Nigeria: Dangote Cement nets N413.2bn in 3months

Dangote Cement has reported a 24.2% increase in revenue and an 18% increase in its profit after tax for the first 3 months of 2022. The company in a press statement, said its unaudited results for three months ended 31st March 2022, showed revenue of N413.2 billion and a profit after tax of ₦105.9 billion.

According to the company, it sold a total volume of 7.2 MT of cement across the group with Nigerian operations accounting for 4.8 MT, while the rest of Africa did the balance of 2.4 MT.

Michel Puchercos, chief executive officer, Dangote Cement, said in the statement that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He said increases recorded in revenue and profitability drove strong cash generation across the Group. Profit after Tax rose to ₦105.9 billion, up 18% compared to last year while Group EBITDA rose to ₦211.0 billion, an increase of 18.6% with an EBITDA margin of 51.1%.

“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,” said Puchercos.

Puchercos also said the volatile international scene is strengthening the company’s efforts to ramp up the usage of alternative fuels and execution of its export-to-import strategy. Reducing dependence on imported inputs and making its markets self-sufficient, he says, 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,” he said.