Dangote Cement (DANGCEM) Q1 2025 earnings summary

Executive summary

• Group revenue rose 21.7% year-over-year to N994.7B in Q1 2025, with EBITDA up 49.2% to N461.6B and PAT up 85.7% to N209.2B.

• Nigeria operations saw revenue surge 53.7% and EBITDA climb 75.6%, despite a 4.3% drop in volumes.

• Pan-African volumes fell 10% due to post-election uncertainties and liquidity constraints, with EBITDA down 23.4%.

• Earnings per share increased to N12.29 from N6.68 in the prior year quarter.

• Declared a dividend of N30.00/share in 2024, continuing a strong history of shareholder returns.

Financial highlights

• Group EBITDA margin expanded to 46.4% from 37.9% year-over-year.

• Gross profit increased 40.1% to N587.4B, with gross margin up 7.8pp to 59.1%.

• Earnings per share rose 84.0% to N12.3.

• Net cash from operations was N321.3B in Q1 2025; capex totaled N37.5B.

• Cash and cash equivalents at quarter-end were N179.9B.

Outlook and guidance

• Sub-Saharan Africa GDP projected to grow 4.2% in 2025, with Nigeria expected to see 3.0–4.17% growth.

• Ongoing infrastructure projects and export expansion expected to support future growth.

• Management continues to focus on expanding production capacity and operational efficiency.

• Plans to commence clinker exports to Côte d'Ivoire and further boost export drive with new plant.