Dangote Cement, Nigeria’s most valuable company and partly owned by Africa’s richest man, more than doubled its comprehensive income to N1 trillion by
Dangote Cement, Nigeria’s most valuable company and partly owned by Africa’s richest man, more than doubled its comprehensive income to N1 trillion by converting net investments in overseas operations into naira, resulting in record windfall income.
According to its audited earnings report, which was released on Friday, comprehensive income—which is defined as cash earned from profit after tax plus extraordinary gains outside of a company’s regular sources of income rose by 150% from N405.4 billion to N796 billion.
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Profit before taxes increased to N553.1 billion, up 5.5%, while profit after taxes increased to N455.6 billion, up from N382.3 billion.
Dangote Cement recently surpassed Airtel Africa to become Nigeria’s largest corporation by market value on the NGX. At present, the corporation has a market capitalization of N11.7 trillion.
Since a new government entered office in May of last year, the value of the naira against the dollar has dropped by more than 70%, exacerbating Nigeria’s currency crisis.
Numerous business entities like Nigerian Breweries, Nestle Nigeria, and Guinness Nigeria have suffered losses due to the Naira’s decline, which has caused some multinational corporations to relocate. The Naira’s value against the US dollar has been steadily rising in recent months.
According to its website, the largest cement manufacturer in Sub-Saharan Africa is present in nine African countries in addition to Nigeria.
For the last five years, Dangote Cement has paid dividends regularly. In light of its outstanding success in comparison to the N20 per share distributed the previous year, the blue-chip company announced a dividend of N30 per share.
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