Date: August, 2026 Dataset: Dangote & MTN Statement of Profit & Loss, and Statement of Financial Position Tools: Excel

EXECUTIVE SUMMARY

This report compares the financial health of Dangote Cement and MTN Nigeria for FY2023–FY2024, using ratios derived from each company's audited financial statements. Dangote Cement remained profitable in both years, with revenue growing 62% and net income growing 10%, though its margin narrowed from 20.63% to 14.06% and leverage increased. MTN Nigeria grew revenue by 36% but posted losses in both years, with the loss nearly tripling from -₦137bn to -₦400bn, driven primarily by foreign exchange losses on foreign-currency-denominated liabilities rather than weak core operations. MTN also reported negative shareholders' equity in both years. Overall, Dangote Cement is the financially stronger company across liquidity, profitability, and solvency, while MTN's results reflect the impact of naira devaluation on an otherwise operationally profitable business.

OBJECTIVE

To compare the financial health of Dangote Cement and MTN Nigeria using key liquidity and profitability ratios, based on their audited consolidated financial statements for FY2023 and FY2024.

METHODOLOGY

Data was extracted from each company’s audited Consolidated Statement of Profit or Loss and Statement of Financial Position, as published in their FY2024 annual reports (filed February 2025, covering FY2024 and FY2023 comparatives). Sources: Dangote Cement FY2024 Annual Report and MTN Nigeria Communications Plc FY2024 Audited Report, filed with the Nigerian Exchange (NGX). Four ratios were calculated: Current Ratio, Net Margin, Return on Equity, and Debt to Equity. All figures are in ₦ millions.

Scope: This document presents financial analysis based on reported figures and is intended to assess financial health only. It does not constitute investment, strategic, or advisory recommendations.

KEY FINDINGS

Revenue and Net Income

Dangote’s revenue grew 62% (₦2.21tn to ₦3.58tn), overtaking MTN, whose revenue grew 36% (₦2.47tn to ₦3.36tn). Dangote remained profitable both years. MTN posted losses in both years, nearly tripling from -₦137bn to -₦400.4bn.

Growth Trend

Dangote grew both revenue and profit, a healthy combination. MTN grew revenue but its loss nearly tripled in the same period.  Revenue growth alone did not translate into improved profitability, primarily due to foreign exchange losses discussed below.

Net Margin

Dangote’s margin declined from 20.63% to 14.06%, still solidly profitable. MTN’s margin worsened from -5.54% to -11.92%, indicating deepening losses relative to revenue. MTN’s operating profit was in fact positive both years (₦778,244m in 2024), so the losses stem from below the operating line. Primarily a net foreign exchange loss of -₦925,361m in 2024, reflecting naira devaluation on the company’s foreign-currency-denominated liabilities, rather than weaker core telecom operations.

Current Ratio