Dangote Cement Plc recorded a 31.2% increase in profit after tax to N974.8 billion in the nine months ended September 30, 2026, while significantly strengthening its balance sheet to move from a net debt position to a net cash position.
The company’s revenue rose by 19.6 % to N3.77 trillion, compared with the corresponding period of 2025, supported by higher sales volumes, improved market reach and stronger contributions from its African operations.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 23.7 per cent to N1.77 trillion, while EBITDA margin expanded to 46.8 per cent from 45.3 per cent a year earlier.
Gross margin also improved by four percentage points to 63.2 per cent, reflecting improved cost efficiency and lower production cost growth relative to revenue.
Earnings per share rose by 33.2 per cent to N58.37, reflecting the increase in profitability during the period.
Net Cash Position after N539bn Debt Repayment
One of the major developments in the period was Dangote Cement’s transition from a net debt position of N682.9 billion at the end of 2025 to a net cash position of N51.1 billion by September 2026.
The transformation was supported by operating cash flow of N1.83 trillion, representing a 41.5 per cent increase from the corresponding period of the previous year.
The company repaid N539 billion in loans during the period while funding N566.7 billion in expansion capital expenditure and paying N753.8 billion in dividends from internally generated cash.
Commenting on the results, Chief Executive Officer, Arvind Pathak, described the balance sheet improvement as the defining achievement of the reporting period.
“The defining achievement of this period is the transformation of our balance sheet. Through N1.8 trillion of operating cash flow – up 41.5 per cent – and N539.0 billion loan repayments, we moved from a net debt position of N682.9 billion to a net cash position of N51.1 billion in nine months,” he said.
Pathak added that the company had funded its expansion programme and dividend payments entirely from internally generated cash.
He said the completion of its deleveraging programme would allow future free cash flow to support business expansion and shareholder returns rather than being absorbed by debt repayments.
Itori Plant Expansion Advances
Dangote Cement also reported progress on its capacity expansion programme, with the first phase of its 6-million-tonne-per-annum (Mta) integrated plant in Itori, Ogun State, approaching completion.
The project is expected to strengthen the company’s domestic production capacity and support its medium-term target of increasing installed capacity to 80Mta.
Pathak said construction of the Itori facility was in its final stage, describing the project as a strategic investment in future growth.
“As we enter the final quarter, our priorities remain clear: sustain volume growth, protect margins through cost discipline, expand our regional market presence, and complete our strategic capacity investments,” he said.
The latest results highlight the company’s improved earnings, stronger cash generation and expanding regional operations as it approaches the final quarter of 2026.
