Dangote Cement

Dangote Cement hauled in record windfall income after converting net investments in foreign operations into the naira, more than doubling the company’s comprehensive income to N1 trillion. Comprehensive income, the cash earned from profit after tax in addition to extraordinary gains outside the regular sources of income of companies, climbed 150 per cent from N405.4 billion a year earlier, its audited earnings report showed Friday upon release. Nigeria’s currency crisis has been complicated by a slide of over 70…

Lafarge Africa saw earnings for 2023 drop to N51.4 billion for the first time in half a dozen years, during which not even waves of pandemic lockdowns battering other businesses were unable to slow the progress of its profitability. Details of its unaudited financials for the year showed that a jump in its accrued tax liabilities for the year weighed on the bottom line. An accumulation of obligations to tax authorities over the previous years hit N23.6 billion in 2023, translating to an 86.9 per cent surge.…

The Senate on Wednesday mandated its Committee on Industries to unravel the reasons behind the increase in the price of cement by producers of the commodity in Nigeria. The Senate President, Godswill Akpabio, directed the committee to find a possible solution to the high prices of cement and influence the manufacturing companies in the country to adhere to the regulations. The resolution was sequel to a motion sponsored by the senator representing Kwara South, Lola Ashiru, during the plenary. Mr Ashiru, a member…

Nigerian stocks appreciated 3.8 per cent last week, bringing their yield so far this year to about 42 per cent. Against analysts’ expectation that a hawkish stance at the next monetary policy committee meeting would cause interest to shift from equities to fixed-income securities, demand for stocks increased, helping to wipe out the loss reported for the penultimate week. The earnings reports of big names including Dangote Cement, MTN Nigeria, Seplat, the big 5 banks (excluding FBN Holdings) and Nestle are being…

Last week, Nigerian stocks reported their first weekly depreciation this year, dropping 2.5 per cent, as investors reaped accumulated gains on some stocks that have fairly appreciated. The market saw a lull in earnings releases during the week, allowing investors to absorb a flurry of corporate results that marked the two preceding weeks. Even though the bulk of financial results have been issued, there are strong indicators that the market is yet to see possibly its biggest driver this quarter. Heavyweights like…

Last week, a good number of corporate results were issued, many of them coming out strong and fairly impressive. That in part helped the market capitalisation of the Nigerian exchange appreciate by 2 per cent. Investors are awaiting the earnings reports of big-cap stocks like Dangote Cement, MTN Nigeria, BUA Cement and Nestle as well as those of four of the Big 5 lenders (United Bank for Africa, GTCO, Access Holdings and Zenith). The financial performance of these stocks are likely to shape the direction of the…

Femi Otedola, a distinguished Nigerian entrepreneur and investor, has announced a significant acquisition of shares in Dangote Cement, the only cement company in Nigeria with two export terminals, with a combined export capacity of eight million tons per annum. This strategic investment underscores Mr Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience. The businessman did not…