Categories: Business

Dangote Cement realises N538.37bn profit in one year

Dangote Cement, a subsidiary of Dangote Industries Limited, has generated a gross profit of N538.37 billion and after-tax profit of N364.44 billion in 2021.

This is contained in the company’s financial report for the full year which ended on December 31, 2021.

Dangote Cement revealed that its group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt, while operations in other countries accrued 10.86Mt.

It noted that the 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, however, became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy.

Adopting XBRL reporting format, the company said would benefit Dangote Cement’s existing and potential investors.

Meanwhile, Dangote Cement’s commitment to climate change has yielded the desired results for the company with Carbon Disclosure Project (CDP) raising its rating from C to B after proposing a dividend of ₦20.00 per share in 2021.

The CDP is an international non-profit organization based in the United Kingdom which runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

CDP, however, explained that it raised the rating because of Dangote’s commitment to environmental disclosures and sustainability.

The upgrade, which is one of the highest ratings in Sub-Saharan Africa, gave Dangote Cement the recognition as the only Nigerian company rated by CDP.

The Chief Executive Officer of Dangote Cement, Michel Puchercos, in his response to the development, said: “We are pleased to be recognised for the progress that we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the steps that Dangote Cement is taking in its commitment to transparency on climate and environmental issues.

He added that the cement company was focused on making a positive difference, adding noting that the focus “is why sustainability is at the core of every part of our business”.

“In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tons of waste representing a 60% increase over 2020.

“We are leading the way with our commitment to sustainability and best practices. We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders. Transparency and consistency are at the core of every part our business culture,” Puchercos said.

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

The Stat