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Dangote Cement grows revenue to N808bn in H1 2022

Dangote Cement Plc yesterday announced group revenue of N808 billion for the first half year (H1) ended June 31, 2022 representing a 17% increase above the N690.55 billion recorded in 2021.

The cement company in a financial filing posted on the Nigerian Exchange (NGX) also reported group sales volume of 14.2Mt, consisting of 9.3Mt done by Nigerian operations while the balance was contributed by operations in other African countries.

Commenting on the result, the Chief Executive Officer, Dangote Cement, Michel Puchercos, said: “Despite the elevated inflation due to a very volatile global environment, the first half of 2022 has been positive. We recorded increases in revenue and EBITDA that drove strong cash generation across the Group.

“We recorded revenue of N808.0 billion up 17 per cent compared to last year and Group EBITDA of N373.2 billion, up 6.3 per cent with an EBITDA margin of 46.2 per cent.”

Puchercos noted that significant increases in energy and AGO costs are impacting negatively on the production and supply of cement products.

He added: “To drive consumer engagement and support demand ahead of the rainy season, we have commenced the 3rd season of our National Consumer Promotion – ‘Bag of Goodies 3’.

“On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.”

Despite the elevated inflation due to a very volatile global environment, the first half of 2022 has been positive. We recorded increases in revenue and EBITDA that drove strong cash generation across the Group.

He said the volatile international context is strengthening efforts to ramp up the usage of alternative fuels and execution of an export-to-import strategy, adding that the company is reducing dependence on imported inputs and making the local markets self-sufficient.

“Our continuous focus on efficiency, meeting market demand, and maintaining our cost leadership drives our ability to consistently deliver superior profitability and value to all shareholders,” he said.

Dangote Cement is Africa’s leading cement producer with nearly 51.6 metric tonnes per annum (Mta) capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria.

Obajana plant in Kogi State is the largest in Africa with 16.25Mta of capacity across five lines while Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta.

The Gboko plant in Benue State has 4Mta while the Okpella plant in Edo State has 3Mta.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

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