The board of Dangote Cement Plc, on Monday presented the audited financials for the nine months ended September 30, 2018, which showed slow growth in sales revenue, amidst the high sales cost, administrative, as well as selling and distribution expenses, which combined to keep net profit flat, compared to corresponding period of 2017.
Sales revenue for the period stood at N685.29bn, up by 13.54% from the previous N603.575bn; while production cost of sales increased by 10.71% from N259.854bn to N287.682bn; resulting in gross profit of N397.608bn, up by 15.68% from N343.721bn.
Administrative expenses climbed 16.65% from N32.673bn to N38.112bn; just as selling and distribution expenses rose 20.20% to N97.152bn from N80.824bn.
Other income was up 54.92% from N2.915bn to N4.516bn; leaving profit from operating activities at N266.86bn, as against the N233.139bn, or 14.46%. Finance income suffered a 60.61% decline from N26.96bn to N10.619bn; and finance costs by 24.56% from N39.917bn to N30.115bn.
Profit before tax inched 12.35% up from N220.182bn in 2017Q3 to N247.364bn; while a 34.86% increase in income tax expense at N89.087bn, from N66.06bn, left net profit at N158.277bn, a 2.7% limp from N154.277bn.
Exchange differences on translating net investments in foreign operations for the period rose 18.27% to N21.565bn from N18.233bn; resulting in total comprehensive income for the year of N179.842bn, which was 4.34% better than the N172.355bn in 2017.
Earnings Per Share rose 2.7% to N9.29, as against the preceding nine-month’s N9.04 each.