Dangote Cement and GTCO report mixed nine-month financial results

Dangote Cement reported a significant increase in profitability for the nine months ending September 30, 2026. The company’s pre-tax profit rose 41.5 percent to N1.47 trillion, driven largely by a 58 percent reduction in finance costs. The group transitioned from a net debt position to a net cash position of approximately N115 billion during this period. Revenue for the company grew by 19.6 percent to N3.77 trillion.

Guaranty Trust Holding Company (GTCO) reported a slight decline in performance, with profit before tax reaching N879.9 billion, a 2.3 percent decrease from the same period in 2025. While core earnings like interest and fee income saw growth, the group was impacted by an N87.9 billion fair value loss.

GTCO’s non-banking subsidiaries, including payments and fund management, saw a 70 percent increase in combined profit before tax to N23.88 billion. Additionally, the group’s Ghana subsidiary emerged as a major offshore contributor, generating N112.91 billion in profit after tax, which exceeded the combined earnings of its other West African operations in Côte d’Ivoire, Gambia, Sierra Leone, and Liberia.