Business a.m.
Nigeria’s largest cement manufacturer, Dangote Cement Plc, recorded 101 per cent increase in revenue within a year, propelled by an upswing in economic activities across key markets, according to its latest unaudited financial statement.
In the first three months of 2024, the company reported a revenue of N817.4 billion, a significant jump from N406.7 billion recorded in the same period of the previous year. Additionally, there was a notable increase of 26.1 per cent in domestic sales volumes, rising to 4.6 million metric tonnes from 3.6 million metric tonnes.
Following a similar trajectory, group revenue surged to N817.4 billion, more than doubling, while group EBITDA witnessed a significant increase of 66.6 per cent, reaching N309.5 billion. Profit after tax also saw a modest rise of 2.9 per cent, reaching N112.7 billion, reflecting the company’s capacity to adapt and prosper in a dynamic business landscape, all the while delivering substantial value to its stakeholders.
Arvind Pathak, chief executive officer of Dangote Cement, shared insights into the company’s performance, highlighting a strong rebound in Nigerian operations. Pathak attributed the remarkable growth to increased economic activities, leading to a substantial rise in volumes by 26.1 per cent, with a record 4.6 million metric tonnes of cement sold in just one quarter.
Pathak expanded on the company’s performance, citing a continuation of its upward trajectory across its pan-African operations. This is as volumes increased by a robust 3.1 percent to 2.7 million metric tonnes, driven primarily by rising sales in Zambia and Congo.
Despite an array of hurdles, including higher costs, increased borrowing costs, and currency depreciation, Dangote Cement’s ability to adapt and respond to challenges resulted in yet another quarter of strong results. Pathak noted that the company had intensified its export efforts, dispatching seven ships from Nigeria to Ghana and Cameroon during this period, further contributing to its success.
“As a result, our Nigerian exports surged by 87.2 percent, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy. We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future,” the Dangote Cement CEO stated.
