Dangote Cement (DANGCEM) Q3 2025 earnings summary

Executive summary

• Group revenue for 9M 2025 rose 23.2% year-over-year to ₦3,154.8B, with EBITDA up 57.2% to ₦1,428.2B and PAT up 166.3% to ₦743.3B, reflecting strong operational execution and cost efficiency.

• Nigeria operations drove growth, with revenue up 42.4% and EBITDA up 85.2%, while Pan-Africa faced volume and revenue declines due to election uncertainties and liquidity constraints.

• Earnings per share for the nine months rose to ₦43.82 from ₦16.55 year-over-year.

• Dividend of ₦502.6B paid to shareholders, with cumulative dividends exceeding ₦3.3 trillion over 14 years.

• Total comprehensive income for the nine months was ₦751.2B, compared to ₦965.8B in the prior year.

Financial highlights

• Gross profit increased 41.1% to ₦1,868.7B, with gross margin up 7.5pp to 59.2%.

• EBITDA margin expanded 9.8pp to 45.3%; EBIT margin rose 9.6pp to 38.9%.

• Net cash from operations reached ₦1,291.1B; capex spending was ₦461.8B.

• Net finance income for the nine months was ₦77.1B, with finance costs at ₦286.0B.

• Cash and cash equivalents at period end stood at ₦179.7B, up from ₦131.7B at year-end 2024.

Outlook and guidance

• Installed capacity targeted to reach 66.4Mta by 2030, with ongoing expansion in Côte d'Ivoire and Ethiopia.

• Export volumes from Nigeria expected to increase, with a goal of 10Mt cement and clinker exports by 2030.

• High single-digit volume growth anticipated in Nigeria and Pan-Africa, supported by infrastructure investments.

• Management continues to focus on operational efficiency and cost control amid inflationary pressures and currency volatility.

• No early adoption of new or amended IFRS standards; future standards are being monitored for impact.