The cement company’s profits for 2019 represent a 48.63% reduction when compared against the US$ 1.07 billion (N390.325bn) profits recorded in 2018.
The company’s revenues also fell to N891.674bn (about US$2.44 billion) from the N901.213bn (about US$2.46 billion) recorded in 2018.
The board proposed a final dividend of N16 per share subject to ratification by the shareholders at the coming Annual General Meeting.
“Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets,” the Group Chief Executive Officer, Dangote Cement, Joe Makoju, said while commenting on the results.
Makoju further noted that the Nigerian operations maintained volume and revenue performance in a challenging environment.
According to the outgoing CEO, export sales were also affected by the border closure in the second half of 2019.
Makoju further noted that he was proud to have watched it grow from a local producer back in 2007 to a major force in global cement production.
The Ibese plant in Ogun State, on the other hand, has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.