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Dangote Cement’s half-year profits drop

Dangote Cement Plc has released its interim financial statements the second quarter and half-year period ended June 30, 2014, showing drops in its profit after tax for the period.

In the three months ended June 30, 2014, the group grew its revenue by 2.24 per cent to N105.339bn from N103.035bn in the corresponding period of 2013.

Dangote Cement’s condensed consolidated and separate statement of profit or loss and other comprehensive income showed that gross profit edged up by 1.46 per cent from N66.101bn to N67.066bn in the review period.

While the group’s profit before tax for the second quarter rose marginally by 0.11 per cent to N54.055bn from N53.997bn, its profit after tax declined.

The statement showed that the group’s profit after tax fell to N47.819bn in the second quarter from N53.946bn in the corresponding quarter of 2013.

In the half-year period ended June 30, 2014, Dangote Cement Plc, however, saw both its profit before tax and profit after tax drop.

The group’s financial statements, filed with the Nigerian Stock Exchange on Friday showed that its profit before tax declined by 0.57 per cent in the first six months of 2014 to N107.069bn from the N107.681bn it declared for the half-year ended June 30, 2013.

In the same vein, albeit with a higher margin, the group’s half-year profit after tax dropped by 11.37 per cent to N95.439bn from N107.681bn.

The group’s gross profit, however, appreciated by 1.06 per cent to N133.539bn in the review period from N132.136bn, while its revenue rose by 5.26 per cent to N208.908 from N198.463bn.

Listed in the building material sub-sector of the NSE’s industrial goods sector, Dangote Cement is the most capitalised company quoted on the Exchange.

The group has a market capitalisation of N3.851tn with over 17 billion shares.

On Friday, investors exchanged 386,672 of the company’s shares valued at N87.623m in 63 deals with the stock recording a price depreciation of 2.57 per cent or N5.95 to close at N226.

Dangote Cement had declared a profit after tax of N50.479bn in the first quarter of 2014, representing an N3.602 or 6.6 per cent fall from the N54.081bn it posted in the same period of last year.

The company’s profit before tax had, however, appreciated in the first quarter, rising by N1.941bn or 3.5 per cent to N56.022bn from N54.081 in the first quarter of 2013.

The cement firm’s Q1 gross profit was also up, albeit marginally, by 0.8 per cent. It rose to N66.379bn from N65.839bn, the group witnessed an eight per cent or N7.447bn increase in its revenue during the three months ended March 31, 2014 with its revenue rising to N99.769bn in Q1, 2014 – from N92.322bn in the corresponding period of 2013.

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