Dangote Cement Plc has released its unaudited Q3 2024 financial results, showing a 9.9% year-on-year decline in standalone profit after tax to ₦89.19 billion.

Despite the decline in profit, the company’s aggregate revenue surged by 42.0% year-on-year to ₦442.8 billion, driven by broad-based expansion across its Nigerian and Pan-African operations.

The Nigerian operation recorded a 71.7% year-on-year revenue growth, accounting for 67.5% of total revenue, while the Pan-African operation grew by 13.8% year-on-year, accounting for 35.8% of revenue.

However, the company’s gross margin contracted by 525 basis points to 54.3% due to increased cost of sales, mainly driven by higher energy and raw material costs.

Net finance costs skyrocketed by 406.3% year-on-year to ₦114.37 billion, primarily due to higher interest expenses and foreign exchange losses.

Dangote Cement’s Group Sales Volumes declined by 1.9% year-on-year to 6.74 million tonnes, while the average price per tonne rose by 44.7% year-on-year.

The company attributed its revenue growth to promotional activities, enhanced route-to-market strategies, and increased market presence.