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Dangote Cement 2014 profit falls, cuts dividend

Nigeria’s Dangote Cement said on Thursday its 2014 pretax profit fell to 184.68 billion naira ($928 million), from 190.76 billion naira a year earlier.

Revenues rose to 391.63 billion naira during the period to December 31, compared with 386.17 billion naira the previous year, Nigeria’s biggest firm by market capitalisation said in a statement.

The cement firm, majority owned by Africa’s richest man Aliko Dangote, cut its dividend payment for 2014 to 6 naira per share, from the 7 naira it paid a year earlier.

($1 = 199 naira) (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and James Macharia)

-Source: Reuters