Dangote Cement Cash Flow Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,002,847	498,192	445,214	375,988	361,008
Depreciation & Amortization	214,306	228,011	150,722	120,109	100,526
Other Amortization	720	948	438	281	240
Loss (Gain) From Sale of Assets	-627	-13,031	-2,447	-21	-378
Asset Writedown & Restructuring Costs	831	1,015	702	1,972	1,338
Loss (Gain) on Equity Investments	-2,493	-2,818	-1,231	-759	-817
Other Operating Activities	644,330	328,776	54,655	37,854	187,575
Change in Accounts Receivable	-109,043	-46,762	-37,304	457	-11,173
Change in Inventory	-88,406	-275,135	-155,892	-70,345	-60,526
Change in Accounts Payable	-57,585	372,322	286,410	-22,429	26,846
Change in Other Net Operating Assets	105,882	-270,334	-69,326	-65,886	-16,000
Operating Cash Flow	1,710,762	821,184	678,789	387,835	596,709
Operating Cash Flow Growth	108.33%	20.98%	75.02%	-35.00%	16.57%
Capital Expenditures	-861,089	-413,777	-140,221	-74,613	-158,508
Sale of Property, Plant & Equipment	1,057	2,413	5,640	106	1,238
Sale (Purchase) of Intangibles	-298	-305	-118	-307	-848
Other Investing Activities	1,480,684	-423,214	108,780	-52,008	31,249
Investing Cash Flow	620,354	-834,883	-25,919	-126,822	-126,869
Long-Term Debt Issued	1,097,834	1,817,924	491,685	338,454	329,115
Long-Term Debt Repaid	-2,273,821	-1,285,217	-345,823	-270,599	-326,941
Net Debt Issued (Repaid)	-1,175,987	532,707	145,862	67,855	2,174
Repurchase of Common Stock	-	-	-41,423	-35,323	-9,833
Common Dividends Paid	-502,942	-502,580	-337,471	-337,471	-272,005
Other Financing Activities	-397,637	-341,670	-118,984	-68,840	-52,558
Financing Cash Flow	-2,076,566	-311,543	-352,016	-373,779	-332,222
Foreign Exchange Rate Adjustments	-23,680	24,807	-19,557	252	-15,289
Net Cash Flow	230,870	-300,435	281,297	-112,514	122,329
Free Cash Flow	849,673	407,407	538,568	313,222	438,201
Free Cash Flow Growth	108.56%	-24.35%	71.94%	-28.52%	45.33%
Free Cash Flow Margin	19.73%	11.38%	24.39%	19.36%	31.67%
Free Cash Flow Per Share	50.72	24.32	32.02	18.56	25.78
Cash Interest Paid	397,637	341,670	118,984	68,840	52,558
Cash Income Tax Paid	159,584	174,458	166,129	150,766	33,408
Levered Free Cash Flow	600,971	72,749	511,981	112,843	321,824
Unlevered Free Cash Flow	817,344	352,799	602,312	159,869	357,028
Change in Working Capital	-149,152	-219,909	23,888	-158,203	-60,853

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.