Feb 28 (Lagos) - Shares of Dangote Cement Plc (
DANGCEM ) did not move on the 2018 full year results. Dividend of N 16 per unit failed to excite investor and analysts.
The CFO of
DANGCEM resigned today for personal reasons.
Top line revenue showed double digit growth to N 901 billion up from N 805 billion from 2017. This increase was less than what analysts expected mainly due to a slow fourth quarter for the Company.
Gross Profit rose to N 517 billion in 2018 from N 454 billion in 2017.
Profit before tax rose to N 300 billion in 2018 from N 289 billion in 2017. Again the growth was much lower than what analysts expected.
There was a huge tax credit of N 89.5 billion which made the profit after tax figure look much better. There was a N 54 billion over provision in last year financial results.
The tax explanation in point 14 of the statements try to explain the various tax payments, exemption incomes, loss of taxes etc.
Share of
DANGCEM currently trade at N 192.50 per unit at
NSE Lagos. The stock has P/E of under 9 and P/B of 3.3 times. Stock looks good on those two metrics.
If the Government can work fast and build things then Cement sector can turn around.
reporting for easykobo.com on Wednesday, Feb 28 2019 from Lagos, Nigeria