Dangote Cement records 15 per cent drop in profit

By Moses Ebosele – 
 Come August 3, 2016, the management of Dangote Cement Plc will brief the Nigeria Stock Exchange (NSE) and other stakeholders on the financial state of the company especially the 15 per cent drop in its profit after tax and N292.1 Billion revenue for the first six months of 2016.
  Chief Executive Officer of the company, Onne Van der Weijde in a statement on Wednesday said “We have achieved a commendable result, given the very challenging situation in our main market and general economic weakening across Africa.”
    According to the company, Profit After Tax (PAT) within the period dropped from N121.8 Billion in 2015 to N103.4 Billion as at June 2016.
   The N292.1 Billion revenue represent 20.63 per cent increase when compared to N242.2 Billion generated within same period in 2015.
   The company also earned N61 million from sales of other products as against N119 million from sales of other product in 2015 half year.
 In its report to the Nigeria Stock Exchange (NSE), the company explained that it spent 47.64 per cent of its revenue on cost of sale in 2016 compared to 34.89 per cent spent during the same period of 2015.
  Detail of the report indicates that cost of sales increaded from N84.5 Billion in 2015 to N139.187 billion in 2016.