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Tuesday, August 9, 2022

Dangote Cement Pays N173.93bn Tax Charge

With a tax charge of N173.93 billion for the previous year, Dangote Cement Plc has maintained its position as a major contributor to Nigeria’s economy.

According to the group’s audited reports published on the Nigerian Exchange Ltd (NGX) online, the tax charge represents a 78.7% increase over the N97.24 billion paid in 2020.

Analysis of the cement company’s financial result indicated that the group’s sales volume stood at 29.3 metric tonnes (MT0, with Nigeria accounting for 18.61MTs while operations in other countries did 10.86MTs.

AIHS 2022

The total revenue for the year was N1.38 trillion, with N993.34 billion from Nigeria and N397.32 billion from other African plants. This is a significant increase above the company’s sales of N1.034 trillion in 2020.

The company earned N538.37 billion in gross profit and N364.44 billion in after-tax profit, with profits per share (EPS) rising to N21.24 from N16.14. A dividend of $20 per share has been suggested by the board of directors.

Michel Puchercos, Dangote Cement’s Chief Executive Officer, said of the results, “We are pleased to report a solid set of results for the full year 2021.” Volumes were up 13.8% for the year, and EBITDA was up 43.2 percent to 684.6 billion, representing a 49.5 percent increase margin.

“Thanks to the conservative and flexible strategy we’ve taken across our operations, our business model remains strong.”

Dangote Cement has continuously delivered superior profitability and returns to its stockholders due to an enhanced focus on efficiency, while meeting double-digit market growth and keeping costs under control.”


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