10 from N9.25 in 2018.
Dangote Cement is currently trading at N149 on the floor of the Nigerian Stock Exchange (NSE). Year to date the stock is down by 19.9 percent.
www.ripplesnigeria.com
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