Dangote Cement Plc’s Nigerian operations generated N1.60 trillion in earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the nine months ended September 2026, accounting for the bulk of the cement maker’s operating earnings as its Pan-African business weakened.
The Nigerian business recorded EBITDA of N1.60 trillion, up 23.7 percent from N1.29 trillion in the corresponding period of 2025, according to the company’s third-quarter financial statements reviewed by BusinessDay.
Group sales rose to N3.77 trillion from N3.15 trillion, a 19.6 percent increase, while consolidated EBITDA rose 23.7 percent to N1.77 trillion from N1.43 trillion.
The figures highlight the growing contribution of the domestic market to Dangote Cement’s earnings, even as the company pursues growth across African markets.
Revenue from sales of cement and clinker reached N3.77 trillion during the period, compared with N3.15 trillion a year earlier. Sales of other products contributed N2.84 billion, bringing total group sales value to N3.77 trillion.
Nigeria generated N2.67 trillion in revenue, up from N2.18 trillion in the prior-year period. Pan-African operations contributed N1.19 trillion, compared with N1.06 trillion previously.
While Nigeria recorded operating profit of N1.48 trillion and profit for the period of N849.40 billion, Pan-African operations posted operating profit of N146.46 billion but ended the period with a loss of N7.86 billion. The African operations outside Nigeria had recorded a profit of N182.73 billion in the corresponding period of 2025.
The divergence suggests that revenue growth across the company’s international markets has yet to translate into stronger bottom-line contributions.
At the group level, EBITDA rose to N1.77 trillion, from N1.43 trillion, while operating profit increased 27.8 percent to N1.57 trillion from N1.23 trillion.
Profit before tax advanced 41.5 percent to N1.47 trillion from N1.04 trillion, while profit after tax increased 31.1 percent to N974.79 billion from N743.26 billion.
Rising costs test earnings growth
The improvement in sales and operating earnings came amid higher production and distribution expenses.
Production cost of sales increased to N1.39 trillion from N1.29 trillion, while selling and distribution expenses rose to N618.87 billion from N500.62 billion.
Haulage expenses, a major component of distribution costs, increased to N489.29 billion from N396.08 billion, reflecting the substantial cost of delivering cement to markets.
Administrative expenses also rose to N226.11 billion from N202.34 billion.
Nevertheless, gross profit increased to N2.39 trillion from N1.87 trillion, indicating that revenue growth outpaced the increase in production costs.
Lower finance costs provided further support. Group finance costs fell to N120.80 billion from N286.04 billion in the corresponding period, helping lift profit before tax.
Cash generation supports investment and debt reduction
Dangote Cement generated N1.83 trillion in net cash from operating activities during the nine months, compared with N1.29 trillion a year earlier.
Cash and cash equivalents increased to N554.54 billion at September 30, 2026, from N179.66 billion at the end of September 2025.
The company also reduced total loans and borrowings to N477.77 billion from N707.53 billion at December 2025, as loan repayments of N992.65 billion exceeded new borrowings of N467.69 billion.
Investment in property, plant and equipment remained significant, with additions amounting to N566.72 billion during the period.
The group paid N753.85 billion in dividends, up from N502.57 billion a year earlier, while earnings per share increased to N58.37 from N43.82.
The cement maker closed its last trading day on Tuesday at N1,341.90 per share on the Nigerian Stock Exchange (NGX), recording a 9.8 percent gain over its previous closing price of N1,222.10. Dangote Cement began the year with a share price of N609.00 and has since gained 120 percent on that price valuation, ranking it 17th on the NGX in terms of year-to-date performance.