Delay in audit report filing Dangote Cement Plc says obtain SEC approval

Dangote Cement Plc has said that it obtains Securities and Exchange Commission’s permission for late filing of its audited financial report. It was granted approval to file the report on or before February 28, 2022, which is within sixty days of its year-end. In addition, the regulator granted approval for Dangote Cement not to file its Fourth Quarter Unaudited returns within thirty days of its ending period. This fact was in a notice which was signed by the company’s deputy secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX) and stated thus, “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end”.

This means that the company will be filing its Audited Financial Statements for the year ended December 31, 2021, on or before February 28, 2022. In its nine months financial statement for the period ended September 30, 2021, the cement manufacturer generated N1.02 trillion, just 1.16% below what it generated in its full-year 2020 report. Compared to the nine months of 2020, the company increased its revenue by 34.24%. In Q3 2021, however, the financial result revealed that revenue grew by 16.53%, while net income for the period appreciated by 4.94% from N82.54 billion in Q3 2020 to N86.62 billion in the current period. Recently, the company concluded a two-day share buy-back program, repurchasing a total of up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued shares, less treasury shares. The repurchase scheme saw share prices jump to an all-time high of N284.90 per share, increasing the company’s market value by 253 billion.