Nigeria: Dangote Cement Export Increased By 87.2 Percent At 264kt in First Quarter

29 April 2024
Vanguard (Lagos)

Management of Dangote Cement Plc has revealed that the company dispatched seven ships of clinker, from Nigeria to Ghana and Cameroon and that the export, for the first quarter of 2024 increased by 87.2 percent at 264kt.

While the company commissioned 10 of the 17 Alternative Fuel Projects across the group, the local demand for cement, in the same period under review in Nigeria increased significantly by 26.1 per cent to 4.6Mt and the overall group volume rose by 12.3 per cent to 7.0Mt, for the first quarter of 2024.

Chief Executive Officer of Dangote Cement, Arvind Pathak, in his comments on the first quarter results, 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, even as profit after tax inched, up by 2.9 per cent to N112.7 billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7 per cent. As part of its sustainability programme, Dangote Cement commissioned ten of the 17 Alternative Fuel Projects across the group.

According to Pathak, "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."

Read the original article on Vanguard.

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