Table of Contents
Dangote Cement Plc, a prominent building materials company in the industrial goods sector, has announced a revenue of N817.4 billion for the first quarter of 2024.
This marks a remarkable 101% increase compared to the N406.7 billion recorded in the same period of 2023. The company’s latest unaudited financial statement, published on the NGX website, revealed these figures.
Join our Telegram Channel for Updates
The breakdown of Dangote’s revenue also showcased a 26.1% rise in domestic sales volumes, reaching 4.6 million metric tonnes (Mt) from 3.6Mt. Arvind Pathak, the chief executive officer of Dangote Cement, attributed this growth to an increase in economic activities, particularly in Nigeria, where volumes surged by 26.1% to 4.6Mt during the quarter.
Furthermore, the company’s pan-Africa operations experienced a 3.1% increase in volumes to 2.7Mt, driven by enhanced sales in Zambia and Congo.
Despite facing challenges such as elevated cost pressures, increased borrowing costs, and currency fluctuations, Pathak expressed satisfaction with the first-quarter results, emphasizing the company’s ability to effectively navigate through obstacles. He highlighted the intensified focus on exports, noting the dispatch of seven ships from Nigeria to Ghana and Cameroon during the quarter.
Pathak elaborated on the financial performance, stating that group revenue more than doubled to N817.4 billion, while group EBITDA (earnings before interest, taxes, depreciation, and amortization) surged by 66.6% to N309.5 billion.
After-tax profit also saw a 2.9% increase, reaching N112.7 billion. These results, according to Pathak, demonstrate Dangote Cement’s resilience and capacity to create value for stakeholders amid a dynamic business environment.
Additionally, Pathak underscored Dangote Cement’s role in eliminating Nigeria’s reliance on imported cement, transforming the nation into an exporter of cement that serves neighboring countries.
Regarding recent developments in cement pricing, it was reported that Nigeria’s three major cement manufacturers, including Dangote Cement, agreed to lower their prices to N8,000 and N7,000 following discussions with the Nigerian government. These reduced prices have already been implemented in many states across the country.
