The company ascribed the sharp increase to the tactics used by Dangote Cement to boost sales and guarantee that clients would have a sufficient supply of goods.
The unaudited statistics for the three months ending April 30, 2024, released by the cement producers, show that the volume of activities in Nigeria increased dramatically, which had a favorable impact on the increase in the Group’s overall volume to 7.0 Mt.
The business reported N817.4 billion in group revenue, despite a little increase in profit after taxes of 2.9 percent to N112.7 billion.
With a 3.7 percent increase, earnings per share ended the quarter at N6.68.
Ten of the Group’s seventeen Alternative Fuel Projects were put into service by Dangote Cement as part of its sustainability initiative.
Arvind Pathak, the CEO of Dangote Cement, stated: “Our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter, driven by an uptick in economic activities.”
Likewise, our pan-African businesses maintained their upward trend, with volumes rising 3.1% to 2.7 million metric tons, driven by higher sales in Congo and Zambia. Our first-quarter results demonstrate our dedication to successfully overcoming obstacles in spite of high cost pressures, rising borrowing prices, and additional currency depreciation.
The speaker went on, “Group EBITDA increased 66.6 percent to N309.5 billion, while Group sales more than doubled to N817.4 billion. The profit after tax increased by 2.9% to N112.7 billion. Our capacity to adapt and flourish in a fast-paced business climate while providing value to our stakeholders is demonstrated by these results.
We increased our focus on exports throughout the quarter, sending seven ships from Nigeria to Ghana and Cameroon. Consequently, our shipments to Nigeria increased by 87.2 percent, demonstrating our dedication to growing our market share in the region and leveraging our export-to-import business model.
Having a 52.0 Mta capacity throughout Africa, Dangote Cement is the continent’s top cement producer. Dangote Cement is a fully integrated quarry-to-customer producer with a 35.25 million tonne annual production capacity in Nigeria.
Nigeria is no longer dependent on imported cement thanks to recent investments made by Dangote Cement, which has also made the country a cement exporter to its neighbors.
