Dangote Cement Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	4,174,734	3,580,550	2,208,090	1,618,323	1,383,637	1,034,196
Revenue Growth (YoY)	28.29%	62.16%	36.44%	16.96%	33.79%	15.98%
Cost of Revenue	1,702,389	1,651,505	1,009,326	664,538	552,486	439,342
Gross Profit	2,472,345	1,929,045	1,198,764	953,785	831,151	594,854
Selling, General & Admin	923,872	832,332	487,888	371,493	253,202	210,836
Other Operating Expenses	-58,259	-38,767	-20,495	-3,511	-5,342	-3,433
Operating Expenses	865,613	793,565	467,393	367,982	248,201	209,197
Operating Income	1,606,732	1,135,480	731,371	585,803	582,950	385,657
Interest Expense	-502,167	-448,081	-144,530	-75,242	-56,326	-43,971
Interest & Investment Income	216,539	168,572	27,405	38,715	20,765	13,183
Earnings From Equity Investments	2,818	2,818	1,231	759	817	750
Currency Exchange Gain (Loss)	-28,374	-249,322	-164,077	-53,929	-8,766	16,631
Other Non Operating Income (Expenses)	49,826	106,508	98,808	27,823	-615	-17
EBT Excluding Unusual Items	1,345,374	715,975	550,208	523,929	538,825	372,233
Gain (Loss) on Sale of Assets	2,238	2,238	2,447	21	378	-
Asset Writedown	-1,015	-1,015	-702	-1,972	-1,338	-244
Pretax Income	1,367,127	732,537	553,104	524,002	538,366	373,310
Income Tax Expense	399,713	229,290	97,521	141,691	173,927	97,242
Earnings From Continuing Operations	967,414	503,247	455,583	382,311	364,439	276,068
Minority Interest in Earnings	-12,316	-5,055	-10,369	-6,323	-3,431	-988
Net Income	955,098	498,192	445,214	375,988	361,008	275,080
Net Income to Common	955,098	498,192	445,214	375,988	361,008	275,080
Net Income Growth	111.51%	11.90%	18.41%	4.15%	31.24%	36.90%
Shares Outstanding (Basic)	16,752	16,752	16,818	16,880	17,000	17,040
Shares Outstanding (Diluted)	16,752	16,752	16,818	16,880	17,000	17,040
Shares Change (YoY)	0.00%	-0.39%	-0.37%	-0.71%	-0.24%	-0.01%
EPS (Basic)	57.01	29.74	26.47	22.27	21.24	16.14
EPS (Diluted)	57.01	29.74	26.47	22.27	21.24	16.14
EPS Growth	111.50%	12.34%	18.85%	4.89%	31.55%	36.91%
Free Cash Flow	880,517	398,035	538,568	313,222	438,201	301,515
Free Cash Flow Per Share	52.56	23.76	32.02	18.56	25.78	17.70
Dividend Per Share	30.000	30.000	30.000	20.000	20.000	16.000
Dividend Growth	-	-	50.00%	-	25.00%	-
Gross Margin	59.22%	53.88%	54.29%	58.94%	60.07%	57.52%
Operating Margin	38.49%	31.71%	33.12%	36.20%	42.13%	37.29%
Profit Margin	22.88%	13.91%	20.16%	23.23%	26.09%	26.60%
Free Cash Flow Margin	21.09%	11.12%	24.39%	19.36%	31.67%	29.15%
EBITDA	1,866,423	1,357,361	878,176	703,738	681,530	474,797
EBITDA Margin	44.71%	37.91%	39.77%	43.49%	49.26%	45.91%
D&A For EBITDA	259,691	221,881	146,805	117,935	98,580	89,140
EBIT	1,606,732	1,135,480	731,371	585,803	582,950	385,657
EBIT Margin	38.49%	31.71%	33.12%	36.20%	42.13%	37.29%
Effective Tax Rate	29.24%	31.30%	17.63%	27.04%	32.31%	26.05%
Advertising Expenses	-	7,974	7,797	7,514	3,206	12,178

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.