Dangote Cement Posts $714 million Profit as Africa’s Richest Man Pushes Ahead with $1 billion London Listing

Dangote Cement Plc boosted its profitability and strengthened its balance sheet in the first nine months of 2026, as Africa’s largest cement producer prepares for a planned secondary listing in London.

The Nigerian company, controlled by billionaire Aliko Dangote, reported profit after tax of ₦974.8 billion ($714 million) for the nine months ended September 30, up from ₦743.3 billion a year earlier, according to unaudited results filed with the Nigerian Exchange.

Revenue increased 19.6% to ₦3.77 trillion, while profit before tax rose 41.5% to ₦1.47 trillion. Earnings per share climbed 33.2% to ₦58.37.

Growth accelerated in the third quarter, with net income rising 51% year-on-year to ₦336.26 billion ($250 million).

Debt Repayments Strengthen Balance Sheet

The company also made significant progress in reducing its debt. Borrowings fell to ₦541.5 billion at the end of September from ₦1.08 trillion in December, following more than ₦520 billion in loan repayments. Dangote Cement consequently moved from net debt of ₦682.9 billion to net cash of ₦51.1 billion.

Dangote Cement trucks. PC: George Osodi/BloombergBI Africa

Sales volumes rose 9.4% to 22.1 million tonnes. In Nigeria, its largest market, sales rose 6.4% to 14.1 million tonnes, while revenue grew 22.5% to ₦2.67 trillion, supported by a 59.8% margin.

The results come as Nigerian billionaire Femi Otedola reportedly seeks to acquire a stake of up to 5% in the company, valued at approximately $700 million. Dangote, through Dangote Industries Ltd., retains a controlling interest of about 87% in the cement producer.

Dangote Cement is Africa’s leading cement producer with operations in 11 African countries and revenues of more than US$3 billion in 2025