Dangote Cement’s forex loss widens to N201bn in H1

Dangote Cement Plc saw its net foreign exchange loss widen to N201.3 billion in the first half of 2024 from N113.63 billion a year earlier.

Its net finance cost increased by 109.6% year-on-year to N307.72 billion, according to its unaudited results.

“The increase in finance cost is attributed to FX losses resulting from the further devaluation of the naira. FX losses rose by 77.16% to N201.30bn from N113.63bn in H1 2023. Finance Income on the other hand, also increased to N24.80bn from N16.21bn,” said analysts at CSL Research on Friday.