Dangote Cement Plc's profit after tax jumped 31.1 percent to N974.79 billion in the nine months ended September 2026, according to the company's unaudited consolidated interim financial statements. Revenue climbed 19.6 percent to N3.77 trillion from N3.15 trillion in the same period a year earlier, while profit before tax surged 41.5 percent to N1.47 trillion from N1.04 trillion. The company's share price has risen dramatically, crossing the N1,000 mark on July 7th after having been valued at N963 per share the previous day. As of October 27th, the stock stood at N1,340 per share, giving the company a market capitalisation of N22.6 trillion.
The earnings growth reflected improved operating performance and lower finance costs. Gross profit increased 27.7 percent to N2.39 trillion as revenue growth outpaced production cost increases. Operating profit rose 27.8 percent to N1.57 trillion, while earnings before interest, taxes, depreciation and amortisation reached N1.77 trillion. Finance costs fell sharply to N120.80 billion from N286.04 billion, providing substantial support for profit growth. Earnings per share for the nine-month period rose to N58.37 from N43.82. However, selling and distribution expenses climbed 23.6 percent to N618.87 billion, with haulage costs alone jumping to N489.29 billion from N396.08 billion, underscoring pressure from the high cost of transporting cement to markets.
Nigeria remained the cement maker's dominant profit engine, generating N2.67 trillion in revenue for the nine-month period, up from N2.18 trillion a year earlier. The domestic business recorded operating profit of N1.48 trillion and profit for the period of N849.40 billion. Pan-African operations, by contrast, saw a sharp deterioration, swinging to a loss of N7.86 billion from a profit of N182.73 billion in the corresponding 2025 period, despite revenue rising to N1.19 trillion from N1.06 trillion. In the third quarter alone, group revenue rose 16.3 percent to N1.26 trillion while profit after tax increased to N336.26 billion from N222.81 billion.
Cash generation improved significantly as the company reduced its debt burden. Net cash from operating activities reached N1.83 trillion in the nine months, up from N1.29 trillion a year earlier, while cash and cash equivalents increased to N554.54 billion from N179.66 billion. Total loans and borrowings fell to N477.77 billion at September 30th from N707.53 billion at the end of December 2025, with loan repayments of N992.65 billion exceeding new borrowings of N467.69 billion. Capital expenditure increased to N566.72 billion from N461.84 billion, and the company paid N753.85 billion in dividends during the nine months, up from N502.57 billion a year earlier.
For savers and investors in Nigeria, the results show that a major domestic manufacturer is generating strong cash returns while strengthening its balance sheet, though the weakness of Pan-African operations raises questions about earnings diversity outside Nigeria.