Dangote Cement Plc has reported a robust performance in the first quarter of 2024, with significant increases in both local demand and exports, as well as impressive financial results.
According to the management of Dangote Cement, the company dispatched seven ships of clinker from Nigeria to Ghana and Cameroon, marking an 87.2 percent surge in exports compared to the same period last year. This export growth underscores the company’s commitment to expanding its presence in regional markets and capitalizing on its export-to-import strategy.
Meanwhile, in Nigeria, local demand for cement soared by 26.1 percent to 4.6 million metric tonnes (Mt) during the first quarter of 2024. Overall, the group’s volume rose by 12.3 percent to 7.0Mt, further demonstrating its strong market position.
Commenting on the first-quarter results, Chief Executive Officer of Dangote Cement, Arvind Pathak, said: “During the quarter, we intensified our emphasis on exports, dispatching 7 ships from Nigeria to Ghana and Cameroon. As a result, our Nigerian exports surged by 87.2%, 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 company recorded a group revenue of N817.4 billion, with profit after tax increasing by 2.9 percent to N112.7 billion. Earnings per share closed the quarter at N6.68, representing a 3.7 percent increase. Additionally, as part of its sustainability program, Dangote Cement commissioned ten of the 17 Alternative Fuel Projects across the group.
Pathak further that “Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter. Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 per cent to 2.7Mt, buoyed by increased sales in Zambia and Congo. Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.
“Group revenue more than doubled to ¦ 817.4 billion, while Group EBITDA rose 66.6 per cent to N309.5 billion. Profit After Tax was up 2.9 percent at N112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”
