By 03/11/2011 00:00:00
Shareholders of Dangote Cement Plc (DCP) have an nounced a gross profit of N98.30 billion for the third quarter of te year which ended on September 30, 2011.
This indicates an increase of N18.7 billion over the N79.63 billion posted in the corresponding period of the previous year.
The results approved by the Council of the Nigerian Stock Exchange (NSE) showed that the firm posted a turnover of N173.84 billion in the review period in contrast to N146.56 billion at the corresponding period in the preceding year. This depicts a N27.28 billion increase.
Dangote Sugar posted a profit before tax of N6.5 billion, indicating a drop of 49 per cent over the N12.6billion recorded in the previous year. Post-tax profit also dipped by 49 per cent, from N8.6billion to N4.4billion.
The company’s turnover however, rose by 22.1 per cent, from N65.2billion to N79.6 billion.
The drop in profitability was attributed to the increase in price of raw sugar in the international market, which has impacted negatively on the performance of sugar companies in the country.
With the introduction of a new retail Dangote Vitamin A fortified sugar package in one kilogramme, 500 grams and 250 grammes, the Management said it “strongly believes that the high activity expected in the retail market will boost the company’s activities by impacting positively on the sales volume, earnings and ultimately profitability.”
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