Dangote Cement hit N503 billion net profit in 2024 

Dangote Cement posted a net profit of N503.2 billion in the 2024 financial year. It marks a 10 percent growth from the N455.6 billion recorded in 2023.  

The group posted a revenue of N3.58 trillion in 2024, which was 62 percent higher than the N2.21 trillion recorded in 2023. With a gross profit of N1.9 trillion, Dangote’s Cement’s gross margin in 2024 was 54 percent. This corresponds with the 54 percent gross margin recorded in 2023 when the group had a gross profit of N1.2 trillion.   

Dangote Cement reported an operating profit of N1.15 trillion in 2024, representing a 57% increase from the N734.3 billion recorded in 2023. However, the company faced significant financial pressures. Interest expenses amounted to N448.1 billion, while foreign exchange losses from its international operations reached N249 billion. As a result, total interest expenses for the year stood at N700 billion.  

The group’s pre-tax profit increased to N732.5 billion, from N553.1 billion recorded in 2023. With a net tax expense of N229.3 billion, the group’s net profit was N503.2 billion.  

Dangote Cement pan-African operations

Further review shows that Dangote Cement’s Nigerian operations recorded a net profit of N1.18 trillion. In contrast, its other African operations posted a net loss of N24.4 billion.  

In 2024, the group recorded a revenue of N2.06 trillion from its cement sales in Nigeria. Dangote Cement Nigeria also exported about N128.3 billion worth of cement. The group’s other African operations recorded a revenue of N1.48 trillion.  

Dangote Cement’s operations include cement production in South Africa, Ethiopia, Zambia, Senegal, Zambia, DR Congo, Kenya, Madagascar, Nepal, Zimbabwe, and Congo.  

The group’s total assets grew to N6.4 trillion at the end of 2024. This represents a 63% increase from N3.94 trillion in 2023. Its net assets increased to N2.18 trillion, from N1.73 trillion as of 2023.  

The group’s cash position declined by 70% in 2024. Net cash stood at N131.7 billion at the end of FY 2024, compared to N432.2 billion at the end of FY 2023. However, the group recorded an increase in operating cash flow. It posted N821.1 billion in operating cash flow at the end of FY 2024, up from N678.8 billion in 2023.  

The group’s earnings per share increased to N29.74. With a share price of N480, the stock has a price-to-earnings of 16.13x, making it one of the cheapest industrial goods stocks.