Dangote Cement Plc has formally launched its N100 billion Industrial Paper (CP) supply, marking the primary tranche beneath its broader N500 billion Industrial Paper Issuance Programme.
The supply, which opened on Monday, 17 November 2025, is ready to shut on Wednesday, 19 November 2025.
The CPs can be found in two tranches:
- 181-day Collection 1 with a 16.10% low cost price, implying a 17.50% yield.
- 265-day Collection 2 with a 16.70% low cost price, implying a 19.00% yield.
The minimal subscription for the supply is N50 million, with extra subscriptions in multiples of N1,000.
Proceeds from the CP can be directed in the direction of working capital wants, based on the corporate’s pricing paperwork.
What it is advisable to know:
Dangote Cement has persistently demonstrated strong monetary efficiency, positioning itself as certainly one of Nigeria’s most steady and worthwhile firms.
During the last 5 years, the corporate’s income has surged from N1.03 trillion in 2020 to N3.58 trillion in 2024, reflecting a formidable annual progress price of 37%.
This progress has been accompanied by a gradual improve in revenue after tax (PAT), which greater than doubled from N276 billion in 2020 to N503.25 billion in 2024, reflecting a CAGR of 16.2%.
For the 9 months ending September 2025, Dangote Cement’s monetary efficiency stays equally spectacular:
- N3.15 trillion income, up 22% from N2.56 trillion in the identical interval of 2024.
- N1.04 trillion revenue earlier than tax, a 150% improve from N406.4 billion.
- N743.3 billion revenue after tax, greater than double final 12 months’s N279.1 billion.
- Working money flows jumped to N1.29 trillion, up from N532 billion in 9M 2024.
- Debt discount of 47%, with borrowings falling to N1.32 trillion from N2.5 trillion in December 2024.
- Curiosity protection ratio improved to 4.4 in 9M 2025 from 3.3 in 9M 2024 demonstrating stronger capability to service debt.
Regardless of these robust outcomes, the corporate did face a decline in manufacturing quantity in 9M 2025, indicating that pricing reasonably than quantity progress was a key driver of efficiency; a possible danger transferring ahead.
Ranking strengths & dangers: What Businesses are saying
Current assessments from main ranking businesses have reaffirmed Dangote Cement’s dominant place within the cement business whereas noting some dangers.
DataPro reaffirmed the corporate’s AA long-term and A1 short-term rankings, citing Dangote Cement’s robust model, strong earnings monitor report, and skilled administration.
- Nonetheless, low asset utilization, foreign-exchange publicity, and challenges in some Pan-African markets have been flagged as dangers.
GCR Scores downgraded Dangote Cement to A+(NG) from AA+(NG) in October 2025, not because of weakened efficiency, however due to the group-cap impact tied to its guardian firm, Dangote Industries Restricted.
- Nonetheless, GCR acknowledged the corporate’s robust money flows and strong earnings, anticipating leverage metrics to enhance by the top of 2025.
Investor takeaway:
Dangote Cement’s robust monetary monitor report and bettering leverage make its N100 billion Industrial Paper (CP) supply a compelling funding.
- With N3.15 trillion in income and a 150% improve in revenue, Dangote Cement reveals it may well develop even in powerful markets. This implies regular returns for traders.
- The corporate’s N1.29 trillion working money circulate in 9M 2025 confirms it may well deal with its debt obligations, making the CP supply safe.
- Borrowings down by 47% and a debt-to-equity ratio of 0.54 present improved monetary stability, which reassures traders.
- Enticing Yields: With yields of 17.5% to 19%, the CP gives aggressive returns for short-term traders.
Dangers to observe:
- The drop in manufacturing quantity could sign pricing strain over quantity progress, which may have an effect on future profitability.
- Publicity to international change fluctuations and regional instability may have an effect on Pan-African operations.
Backside line:
Regardless of the dangers, Dangote Cement’s robust money flows and bettering leverage make the CP supply a sexy funding for these in search of short-term, high-yield returns.