Nigeria: Q1 - Dangote Cement Records N249 Billion Revenue, N88 Billion Profit

29 May 2020

Dangote Cement Plc has posted a strong performance in the first quarter (Q1) ended March 31 2020, with revenue rising to N249.182 billion, up from N240.157 billion in the corresponding period of 2019. Profit Before Tax (PBT) appreciated by 11 per cent, from N78.96 billion to N88.06 billion, while profit after tax (PAT) of stood at N60.592 billion, compared with N60.254 billion in 2019.

Dangote Cement sold a total volume of 4.0Mt in Nigeria while Pan African sales accounted for 2.28MT. Commenting, Chief Executive Officer, Dangote Cement, Michel Puchercos, said the resiliency of the management and staff of the company led to the delivering good results despite the lockdown caused by the COVID-19 pandemic.

He said: "From the beginning of the COVID-19 pandemic, we have proactively deployed all recommended measures to protect the health and well-being of our employees, customers, suppliers and communities. As such, we have implemented several rigorous protocols in all our operations across the continent. We are closely monitoring all markets according to the guidance provided by the authorities in each country. We continue to provide superior services and deliver high quality products to our customers. 2020 started strongly, with growth across the board despite the early effects of the COVID-19 pandemic. We achieved a record high quarterly EBITDA margin in Pan-Africa and a record high quarter in Nigeria, with revenues of N179 billion and domestic volumes at 4.0Mt."

According to him, in April, Dangote Cement successfully raised N100 billion series 1 Bond from the Nigerian debt capital market despite the current challenging environment.

"This illustrates investors' continuous confidence in Dangote Cement's strategy. This landmark transaction is the largest ever bond issuance by a corporate issuer in Nigeria. It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market" he added.

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