Dangote Cement pays N173.93bn tax for 2021

Dangote Cement Plc has paid N173.93 billion as tax charge for the financial year ended 31st December 2021.

According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.

Analysis of the cement company’s financial result for the review year indicated that Group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt.

Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted of N719.95 billion from Nigeria and N318.68 billion from other African operations.

Dangote Cement recorded a gross profit of N538.37 billion and after tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14.

The directors have proposed a dividend of ₦20.00 per share.

Speaking on the results, Chief Executive Officer, Dangote Cement, Michel Puchercos said: “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 per cent and Group EBITDA was up 43.2 per cent, to ₦684.6 billion at a 49.5 per cent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 per cent.

“Our business model remains robust. Thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he added.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.

The Star