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Dangote Cement Posts N151.9bn Profit, to Pay N1.30 Dividend

Despite the much reported ‘glut’ in the cement industry in the last quarter of 2012, Dangote Cement Plc yesterday released its 2012 results, showing improvements  across its performance indicators.

Also for the first time since the company was listed on the Nigerian Stock Exchange (NSE), its published figures include financials from its Ghana operations.

The results released to the NSE showed that Dangote Cement recorded a turnover of N298.45 billion in 2012,  indicating a 23.63 per cent increase over N241.41 billion recorded in the corresponding period of 2011.

The company’s profit before tax grew by 19.22 per cent to N135.65 billion from N113.78 billion in 2011. Profit after tax stood at N151.93 billion, up by  25  per cent  from  N121.4 billion  in  2011. Its administrative expenses declined by 56.7 per cent to N14.65 billion from N22.9 billion in 2011.

Analysis of the results showed that although Q4 2012 sales of N77.4 billion were up  15 per cent year-on-year(yoy),  PBT grew much faster, by 57per cent yoy due to a combination of 865bp expansion in gross margin and a marked reduction in net interest cost to N331million compared with N4.0 billion in the comparable period of 2012.  In addition,  a tax credit of N14.2 billion (vs. N8.7 billion Q4 2011),  led to an even stronger growth in PBT of 59 per cent yoy.

Based on the results, the directors have recommended a dividend of N3.00 per share, up  marginally from N1.20 paid the precious year. The dividend would be paid on June 3, 2013  after the company’s annual general meeting on May 23, 2013.

Commenting on the results, analysts at FBN Capital, said “compared with our estimates, although sales came in around seven per cent higher than what we were looking for, PBT missed our forecast by 14 per cent  largely due to operating expenses  of N14.3 billion coming in significantly higher than the N6.9 billion that we had modelled.”

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