DANGCEM Grows Revenue by 25.6% in 2015 Audited Result; Rated NEUTRAL

Proshare

Tuesday, March 01, 2016 03:05 PM /Codros Capital

 

Dangote Cement Plc (DANGCEM) has just released results (including Q4-2015) for the financial year ended 31 December 2015.

 

  1. For the full year, Group revenue rose by 25.6% while PBT and PAT both increased by 2% and 13.7% respectively.

 

  1. Although revenue grew by 55.1% y/y in Q4-2015, PBT fell by 30.2% y/y while a significant decline in tax charges (by 116.8% y/y) helped net profit to a 22.6% y/y increase during the three months period.

 

  • For the full year, revenue and PBT growth in Nigeria was modest (+4.8% and +3.5%) while a 72.8% reduction in tax charges helped PAT to a 14.7% growth.

 

  • Although Nigerian revenue grew sharply (by 26.7% y/y) in Q4-2015, PBT fell by 35.7% y/y while a 116.2% y/y decline in tax charges couldn't save earnings (-6.5% y/y PAT)

 

  1. For the Pan African operation, revenue (+410%), PBT (+13.8%) and PAT (+21%) came in strong in 12 months, meanwhile, PBT and PAT fell 44.8% y/y and 38.9% y/y in Q4-2015.

 

Investor Call on the result will hold later today.

 

Initial Impression of the Result - NEUTRAL

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