Africa’s largest cement maker, Dangote Cement Plc, has reported a record profit of N743.3 billion for the nine months ended September 30, 2025, driven by improved pricing and cost efficiency in its Nigerian operations.
The result marks a 166.3% surge in profit after tax, outpacing last year’s full-year earnings, despite slightly lower group volumes.
Revenue climbed 23.2% to N3.15 trillion from N2.56 trillion in the same period last year, underscoring strong pricing momentum and improved operational execution.
EBITDA rose by 57.2% to N1.43 trillion, with margins expanding to 45.3% from 35.5%, supported by disciplined cost management and a sharp drop in finance expenses.
Nigeria’s Market Remains the Profit Engine
Nigeria remained the bedrock of Dangote Cement’s performance, contributing more than two-thirds of group revenue and virtually all profit growth. Revenue from Nigerian operations jumped 42.4% to N2.18 trillion, while EBITDA soared 85.2% to N1.29 trillion, pushing margins to an industry-leading 59.2%.
Volumes in Nigeria edged up just 0.4% to 13.2 million tonnes, but the company benefited from improved energy efficiency and the deployment of compressed natural gas (CNG) trucks, which reduced logistics costs.
Exports of cement and clinker rose 23% to 1.1 million tonnes, reflecting management’s focus on regional integration and self-sufficiency.
Pan-African Operations
Outside Nigeria, performance was muted by election cycles and liquidity shortages in several markets. Pan-African revenue slipped 3.4% to N1.06 trillion, while EBITDA dropped 18.6% to N201 billion, with margins thinning to 19%.
Tanzania and Zambia posted modest volume growth, but Senegal, Ghana, Cameroon, and South Africa suffered from weaker construction activity and political uncertainty.
Total group volumes declined 2.1% to 20.2 million tonnes, underscoring the uneven regional landscape.
Tight Cost Control and Lower Debt
Dangote Cement managed to limit manufacturing cost growth to just 4%, reaching N1.29 trillion, despite inflationary pressures and currency volatility. Administrative and selling expenses rose 15% to N703 billion, moderated by lower haulage costs from the use of CNG-powered trucks.
Finance income surged 164% to N77 billion, while foreign exchange losses collapsed from N222 billion to just N1 billion as the naira appreciated. Net debt was cut sharply to N958 billion from N2.06 trillion at the end of 2024, thanks to stronger cash flows and debt repayments.
Expansion Across Africa
Capital expenditure reached N462 billion, with Nigeria accounting for N364 billion and Pan-Africa N98 billion. The company commissioned a 3 million tonne-per-annum grinding plant in Côte d’Ivoire, raising its total installed capacity to 55 million tonnes per year.
Construction is ongoing at the Itori Integrated Plant in Nigeria, designed to bolster local production and enhance export capacity. “The commissioning of our Côte d’Ivoire plant marks another step in our growth journey, Our focus remains on sustaining earnings momentum, driving efficiency, and executing our long-term growth strategy,” said Arvind Pathak, Chief Executive Officer.
Outlook
Dangote Cement’s record-breaking nine-month performance highlights its ability to maintain profitability through pricing discipline, efficiency gains, and effective debt management. While overall volumes remain flat, profit margins have widened significantly, providing a cushion against regional uncertainties.
The fourth quarter will reveal whether the company can sustain this momentum amid mixed demand trends and rising competition across African markets.