Dangote Cement’s 9M pre-tax profit jumps 41.5% to N1.47 trillion as finance costs fall 58%

Dangote Cement Plc reported a pre-tax revenue of N1.47 trillion for the 9 months ended September 30, 2026, up 41.5% from N1.04 trillion a year previously. Revenue after tax increased 31.2% to N974.79 billion, with profits per share at N58.37, up from N43.82.

This is according to the business’s unaudited third-quarter monetary declarations submitted with the Nigerian Exchange (NGX) on Tuesday, October 27.

The pre-tax earnings grew faster than income, which increased 19.6% to N3.77 trillion, and faster than operating earnings, which increased 27.8% to N1.57 trillion, due to the fact that financing expenses fell dramatically.

Secret highlights (9M 2026 vs 9M 2025):

• Profits: N3.77 trillion (up 19.6% from N3.15 trillion)
• Gross revenue: N2.39 trillion (up 27.7% from N1.87 trillion)
• EBITDA: N1.77 trillion (up 23.7% from N1.43 trillion)
• Operating revenue: N1.57 trillion (up 27.8% from N1.23 trillion)
• Earnings before tax: N1.47 trillion (up 41.5% from N1.04 trillion)
• Revenue after tax: N974.79 billion (up 31.2% from N743.26 billion)
• Revenues per share: N58.37 (up 33.2% from N43.82)
• Overall monetary liabilities: N539.61 billion (Down 31.40% from N786.61 billion).
• This makes up N274.54 billion in non-current monetary liabilities and N265.07 billion in present monetary liabilities.
• Money and money equivalents: N592.67 billion (Up 49.07% from N397.57 billion).
• Overall possessions: N6.15 trillion (Up 1.82% from N6.04 trillion).
• Investors’ funds: N2.68 trillion (Up 2.31% from N2.62 trillion).

Driving the numbers:

Pre-tax margin expanded to about 39.0% from 33.0% as gross margin enhanced to about 63.2% from 59.2%.

• Production expenses dropped to just 7.9% at N1.39 trillion.
• Fuel and power, the biggest expense, increased 2.0% to N580.49 billion, and devaluation and plant upkeep fell.
• Financing expenses likewise fell 57.8% to N120.80 billion from N286.04 billion.
• Interest cost dropped from N281.76 billion to N102.92 billion, and N30.96 billion was capitalised, leaving N71.96 billion acknowledged.

This more than balanced out net forex losses, which increased to N40.77 billion from N1.13 billion.

Third-quarter pre-tax earnings:

Comparing the nine-month outcomes with the first-half figures recommends that third-quarter pre-tax earnings had to do with N491.11 billion.

• This is 57.9% greater than the approximated N310.97 billion tape-recorded in the 3rd quarter of 2025.
• It is 12.3% lower than the N560.22 billion reported in the 2nd quarter of 2026.
• The figures likewise recommend that third-quarter financing expenses was up to about N8.7 billion, from N112.11 billion in the very first half.

The lower expenses might partially show a smaller sized net forex loss. The loss for the 9 months was N40.77 billion, compared to N45.03 billion in the very first half

Tax and sections:

Earnings tax increased 67.2% to N497.71 billion, raising the reliable tax rate to about 33.8% from 28.6%, which is why after-tax revenue grew 31.2% versus 41.5% for pre-tax earnings. The business keeps in mind the interim rate is a price quote of the yearly weighted rate.

• Nigeria produced profits of N2.67 trillion (up 22.5%) and EBITDA of N1.60 trillion, about 90% of group EBITDA before main expenses, however its revenue for the duration increased just 3.4% to N849.40 billion.
• Pan-Africa income increased 12.6% to N1.19 trillion and running earnings increased 64.4% to N146.46 billion, however the sector reported a loss of N7.86 billion, versus a revenue of N182.73 billion a year previously.

Haulage expenses increased 23.5% to N489.29 billion and comprise nearly four-fifths of selling and circulation expenses of N618.87 billion, which increased 23.6%.

Balance sheet:

The group moved from net financial obligation of about N310 billion at the start of the duration to net money of about N115 billion.

• Loans and loanings was up to N477.77 billion from N707.53 billion, and business paper of N209.61 billion was paid back. Overall monetary liabilities were N539.61 billion, down 31.4%.
• Money increased 49.1% to N592.67 billion.
• Running capital increased 41.5% to N1.83 trillion, and the business paid dividends of N753.85 billion and paid back loans of N992.65 billion.
• Present liabilities of N2.75 trillion go beyond existing possessions of N1.97 trillion, a present ratio of 0.72 times, with trade and other payables up 18.0% to N1.50 trillion.
• Capital dedications were N2.31 trillion, more than double the N1.12 trillion at December 2025.

The group likewise scheduled a N160.44 billion loss on equating foreign operations, versus a gain of N7.91 billion, so overall thorough earnings increased just to N814.36 billion from N751.17 billion.

Market response:

Dangote Cement closed at N1,341.90 on October 27, 2026, up 9.8% on the day on about 4.29 million shares traded.

The stock is up about 120.34% year to date from N609.00, and about 25.8% for the month, and has actually passed its previous 52-week high of N1,189, with a variety of N534.60 to N1,341.90.

With the stock up more than 120% this year, the marketplace currently rates in strong revenues.

The next tests are whether margins hold as products and haulage expenses increase, and how the N2.31 trillion of dedications is moneyed from the money now on hand.