Leading cement manufacturer, Dangote Cement Plc, has declared an increased revenue of N442.09 billion in the last nine months, the Company’s financial report released on Thursday at the Nigerian Stock Exchange indicated.
The revenue in the nine month ended September 30, 2016 was 20.97 per cent higher than the figure recorded during the same period in 2015, despite the harsh operating environment, a development attributed to management’s strategy to leverage on its pan-African status.
The report indicated that Dangote Cement increased the revenue by N76.642 billion from N365.450 billion it made during the same period in 2015.
The crises of foreign exchange gulped a huge amount of its revenue, as it spent N231.684 billion on cost of sales during the review period of nine months in 2016 as against N138.694 billion spent on the same purpose in nine months in 2015.
The enormous money spent on cost of sales affected the profit after tax of Dangote Cement from N157.993 billion it made in nine months 2015 to end the current period with N133.521 billion.
Reflecting on its outlook, the Managing Director of the Company, Onne Van der Weijde, said the management is confident of delivering strong growth this year despite the challenging economic conditions facing Nigeria and the rest of Africa.
Dangote Cement achieved particularly strong sales growth in Nigeria.