Strategies adopted by Dangote Cement to increase sales and ensure an adequate supply of products to customers are yielding the desired results as domestic sales volume increased, by 26.1 percent to 4.6 metric tons (Mt) in the first quarter of 2024.
According to the cement manufacturer’s unaudited results for the three months that ended, on April 30, 2024, the Nigerian operations volume rose significantly and positively affected the rise in the Group’s overall volume to 7.0 Mt.
The company recorded Group revenue of N817.4 billion, even as profit after tax inched, up by 2.9 percent to N112.7 billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent. As part of its sustainability programme, Dangote Cement commissioned ten of the 17 Alternative Fuel Projects across the Group.
Chief Executive Officer, of Dangote Cement, Arvind Pathak, in his comments on the results, said, “Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter. Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo. Despite elevated cost pressures, increased borrowing costs, and a further currency weakening; our first-quarter results reflect our commitment to navigating challenges effectively.”
He added, “Group revenue more than doubled to N817.4 billion, while Group EBITDA rose 66.6 percent to N309.5 billion. Profit After Tax was up 2.9 percent at ¦ 112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.
During the quarter, we intensified our emphasis on exports, dispatching 7 ships from Nigeria to Ghana and Cameroon.
“As a result, our Nigerian exports surged by 87.2 percent, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.
We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.
