Dangote Cement Plc released 2023 second-quarter results, with pre-tax profits down 14% to N93 billion.
Pre-tax profits for the first half of the year increased to N239.9 billion from N264.8 billion during the same period in 2022.
Due to the naira’s unification, Dangote Cement also reported an exchange rate loss of N103.8 billion in the second quarter of the year.
Dangote Cement reported strong operating profit earnings in the second quarter of the year represented by a 65% increase in operating profits.
They did, however, suffer foreign exchange losses totaling N103.8 billion, just like the majority of corporations.
Dangote Cement’s loans have a N217.4 billion foreign component made up of letters of credit. The interest rate on the loans is 10% above the Secured Overnight Financing Rate.
Key highlights 2023 Q2:
Revenue N544.1 billion +37.8%
Operating profit N93 billion +64.9%
Finance cost N130.1 billion +385%
Exchange rate loss of N103.8 billion
Short-term loans N683.4 billion vs N338 billion (2023 Q1)
Long-term loans N370.7 billion vs N342 billion (2023 Q1)
Working capital -N233.7 billion vs N126.2 billion (2023 Q1)
Gross margins 59.7% vs 57.4% YoY
Operating profit margin 41% vs 34.3%
Earnings per share N3.95 vs N3.92
Net cash flow from operating activities N355.2 billion
Production volume 6,909 vs 6749
