By Onyeka Stanley, Lagos
Dangote Cement has said that strategies it adopted to increase sales and ensure adequate supply of products to customers are yielding fruits, as domestic sales volume increased by 26.1% to 4.6 metric tonnes (MT) in the first quarter (Q1) of 2024.
According to the cement manufacturers’ unaudited results for the three months ended April 30, 2024, the Nigerian operations volume rose significantly and positively affected the rise in the Group’s overall volume to 7.0MT.
The company recorded a Group revenue of N817.4 billion, even as profit after tax inched, up by 2.9% to N112.7 billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7%.
As part of its sustainability programme, Dangote Cement also inaugurated 10 of the 17 Alternative Fuel Projects across the Group.
Chief Executive Officer, Dangote Cement, Arvind Pathak, was quoted as saying, “Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1% to 4.6Mt in the quarter.
“Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1% 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 ₦817.4 billion, while Group EBITDA rose 66.6 percent to ₦309.5 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,” he added.
With renewed emphasis on exports, Mr. Pathak informed that the company dispatche seven ships from Nigeria to Ghana and Cameroon.
“As a result, our Nigerian exports surged by 87.2%, 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,” he said.
Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.
