DANGCEM | Dangote Cement FY 2023 Quick Take : A Strong performance
Dangote Cement's recently released FY 2023 results showed the company’s Revenue increased by 36.4% y/y, to N2.21tn for FY 2023 from N1.62tn in 2022. Quarterly, performance was resilient, as Revenue was up by 23% q/q to N693.49bn in Q4 2023 from N563.77bn in Q3 2023. Given a 1.75% decrease in sales volumes, we attribute the growth in Revenue to price increases, however, we cannot determine the quantum of the price increase as of the time of writing this report.