Dangote Group’s three listed companies—Dangote Sugar Refinery, Dangote Cement, and NASCON Allied Industries—recorded a combined profit before tax of N456.68 billion in the first quarter of 2026. This represents a 52% increase compared to the N300.61 billion achieved in the same period of 2025. The impressive performance was driven by stronger revenues, lower production costs, improved operating efficiency, and easing pressure from raw material expenses across the businesses.
Dangote Cement Leads Earnings Growth
Data from the Nigerian Exchange Limited (NGX) indicated that Dangote Cement remained the largest contributor to the group’s earnings. The cement giant posted a profit before tax of N421.1 billion for the quarter ended March 31, 2026, a 35% rise from N311.9 billion in the corresponding period of 2025. Revenue increased to N1.19 trillion from N994.6 billion, while profit after tax climbed to N321.09 billion from N209.2 billion. Although cost of sales rose by 10.18% to N448.7 billion due to higher production activities, the revenue growth outpaced cost increases, strengthening profitability.
NASCON Allied Industries Boosts Efficiency
NASCON Allied Industries Plc improved its profitability through cost efficiency and stronger operating margins, despite a decline in revenue. Cost of sales dropped by 21.13% year-on-year to N18.89 billion, driven by lower raw material costs and better production efficiency. Gross profit rose by 14.27% to N20.45 billion, and profit before tax increased by 32.45% to N14.98 billion from N11.31 billion. Profit after tax also grew by 30.63% to N9.89 billion.
Dangote Sugar Refinery Returns to Profitability
Dangote Sugar Refinery Plc staged a remarkable recovery, posting a profit before tax of N20.6 billion compared to a loss before tax of N22.6 billion in Q1 2025—a turnaround of N43.2 billion. Profit after tax rebounded to N19.1 billion from a loss of N23.6 billion. The recovery was driven by easing production pressures and a significant reduction in raw material costs, with cost of sales declining to N144.6 billion from N204.6 billion. Raw material expenses fell to N113.9 billion from N176.9 billion.
Market Performance and Share Prices
As of June 2, 2026, Dangote Cement was the most valuable stock on the NGX with a market capitalisation of N19.9 trillion, accounting for about 12.6% of the entire equities market. Its share price closed at N1,180, gaining 93.8% year-to-date from N609.00 and 22% over the past four weeks. NASCON, with a market cap of N593 billion, saw its share price rise 104% to N219.50 from N107.50. Dangote Sugar Refinery, the 28th most valuable stock with a market cap of N870 billion, gained 19.4% year-to-date to N60 from N60 (likely N60 to N71.64 based on percentage gain).
Recall that Dangote Sugar Refinery faced significant foreign exchange losses of N172.20 billion in 2024, leading to a pre-tax loss of N108.92 billion compared to a profit of N82.3 billion in 2023. However, the company has bounced back, returning to profitability in Q1 2026.
