Dangote Cement Plc reported a pre-tax profit of N1.47 trillion for the 9 months ended September 30, 2026, up 41.5% from N1.04 trillion a 12 months earlier. Profit after tax rose 31.2% to N974.79 billion, with earnings per share at N58.37, up from N43.82.
This is in accordance to the corporate’s unaudited third-quarter monetary statements filed with the Nigerian Exchange (NGX) on Tuesday, October 27.
The pre-tax profit grew quicker than income, which rose 19.6% to N3.77 trillion, and quicker than working profit, which rose 27.8% to N1.57 trillion, as a result of finance costs fell sharply.
Key highlights (9M 2026 vs 9M 2025):
- Revenue: N3.77 trillion (up 19.6% from N3.15 trillion)
- Gross profit: N2.39 trillion (up 27.7% from N1.87 trillion)
- EBITDA: N1.77 trillion (up 23.7% from N1.43 trillion)
- Operating profit: N1.57 trillion (up 27.8% from N1.23 trillion)
- Profit earlier than tax: N1.47 trillion (up 41.5% from N1.04 trillion)
- Profit after tax: N974.79 billion (up 31.2% from N743.26 billion)
- Earnings per share: N58.37 (up 33.2% from N43.82)
- Total monetary liabilities: N539.61 billion (Down 31.40% from N786.61 billion).
- This includes N274.54 billion in non-current monetary liabilities and N265.07 billion in present monetary liabilities.
- Cash and money equivalents: N592.67 billion (Up 49.07% from N397.57 billion).
- Total property: N6.15 trillion (Up 1.82% from N6.04 trillion).
- Shareholders’ funds: N2.68 trillion (Up 2.31% from N2.62 trillion).
Driving the numbers:
Pre-tax margin widened to about 39.0% from 33.0% as gross margin improved to about 63.2% from 59.2%.
- Production costs dropped to solely 7.9% at N1.39 trillion.
- Fuel and energy, the biggest price, rose 2.0% to N580.49 billion, and depreciation and plant upkeep fell.
- Finance costs additionally fell 57.8% to N120.80 billion from N286.04 billion.
- Interest expense dropped from N281.76 billion to N102.92 billion, and N30.96 billion was capitalised, leaving N71.96 billion recognised.
This greater than offset web overseas alternate losses, which rose to N40.77 billion from N1.13 billion.
Third-quarter pre-tax profit:
Comparing the nine-month outcomes with the first-half figures means that third-quarter pre-tax profit was about N491.11 billion.
- This is 57.9% greater than the estimated N310.97 billion recorded within the third quarter of 2025.
- However, it’s 12.3% decrease than the N560.22 billion reported within the second quarter of 2026.
- The figures additionally counsel that third-quarter finance costs fell to about N8.7 billion, from N112.11 billion within the first half.
The decrease costs could partly mirror a smaller web overseas alternate loss. The loss for the 9 months was N40.77 billion, in contrast with N45.03 billion within the first half
Tax and segments:
Income tax rose 67.2% to N497.71 billion, lifting the efficient tax price to about 33.8% from 28.6%, which is why after-tax profit grew 31.2% towards 41.5% for pre-tax profit. The firm notes the interim price is an estimate of the annual weighted price.
- Nigeria generated income of N2.67 trillion (up 22.5%) and EBITDA of N1.60 trillion, about 90% of group EBITDA earlier than central costs, however its profit for the interval rose solely 3.4% to N849.40 billion.
- Pan-Africa income rose 12.6% to N1.19 trillion and working profit rose 64.4% to N146.46 billion, however the phase reported a lack of N7.86 billion, towards a profit of N182.73 billion a 12 months earlier.
Haulage costs rose 23.5% to N489.29 billion and make up nearly four-fifths of promoting and distribution costs of N618.87 billion, which rose 23.6%.
Balance sheet:
The group moved from web debt of about N310 billion firstly of the interval to web money of about N115 billion.
- Loans and borrowings fell to N477.77 billion from N707.53 billion, and business paper of N209.61 billion was repaid. Total monetary liabilities had been N539.61 billion, down 31.4%.
- Cash rose 49.1% to N592.67 billion.
- Operating money stream rose 41.5% to N1.83 trillion, and the corporate paid dividends of N753.85 billion and repaid loans of N992.65 billion.
- Current liabilities of N2.75 trillion exceed present property of N1.97 trillion, a present ratio of 0.72 instances, with commerce and different payables up 18.0% to N1.50 trillion.
- Capital commitments had been N2.31 trillion, greater than double the N1.12 trillion at December 2025.
The group additionally booked a N160.44 billion loss on translating overseas operations, towards a achieve of N7.91 billion, so complete complete earnings rose solely to N814.36 billion from N751.17 billion.
Market response:
Dangote Cement closed at N1,341.90 on October 27, 2026, up 9.8% on the day on about 4.29 million shares traded.
The inventory is up about 120.34% 12 months to date from N609.00, and about 25.8% for the month, and has handed its earlier 52-week excessive of N1,189, with a spread of N534.60 to N1,341.90.
With the top off greater than 120% this 12 months, the market already costs in sturdy earnings.
The subsequent checks are whether or not margins maintain as supplies and haulage costs rise, and the way the N2.31 trillion of commitments is funded from the money now readily available.
