Dangote Cement hauled in record windfall income after converting net investments in foreign operations into the naira, more than doubling the company’s comprehensive income to N1 trillion.
Comprehensive income, the cash earned from profit after tax in addition to extraordinary gains outside the regular sources of income of companies, climbed 150 per cent from N405.4 billion a year earlier, its audited earnings report showed Friday upon release.
Nigeria’s currency crisis has been complicated by a slide of over 70 per cent in the value of the naira against the dollar since a new administration took power last May.
