Dangote’s Cement nets N1.61tn in 2022

Dangote Cement, owned by billionaire, Aliko Dangote, has reported that its revenue for the year ended 2022 rose by 16.96 per cent year-on-year, while its net profit grew 4.90 per cent.

Ripples Nigeria learnt this in Dangote Cement’s Consolidated and Separate Statements for the year ended December 2022.

Between January to December 2022, Dangote Cement generated N1.61 trillion in revenue, which is N234.68 billion more than the N1.38 trillion grossed same period in 2021.

The cement manufacturer’s cost of production also shoots up during the review period, as Dangote Cement spent N662.89 billion to ensure its products are available in the market.

It was gathered that the production expense increased by 20.30 per cent when compared to the N551.01 billion spent in 2021, the financial statements showed.

Read also:Nigeria’s earnings on cement export to rise, as Dangote signs deal with Chinese firm

This means the cost of production grew faster than the turnover of Dangote Cement within the first quarter and fourth quarter of last year.

Also, the profit after tax fell behind the revenue and cost of production growth, as the manufacturer recorded a 4.90 per cent or N17.87 billion increase year-on-year.

Within the 12 months period of 2022, Dangote Cement’s bottom line was N382.31 billion, in contrast to the N364.43 billion reported as net profit a year before.

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