Dangote Cement Plc’s operations outside Nigeria recorded a ₦7.86 billion loss in the first nine months of 2026, despite higher revenue and sales volumes across several African markets.
The company’s Pan-African business generated ₦1.19 trillion in revenue for the nine months ended September 30, 2026. However, its profit for the period swung from ₦182.73 billion in the corresponding period of 2025 to a loss.
The results highlight a widening performance gap between Dangote Cement’s Nigerian business and its international operations. While Nigeria continued to generate substantial earnings, the Pan-African segment struggled to convert higher sales into bottom-line profit.
According to the company’s financial results, Nigeria generated ₦2.67 trillion in revenue and ₦849.40 billion in profit for the period. The domestic business therefore remained the company’s principal earnings driver.
Pan-African EBITDA Margin Stands at 19.1%
Dangote Cement’s Pan-African operations recorded an earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of approximately 19.1% during the period.
That figure compares with a 59.8% EBITDA margin in Nigeria, according to the company’s nine-month results.
The gap shows that the Nigerian business retained a stronger ability to generate operating earnings from its revenue. Pan-African operations accounted for a significant share of group sales but contributed a much smaller proportion of operating earnings.
The international segment generated ₦1.19 trillion in revenue, up 12.6% from the previous year. Its EBITDA also rose 12.7% to ₦226.7 billion.
However, the improvement in operating earnings did not translate into a profit after financing costs and tax. The segment’s operating profit reached ₦146.46 billion, but its final result was a ₦7.86 billion loss.
In contrast, Nigeria recorded ₦1.60 trillion in EBITDA, up 23.7% year on year. Its EBITDA margin approached 60%, reinforcing the domestic market’s importance to the group’s overall financial performance.
Higher Sales Fail to Prevent Loss
The Pan-African results show that revenue and volume growth do not always produce stronger net earnings.
Sales volumes across Dangote Cement’s African operations outside Nigeria rose 14% to approximately 9.05 million tonnes in the first nine months of 2026.
Yet the segment moved from a ₦182.73 billion profit in the same period of 2025 to a ₦7.86 billion loss.
The figures point to pressure beyond demand and sales performance. Financing costs, currency movements and tax contributed to the weaker bottom line.
The segment recorded an operating profit of ₦146.46 billion before these and other items affected its final result. The difference between operating profit and the reported loss highlights the impact of costs below the operating line.
The company’s wider financial results also show that foreign-exchange movements remain relevant to its earnings. Dangote Cement reported a net foreign-exchange loss of ₦40.77 billion at group level during the nine-month period.
However, the group-wide foreign-exchange figure should not be treated as the Pan-African segment’s standalone loss.
Performance Varies Across African Markets
Dangote Cement’s operations recorded mixed results across its international markets.
Cameroon’s sales volumes declined by 9.8%, while South Africa recorded a 6.1% drop. Ghana’s volumes also fell by 10.1%.
The company attributed the declines to factors including weaker demand, competition from imported cement and aggressive pricing by existing producers and new market entrants.
Other markets performed better. Senegal, Ethiopia, Tanzania and the Republic of Congo recorded volume growth, helping lift the segment’s overall sales.
The uneven performance suggests that the company faces different challenges across its regional markets. While some operations are expanding volumes, others must contend with pricing pressure and softer demand.
The 14% increase in overall Pan-African volumes therefore represents a recovery in sales, rather than evidence of uniformly stronger performance across every country.
Dangote Cement has continued to pursue regional expansion as part of its wider growth strategy. However, the latest figures underline the importance of improving margins and controlling costs alongside increasing production and sales.
Nigerian Business Remains the Main Earnings Driver
Nigeria remained Dangote Cement’s largest market during the nine-month period.
The domestic operation generated ₦2.67 trillion in revenue, representing a 22.5% increase from the corresponding period of 2025.
Its EBITDA rose to ₦1.60 trillion, while profit for the period reached ₦849.40 billion. The Nigerian segment’s profit increased by 3.4% year on year, according to the reported results.
These figures contrast with the Pan-African segment’s return to a loss despite higher revenue and operating earnings.
At group level, Dangote Cement recorded ₦3.77 trillion in revenue, up 19.6%. Profit after tax climbed 31.2% to ₦974.79 billion.
The company also reported stronger operating cash generation and lower borrowings. Net cash from operating activities rose to ₦1.83 trillion, while the group moved from a net debt position at the end of 2025 to net cash by September 2026.
The overall performance indicates that the Nigerian operation and improvements in group financing helped support the company’s consolidated results, even as its international business struggled to deliver a profit.
Investors Watch Pan-African Profitability
The Pan-African segment’s latest results raise questions about the returns generated by Dangote Cement’s investments outside Nigeria.
The company’s regional footprint gives it access to multiple markets and reduces its dependence on domestic demand alone. Nevertheless, the segment’s loss shows that revenue growth alone cannot guarantee sustainable returns.
The reported financial position also deserves attention. At September 30, 2026, Pan-African segment liabilities stood at approximately ₦3.95 trillion, exceeding segment assets of about ₦3.10 trillion.
Most of those liabilities were intra-group obligations, including amounts owed within the wider Dangote Cement group. Such balances are important when assessing the segment’s financial structure and its reliance on group funding.
Investors will be watching whether the company can improve profitability in its weaker markets, manage currency exposure and strengthen the contribution of international operations.
For now, the nine-month results tell two different stories: Nigeria continues to generate substantial earnings, while the Pan-African business is growing revenue and volumes but has yet to translate that progress into a positive bottom line for the period.
The challenge for Dangote Cement will be to turn its regional scale into stronger and more consistent returns.
