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Dangote Cement grosses N413.2 billion revenue in Q1

By Guardian Nigeria
20 May 2022   |   2:08 am
Dangote Cement Plc recorded a 24.2 per cent increase in its revenue and an 18 per cent increase in profit after tax (PAT) in the first quarter.

Dangote Cement

Dangote Cement Plc recorded a 24.2 per cent increase in its revenue and an 18 per cent increase in profit after tax (PAT) in the first quarter.

The unaudited report for the three months ended 31st March 2022, showed revenue of N413.2 billion and a PAT of ₦105.9 billion.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Chief Executive Officer, Dangote Cement, Michel Puchercos, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that increases recorded in revenue and profitability drove strong cash generation across the Group. PAT rose to ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to ₦211.0 billion or 18.6 per cent with an earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 51.1 per cent.

“On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

“Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98 per cent of its shares outstanding. This share buy-back programme reflects the Company’s commitment to finding opportunities beyond dividends to return cash to shareholders.

“The volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective. Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”