In the first three months of its 2022 financial year, Dangote Cement saw a 24.2 percent growth in revenue and an 18 percent increase in profit after tax.
The company’s unaudited results for the three months ending March 31, 2022, were announced on the Nigerian Exchange (NGX) and showed revenue of N413.2 billion and profit after tax of N105.9 billion.
According to Dangote Cement’s three-month statistics, the company sold a total of 7.2 million tonnes of cement, with Nigerian operations accounting for 4.8 million tonnes and the rest of Africa contributing for 2.4 million tonnes.
Despite the new uncertainties brought by a very volatile global environment, Dangote Cement’s chief executive officer, Michel Puchercos, said the company started the first quarter on a promising note.
He stated that increases recorded in revenue and profitability drove strong cash generation across the group. Profit after tax rose to N105.9 billion, up 18 per cent compared to last year while Group EBITDA rose to N211 billion with an EBITDA margin of 51.1 per cent.
Puchercos said: “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 in finding opportunities beyond dividend to return cash to shareholders,” he said.
Puchercos added that, “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.”
Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria.