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Dangote Cement records ₦191.6bn post-tax profits in H1 2021

Pan-African manufacturer, Dangote Cement Plc, said it achieved profit after tax of ₦191.6billion, and paid about N89.6billion in taxes for the half year (H1) ended 30th June 2021, as Group sales volumes hit 15.3 metric tonnes (Mt). 

The company’s unaudited results for the six months period showed that Nigerian operations accounted for a sales volume of 9.87 Mt while pan-African operations contributed the balance of 5.5Mt.

A statement from the company said the rise in sales volume was spurred by an increase in housing infrastructure and commercial construction.

The company recommenced clinker exports from Nigeria in second quarter (Q2), with two clinker shipments, one each from the Apapa and Onne terminals.

Group Managing Director, Dangote Cement, Michel Puchercos, was quoted as saying: “We are pleased to report a solid set of the good results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year. This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”

In regards to handling the pandemic, he said: “We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learnt a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.

“We recommenced clinker exports in the second quarter after taking the strategic decision to pause our clinker exports. This was to ensure we met the historic volume growth in the Nigerian domestic market since mid-2020. We are improving the output of our existing and new assets and I am happy to announce that our 3Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.”

Commenting on the company’s alternative fuel, Puchercos said the project is at an advanced stage, and focuses on leveraging waste management solutions, reducing carbon dioxide (CO2) emissions and sourcing materials locally while procurement and installation of the necessary equipment is ongoing across all plants.

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 of our business culture.

He reiterated Dangote Cement’s commitment to sound governance, saying: “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 of our business culture.”

Dangote Cement is reputed as the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors.

This is in efforts to modernize and enhance transparency, and access to companies’ disclosures. Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta capacity across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement. 

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