About 10 leading companies in cement manufacturing, Fast-Moving Consumer Goods (FMCG), among other sectors recorded 28 per cent increase in cost of production, backed by hike in inflation rate and weaken, THISDAY findings has revealed.
The 10 companies in nine months of 2022 reported N2.32 trillion cost of production, representing an increase of 28 per cent from N1.82trillion reported in nine months of 2021.
Despite increase in production cost, the 10 companies reported a total profit before tax of N1.16 trillion, an increase of 10.4 per cent over N1.05 trillion reported in nine months of 2021 with the likes of Dangote Cement Plc and Totalenergies Marketing Nigeria Plc reporting decline in profit before tax.
Nigeria’s inflation and local currency figures continue to hover at lofty levels as soaring consumer prices further shrank the incomes of households and businesses amid tough economic conditions.
According to the…
Source: Thisday Newspaper