Dangote Cement reports 20% drop in profits as tax holiday unwinds

Revenues

Dangote Cement reported a revenues of N391billion 1.4% higher than the N386 billion reported in 2013. Gross profit was N248 billion compared to N255.7billion reported in 2013.

Profitability

The company also reported group pre-tax profits of N184.6billion and a 3.1% drop from the N190.7 billion it reported in 2013. Taxes however came in at N25billion as the company begins to unwind some of its tax holidays following the expiration of pioneer status for some of its plants. This drove profit after tax 20% down t0 N159.5billion (2013: N201.1billion)

Shareholders

Earnings per share also fell 20% to N9.42 compared to N11.85 reported in 2013. Profit attributable to shareholders of the company was N161.9billion