Dangote, First Bank, Nigerian Breweries declare decline after-tax
Oba Otudeko, Chairman, FBN Holdings Nigerian giants of industry, Dangote Cement, FBN Holdings, and Nigerian Breweries, among others, are declaring after-tax losses, relatively from last year's. Reports from the websites of the companies quoted by Financial Nigeria , show that although they are making appreciable volume growth, they are grossly falling short on after-tax margins. Dangote Cement Dangote Cement reported that its gross revenue for the nine months period ended on September 30, 2016 rose by 21 per cent to N442.09 billion. The company’s top line growth was driven by record sales in Nigeria and increased production in other countries. However, the company said after-tax profit fell by 15 per cent to N133.52 billion compared to N157.99 billion posted in a similar period last year due to the impact of lower cement prices in Nigeria and higher import costs caused by the devaluation of the naira. For the period under review, basic earnings per share fell by 17...