Dangote Cement doubles pre-tax profit to N1.53 trillion in 2025, proposes N45 dividend

Dangote Cement Plc has reported a pre-tax profit of N1.53 trillion for the year ended December 31, 2025, representing an increase of 109% compared to N732.54 billion recorded in 2024, driven by revenue growth and a significant reduction in finance costs.

This is according to the cement maker’s audited 2025 full-year results ended December 31, 2025, which was filed with the Nigerian Exchange (NGX) at the weekend.

Profit after tax more than doubled to N1.01 trillion from N503.25 billion in the prior year, while earnings per share rose to N59.86 from N29.74. The board has proposed a dividend of N45.00 per share for the 2025 financial year.

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**Key highlights of financial performance (FY 2025 vs FY 2024) **

• Revenue: N4.31 trillion (Up 20% YoY from N3.58 trillion)
• Cost of Sales: N1.63 trillion (Down 0.68% YoY from N1.64 trillion)
• Gross Profit: N2.67 trillion (Up 38.11% YoY from N1.93 trillion)
• Operating Profit: N1.77 trillion (Up 53.23% YoY from N1.16 trillion)
• Pre-tax Profit: N1.53 trillion (Up 109.22% YoY from N732.54 billion)
• Profit after Tax: N1.01 trillion (Up 101.67% YoY from N503.25 billion)
• Earnings per Share: N59.86 (Up 101.28% YoY from N29.74)
• Property, Plant and Equipment: N3.9 trillion
• Proposed Dividend: N45.00 per share (Up 50% YoY from N30.00)

**Management commentary: **

The Chief Executive Officer, Arvind Pathak, described 2025 as “a landmark year”, noting that Group revenue rose 20.3% to N4,306.7 billion, while EBITDA increased 43.4% to N1,981.1 billion.

He stated that profit after tax crossed the N1 trillion mark for the first time in the company’s history despite a 0.9% decline in volumes to 27.5 million tonnes, reflecting a focus on margin discipline and cost efficiency.

Management highlighted the commissioning of:

• 3Mta grinding plant in Côte d’Ivoire in the third quarter
• 18.6% increase in cement and clinker exports
• including 34 clinker shipments to Ghana and Cameroon.
• The company also accelerated its transition to Compressed Natural Gas trucks, deploying over 3,000 CNG trucks, with a target to convert its entire logistics fleet by 2027.

**Driving the numbers: **

Dangote Cement delivered top-line growth of N726 billion in 2025, with revenue rising to N4.31 trillion from N3.58 trillion in the prior year.

Nigeria remained the primary growth driver, with domestic revenue increasing to N2.96 trillion from N2.19 trillion, representing a 35% year-on-year increase. Nigeria accounted for the bulk of the incremental revenue growth at the Group level.

• Pan-African operations generated approximately N1.35 trillion in 2025, compared with about N1.39 trillion in 2024, indicating relatively stable performance outside Nigeria.
• Despite higher revenue, cost of sales declined slightly to N1.63 trillion.
• This supported a significant expansion in gross profit, which rose to N2.67 trillion.
• The combination of stronger revenue and improved cost management lifted operating profit by over 53% to N1.77 trillion.

A key contributor to the surge in profitability was the sharp reduction in finance costs, which fell to N351.50 billion from N700.30 billion in 2024. The decline in finance costs materially reduced pressure on earnings and enabled pre-tax profit to more than double to N1.53 trillion, even as Group volumes declined marginally by 0.9% to 27.5 million tonnes.

**Balance sheet analysis: **

On the balance sheet, Property, Plant and Equipment stood at N3.9 trillion, reflecting the capital-intensive nature of the company’s operations across Nigeria and other African markets.

• On the liabilities side, total liability declined to N3.42 trillion down from N4.23 trillion in 2024.
• The strong N1.01 trillion profit supported growth in retained earnings and strengthened the company’s capital base.
• The board proposed a dividend of N45.00 per share for the 2025 financial year, compared to N30.00 in 2024, representing a 50% increase.

**Market reaction: **

At the close of last trading on Friday, February 27, 2026, the stock closed lower at N779.00 per share on the NGX, recording a 6.1% drop from its previous closing price of N829.50, suggesting that the market is yet to price in the latest earnings release.

• Dangote Cement began the year with a share price of N609.00.
• It has since gained 27.9% on that price valuation.
• It ranks 59th on the NGX in terms of year-to-date performance.

With a total of 16.9 billion shares outstanding and a market capitalization of N13.1 trillion, Dangote Cement Plc is currently the third most valuable stock on the NGX (after MTN Nigeria and BUA Foods), which makes about 10.6% of the entire equity market valuation.

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