Revenue grew 19.6% to ₦3.77tn (US$2.77bn), according to unaudited results filed with the Nigerian Exchange. Profit before tax climbed 41.5% to ₦1.47tn (US$1.08bn). Earnings per share rose 33.2% to ₦58.37 over the same period.
Dangote Cement 9M 2026 Key Results
| ₦3.77tn | Revenue, up 19.6% year on year Nigerian Exchange, unaudited results |
| ₦1.47tn | Profit before tax, up 41.5% Nigerian Exchange, unaudited results |
| 46.8% | EBITDA margin, up from 45.3% in 9M 2025 Nigerian Exchange, unaudited results |
| 22.1M | Tonnes of cement sold, up 9.4% Nigerian Exchange, unaudited results |
Source: Nigerian Exchange, unaudited results
EBITDA advanced 23.7% to ₦1.77tn (US$1.29bn). The EBITDA margin widened to 46.8%, up from 45.3% in the first nine months of 2025. Those margins reflect tighter cost control and stronger domestic pricing.
Debt reduction strengthens the balance sheet
Dangote Cement completed its deleveraging programme by September 2026. The company moved into a net-cash position during the period. Net finance costs fell sharply to ₦97bn from ₦208.9bn a year earlier, per the nine-month results.
The group generated ₦1.26tn (US$923M) in free cash flow over the nine months. Dividends paid during the same period totalled ₦753.8bn. That gap signals meaningful capacity for further shareholder returns or capital deployment.
By FurtherAfrica’s reading of the numbers, lower debt now matters as much as higher volumes. A cash-backed balance sheet materially improves the investment case for any international listing.
What does the London listing mean for investors?
The proposed secondary listing would open Nigeria’s largest cement producer to a broader pool of international capital. Existing shareholders are considering a London debut as early as November 2026, subject to market conditions. The move follows the separate Dangote Petroleum Refinery IPO, which drew investors from 119 countries and secured between US$1.5bn and US$1.6bn in commitments.
Group cement sales rose 9.4% year on year to 22.1 million tonnes in the nine months to September 2026. Nigeria remained the dominant earnings driver. Exports of cement and clinker from Nigeria also increased, supporting the group’s regional footprint.
Pan-African volumes contributed to overall growth. Ghana and Cameroon recorded lower sales during the period, leaving Nigeria central to near-term earnings. Regional capacity nonetheless supports the longer-term growth thesis.
| Metric | 9M 2026 | 9M 2025 |
|---|---|---|
| Revenue | ₦3.77tn (US$2.77bn) | n/a |
| Profit after tax | ₦974.8bn (US$714M) | n/a |
| Profit before tax | ₦1.47tn (US$1.08bn) | n/a |
| EBITDA | ₦1.77tn (US$1.29bn) | n/a |
| EBITDA margin | 46.8% | 45.3% |
| Net finance costs | ₦97bn | ₦208.9bn |
| Free cash flow | ₦1.26tn (US$923M) | n/a |
| Group cement sales | 22.1M tonnes | n/a |
The IMF’s upwardly revised growth forecast for Nigeria adds a supportive macro backdrop. Rising domestic demand for construction materials aligns with the group’s capacity expansion plans across the continent.
Investors should watch the London listing timetable, the board’s full-year cash allocation decision, and regional sales data in the company’s next disclosure.
Quick answers
Dangote Cement reported unaudited profit after tax of ₦974.8bn (US$714M) for the nine months ended 30 September 2026, a 31.2% increase year on year, according to results filed with the Nigerian Exchange.
A secondary listing in London would give international investors direct access to Nigeria’s largest cement producer. Existing shareholders are considering a debut as early as November 2026, subject to market conditions, capitalising on the company’s improved net-cash balance sheet.
The EBITDA margin reached 46.8% in the nine months to September 2026, up from 45.3% in the same period of 2025, as EBITDA grew 23.7% to ₦1.77tn (US$1.29bn).
