Executive Summary
Dangote Cement PLC DANGCEM has released its financial results for the nine months ended 30th September 2026. Demonstrating remarkable financial resilience and disciplined capital execution, Africa’s largest cement producer achieved record-breaking top-line and bottom-line growth, alongside a historic balance sheet transformation into a net-cash position.
Supported by a strong operational footprint, alternative energy integration, and robust regional demand, the Group delivered double-digit growth across all major performance metrics.
Key Financial Highlights (9M 2026)
Group Revenue: Up 19.6% year-on-year to #3,774.2B (9M 2025: #3,154.8B), driven by higher sales volumes and solid pricing execution across markets.
Group EBITDA: Increased by 23.7% to #1,766.3B, with the EBITDA margin expanding to 46.8% (9M 2025: 45.3%).
Gross Margin: Rose by 4.0 percentage points to 63.2%, reflecting disciplined cost management as production costs grew by only 7.9%.
Profit After Tax (PAT): Reached a record #974.8B, representing a 31.2% increase.
Earnings Per Share (EPS): Up 33.2% to #58.37 (9M 2025: #43.82).
Operating Cash Flow: Surged 41.5% to #1,826.6B, generating #1.26 trillion in free cash flow, which covered dividend payments of #753.8B by approximately 1.7x.
Balance Sheet Transformation: Achieved a historic swing from a net debt position of #682.9B at the end of 2025 to a net-cash position of #51.1B as of 30th September 2026.
Operational Performance & Volume Growth
Total Group Volumes: Grew by 9.4% to 22.1Mt (inclusive of cement and clinker).
Nigeria Operations: Sales volumes in the home market rose 6.4% to 14.1Mt, yielding revenue of #2,670.9B (up 22.5%) and an EBITDA of #1,597.0B at a robust 59.8% margin. Nigerian exports (cement and clinker) expanded by 41.8% to 1.5Mt.
Pan-Africa Operations: Volumes rebounded strongly by 14.0% to 9.1Mt, generating revenues of #1,189.8B (up 12.6%). Highlights included standout volume surges in Senegal (+29.9%), Ethiopia (+18.8%), and Congo (+11.9%).
Cost Efficiency & Energy Mix: Fuel and power costs grew by a modest 2.0% despite a 9.4% volume growth, highlighting immediate cash savings from CNG truck fleet commissioning, local coal optimization, and expanding alternative fuel usage (e.g., 30% alternative fuel utilization in Zambia).
Balance Sheet & Capital Allocation
The defining structural narrative of the 9M 2026 period is Dangote Cement’s complete deleveraging. Through #539.0B in loan repayments and robust operating cash flow:
Interest expenses dropped by 74.5% to #72.0B, adding approximately #204.9B directly to pre-tax profits year-on-year.
The company successfully self-funded #566.7B in capital expenditure—primarily led by the construction of the 6Mta Itori integrated plant phase 1—and paid a record #753.8B in dividends entirely from internal cash generation.
Strategic Outlook & FY2026 Targets
Supported by stabilizing macroeconomic indicators, including moderating inflation and recent interest rate adjustments by the Central Bank of Nigeria, management has issued updated guidance:
Revenues: Targeting annual growth of c.20%+.
Margins: Broadly stable Group EBITDA margins relative to 2025 levels.
Capex & Expansion: Full-year 2026 capital expenditure remains heavily weighted toward the Itori phase 1 project and ongoing logistics/energy-efficiency initiatives, with Itori expected to begin contributing production volumes in 2027.
Capital Allocation: With the deleveraging phase complete, the Board will review the balanced growth between reinvestment and shareholder returns at the upcoming full-year results.
Investor Takeaway
Dangote Cement enters the final quarter of 2026 from a position of financial strength unmatched across African industrials. Having eliminated net debt and established a self-funding model for multi-year expansions like the Itori plant, future free cash flow generation is freed from debt-servicing constraints, pointing toward sustained structural profitability and enhanced shareholder value.
