Dangote Cement reports N404.89bn in 9 months

Africa’s major cement manufacturer, Dangote Cement, has reported a Profit Before Tax of N404.89 billion in the nine months ended September 30, 2023.

The figure represents a 20.5 per cent from N335.9 billion recorded in 2022.

Also, the cement giant reported a Profit After Tax of N277.55 billion representing a 30.2 per cent increase from N213.10 billion recorded in the corresponding period of 2022.

A review of the cement company’s unaudited results released on the portals of the Nigerian Exchange (NGX), the volumes were driven by sales from Dangote Cement Plant, Senegal which posted 66.9 per cent increase in sales and Dangote Cement Plant, Congo which reported an increase of 60.5 per cent in volumes.

Dangote Cement, Zambia recorded 18 per cent increase, Ghana 15.5 per cent, South Africa 18.5 per cent, Ethiopia, and Tanzania 6.5 per cent respectively.

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Speaking on the results, Chief Executive Officer, Arvind Pathak, said: “This positive nine-months result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment.

“We achieved double-digit growth in Group revenue at N1,514.6 billion, while EBITDA rose to an all-time high of N662.8 billion, up 28.5 per cent.

“Again, we continue to show the strength in the diversity of our operations. Our pan-African operations generated a record revenue and EBITDA growth of 103.9 per cent and 255.4 per cent, respectively, contributing 41.9 per cent to Group volumes.

“This unprecedented growth was driven by sustained demand across our countries of operation. We will continue to explore emerging opportunities and export strategies around the region to further consolidate the Group performance.”

Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, the company has a production capacity of 35.25Mta in its home market, Nigeria.

Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue State has 4Mta; and Okpella plant in Edo State has 3Mta.

The Star