Dangote Cement Plc, (NGX: DANGCEM) reported a record profit after tax of ₦974.8 billion for the nine months ended September 30, 2026, according to its interim financial statements filed with the Nigerian Exchange (NGX)
That is up 31.2% from ₦743.3 billion a year earlier. Earnings per share rose 33.2% to ₦58.37.
Group revenue grew 19.6% to ₦3.77 trillion, and EBITDA rose 23.7% to ₦1.77 trillion.
The EBITDA margin improved to 46.8% from 45.3%. Group volumes increased 9.4% to 22.1 million tonnes. Third-quarter profit after tax jumped 50.9% to ₦336.3 billion on revenue of ₦1.26 trillion.
The company moved from net debt of ₦682.9 billion at the end of 2025 to net cash of ₦51.1 billion, and generated ₦1.83 trillion in operating cash flow, up 41.5%.
It used that cash to repay ₦539 billion of debt, fully settle a ₦299.6 billion loan from its parent Dangote Industries Limited, and clear its commercial paper.
It also paid a record ₦753.8 billion in dividends. Interest expense fell to ₦72.0 billion from ₦281.8 billion, although ₦31.0 billion of borrowing costs was capitalised during the period.
Chief Executive Arvind Pathak said the company’s deleveraging is complete and that free cash flow “is available for growth and shareholder returns.”
Pan-African volumes rebounded 14.0% to 9.1 million tonnes, led by Senegal (up 29.9%), Ethiopia (up 18.8%) and Tanzania (up 9.2%). Volumes fell in Cameroon (down 9.8%), Ghana (down 10.1%) and South Africa (down 6.1%). The Pan-Africa segment recorded a net loss of ₦7.9 billion, against a profit of ₦182.7 billion a year earlier.
Longer useful lives for some plant and buildings, extended from 25 to 40 years, cut depreciation by ₦47.3 billion in the period, which helped profit. A ₦160.4 billion currency translation loss reduced total comprehensive income to ₦814.4 billion.
In an updated release on November 4, the company corrected its guidance. It now targets annual revenue growth of around 20% or more and broadly stable group EBITDA margins compared with 2025. It cited a more stable naira and the Central Bank of Nigeria’s 350 basis point rate cut in September.
The first phase of the 6 million tonne Itori plant is expected to add volumes from 2027, as part of a medium-term target of 80 million tonnes of capacity. The Board will review the balance between investment and shareholder returns when it reports full-year results.
Administrator and Writer
