Dangote Cement has released its unaudited financial statements for Q1 2024, posting a gross turnover of N817.35 billion, representing a 101% year-on-year increase from the N406.7 billion sales posted in Q1 2022.
Despite recording massive revenue growth during the quarter under review, the group’s pre-tax profit hit N166.4 billion, marking a 13.3% year-on-year increase from the N146.8 billion pre-tax profit posted in Q1 2023.
The group’s profit after tax growth was even slimmer, as the Q1 2024 profit after tax (PAT) was N112.7 billion, a marginal 3% YoY growth from the N109.5 billion Q1 2023 PAT.
During the quarter under review, the group posted a production volume of 7.071 million tonnes, marking a year-on-year increase of 11.5% from Q1 2023’s 6.34 million tonnes. The group also sold 7.04 million tonnes of cement during the quarter, compared to 6.27 million tonnes sold in Q1 2023.
The significant revenue growth posted in Q1 2024 was offset by a net foreign exchange (FX) loss of N63.8 billion which was a 551% year-on-year increase from the N9.8 billion net FX loss posted in Q1 2023.
The group was also affected by the hike in benchmark interest rate, as its interest expenses hit N58.9 billion in Q1 2024, representing a 163% year-on-year increase from the N22.4 billion interest expense incurred in Q1 2023.