Dangote Cement Plc has reiterated its commitment to ensuring the company remains profitable through strategic innovations that drive the continuous growth of investors’ investments.
The Chairman of the company, Aliko Dangote, made this known during the 14th Annual General Meeting (AGM) of the company in Lagos.
Dangote stated that the cement company’s prospects remain bright as the management would continue to innovate quality product delivery to millions of customers across Africa while also impacting the lives of its host communities.
He assured shareholders and other stakeholders of the company’s resolve to keep them happy by delivering higher returns and value.
He said: “Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient.”
Despite the challenging macroeconomic environment in 2022, Dangote Cement Plc made great strides and remains Africa’s largest and leading cement producer.
Dangote attributed this achievement to the implementation of robust cost reduction strategies to manage the inflationary environment, which enhanced the company’s competitiveness while maintaining high levels of product quality and customer service delivery.
The company also achieved giant strides in transitioning to cleaner energy with its cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels such as coal and gas.
The company also increased the use of Compressed Natural Gas (CNG) for its trucks due to the rising diesel cost environment.
Dangote revealed that these efforts helped to reduce the company’s cost base and enhance its flexibility, enabling it to respond more effectively to changes in the market.
As a result, the company recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year, respectively, despite unprecedented inflationary pressure.
The company achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.
Commenting on the company’s annual reports, Mrs Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review.
She also praised the company for exceeding shareholders’ expectations in view of the inclement economic weather under which companies operated in the country.
She alluded to the successful listing of the N300 billion series bond by the company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public.
“It is not all companies that could record such a feat given the huge amount involved and the biting economic situation,” Mrs Bakare stated.
