Cement News

Dangote Cement faces first earnings decline since 2019: Chapel Hill Denham

EPS for 2022 is now forecast at 18.92 naira ($0.043) versus a previous estimate of 21.18, says the research by Mustapha Wahab. The third quarter saw a cement volume decline of 4.3%, meaning a cumulative cement sales decline of 6.2% for the first nine months of the year, with management blaming lack of gas availability.

Dangote Cement has struggled to contain costs amid inflationary pressures and a weakening naira/dollar exchange rate. Operating expenditure jumped by 39.7% in the third quarter of the year, leading Chapel Hill Denham to jack up its full year op ex estimate by 20.9%.

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