Dangote Cement Income Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
Revenue	4,926,155	4,306,704	3,580,550	2,208,090	1,618,323	1,383,637
Revenue Growth	18.00%	20.28%	62.16%	36.44%	16.96%	33.79%
Cost of Revenue	1,744,064	1,641,488	1,651,505	1,009,326	664,538	552,486
Gross Profit	3,182,091	2,665,216	1,929,045	1,198,764	953,785	831,151
Selling, General & Admin	1,077,747	936,635	832,332	487,888	371,493	253,202
Other Operating Expenses	1,548	-27,799	-27,974	-20,495	-3,511	-5,342
Operating Expenses	1,079,295	908,836	804,358	467,393	367,982	248,201
Operating Income	2,102,796	1,756,380	1,124,687	731,371	585,803	582,950
Interest Expense	-136,393	-346,196	-448,081	-144,530	-75,242	-56,326
Interest & Investment Income	28,867	82,144	168,572	27,405	38,715	20,765
Earnings From Equity Investments	4,230	2,493	2,818	1,231	759	817
Currency Exchange Gain (Loss)	-11,839	27,798	-249,322	-164,077	-53,929	-8,766
Other Non Operating Income (Expenses)	-26,857	1,144	106,508	98,808	27,823	-615
EBT Excluding Unusual Items	1,960,804	1,523,763	705,182	550,208	523,929	538,825
Gain (Loss) on Sale of Assets	627	627	13,031	2,447	21	378
Asset Writedown	-831	-831	-1,015	-702	-1,972	-1,338
Pretax Income	1,964,187	1,532,660	732,537	553,104	524,002	538,366
Income Tax Expense	717,735	517,739	229,290	97,521	141,691	173,927
Earnings From Continuing Operations	1,246,452	1,014,921	503,247	455,583	382,311	364,439
Minority Interest in Earnings	154	-12,074	-5,055	-10,369	-6,323	-3,431
Net Income	1,246,606	1,002,847	498,192	445,214	375,988	361,008
Net Income to Common	1,246,606	1,002,847	498,192	445,214	375,988	361,008
Net Income Growth	30.52%	101.30%	11.90%	18.41%	4.15%	31.24%
Shares Outstanding (Basic)	16,752	16,752	16,752	16,818	16,880	17,000
Shares Outstanding (Diluted)	16,752	16,752	16,752	16,818	16,880	17,000
Shares Change	-	-	-0.39%	-0.37%	-0.71%	-0.24%
EPS (Basic)	74.42	59.86	29.74	26.47	22.27	21.24
EPS (Diluted)	74.42	59.86	29.74	26.47	22.27	21.24
EPS Growth	30.52%	101.30%	12.34%	18.85%	4.89%	31.55%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
Free Cash Flow	1,276,557	849,673	407,407	538,568	313,222	438,201
Free Cash Flow Per Share	76.20	50.72	24.32	32.02	18.56	25.78
Dividend Per Share	45.000	45.000	30.000	30.000	20.000	20.000
Dividend Growth	50.00%	50.00%	0%	50.00%	0%	25.00%
Gross Margin	64.60%	61.88%	53.88%	54.29%	58.94%	60.07%
Operating Margin	42.69%	40.78%	31.41%	33.12%	36.20%	42.13%
Profit Margin	25.31%	23.29%	13.91%	20.16%	23.23%	26.09%
Free Cash Flow Margin	25.91%	19.73%	11.38%	24.39%	19.36%	31.67%
EBITDA	2,301,978	1,964,065	1,346,568	878,176	703,738	681,530
EBITDA Margin	46.73%	45.61%	37.61%	39.77%	43.49%	49.26%
D&A For EBITDA	199,182	207,685	221,881	146,805	117,935	98,580
EBIT	2,102,796	1,756,380	1,124,687	731,371	585,803	582,950
EBIT Margin	42.69%	40.78%	31.41%	33.12%	36.20%	42.13%
Effective Tax Rate	36.54%	33.78%	31.30%	17.63%	27.04%	32.31%
Advertising Expenses	-	23,741	7,974	7,797	7,514	3,206