Dangote Group’s three listed companies – Dangote Sugar Refinery, Dangote Cement and NASCON Allied Industries – achieved a combined profit before tax of N456.68 billion in their first quarter (Q1) 2026 operations, representing about 52 per cent growth upside of N300.61 billion recorded in the corresponding period of 2025.

The improved performance was driven by a combination of stronger revenues, lower production costs, improved operating efficiency and easing pressure from raw material expenses across the businesses.

Data from the Nigerian Exchange Limited (NGX) showed that Dangote Cement remained the biggest contributor to the group’s earnings growth, while Dangote Sugar Refinery returned to profitability after posting a loss in the corresponding period of last year. NASCON Allied Industries also sustained its growth trajectory despite a challenging operating environment.

A breakdown of the Q1 performance indicated that Dangote Cement Plc recorded a profit before tax of N421.1 billion in the first quarter ended March 31, 2026, representing a 35.0 per cent increase from N311.9 billion achieved in the corresponding period of 2025.

The cement giant’s performance was driven largely by strong topline growth, as revenue rose to N1.19 trillion from N994.6 billion recorded a year earlier.

Profit after tax also increased significantly to N321.09 billion, compared with N209.2 billion in the first quarter of 2025.

Although cost pressures persisted, the company managed them effectively as its cost of sales rose marginally by 10.18 per cent to N448.7 billion, reflecting higher production and operating activities.

However, the increase in revenue outpaced the growth in costs, helping to strengthen profitability and support the robust earnings performance recorded during the period.
Similarly, NASCON Allied Industries Plc’s profitability was supported mainly by improved cost efficiency and stronger operating margins.

Despite a decline in revenue during the period, the company achieved a substantial reduction in production costs, helping to boost earnings.

For instance, its cost of sales dropped by 21.13 per cent year-on-year to N18.89 billion, largely driven by lower raw material costs and improved production efficiency. The reduction in costs helped lift gross profit by 14.27 per cent to N20.45 billion, underscoring a significant improvement in gross margins despite the softer revenue performance.

As a result, the company’s profit before tax rose by 32.45 per cent to N14.98 billion, from N11.31 billion recorded in the corresponding period of 2025.

In addition, its profit after tax also increased by 30.63 per cent to N9.89 billion, an indication of the firm’s ability to translate cost savings into stronger bottom-line earnings.

For Dangote Sugar Refinery Plc, the company staged a remarkable recovery during the period, returning to profitability after reporting losses in the first quarter of 2025.

The sugar producer posted a profit before tax of N20.6 billion, compared to a loss before tax of N22.6 billion in the corresponding period of last year, representing a turnaround of N43.2 billion. Its profit after tax also rebounded strongly to N19.1 billion, from a loss of N23.6 billion recorded in the first quarter of 2025. The recovery was largely driven by easing production pressures and a significant reduction in raw material costs.

The company’s cost of sales declined sharply to N144.6 billion from N204.6 billion recorded a year earlier. This was mainly due to a substantial reduction in raw material expenses, which fell to N113.9 billion from N176.9 billion in the corresponding period of 2025.

The improved performance also reflected on the firm’s share price on the exchange. As of Tuesday, June 2, 2023, Dangote Cement is the most valuable stock on the Nigerian Exchange Limited (NGX) with a market capitalisation of N19.9 trillion, which makes about 12.6 per cent of the entire equities market.

The company closed its trading day on Tuesday at N1,180 per share on NGX. Dangote Cement began the year with a share price of N609.00 and has since gained 93.8 per cent on that price valuation, ranking it 36th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about the company, knowing the stock has accrued 22 per cent over the past four-week period.

Also, NASCON, with a market capitalisation of N593 billion, began the year with a share price of N107.50 kobo and has since gained 104 per cent on that price valuation to close at N219.50 kobo on Tuesday.

Dangote Sugar Refinery is currently the 28th most valuable stock on the NGX with a market capitalisation of N870 billion. The company began the year with a share price of N60, and has gained 19.4 per cent on that price valuation.

Recall that Dangote Sugar Refinery was hit by soaring foreign exchange losses of N172.20 billion, which pushed the company to a pre-tax loss of N108.92 billion in 2024, compared to a pre-tax profit of N82.3 billion in 2023. The company had recorded FX losses of N3.4 billion in its 2023 audited financial results. However, the company has bounced back, returning to profitability in the first quarter of 2026 after reporting losses in the corresponding period of 2025.