The corporation spent N249.3 billion ($ 332.4 million) in 25 companies outside of Nigeria to expand its reach, despite the fact that several were losing money and need financial assistance.
Dangote Cement intends to pay the same dividend to shareholders as last year and is building a new cement facility to expand capacity.
Dangote Cement, Sub-Saharan Africa’s largest cement maker, claimed a 17% increase in sales for 2022, hitting N1.6 trillion (equal to $2.13 billion) from N1.4 trillion the previous year.
Despite a drop in sales volume, the industrial behemoth was able to enhance its bottom line by raising product pricing to promote turnover, according to statistics from its results report. Headwinds from operational issues hampered expansion. expenses and the need to dedicate a portion of income to expansion resulted in a net profit of N382.3 billion (equal to $509.7 million), up from N364.4 billion the previous year.
