Dangote Cement in the nine months ended September 30, 2023 reported 15.2 per cent increase in pan-African volumes which rose from 7.4Mt to 8.5Mt, compared to the corresponding period in 2022.
Pan-African volumes refer to the volume of sales by Dangote Cement plants situated outside Nigeria.
A review of the cement company’s unaudited results released on the portals of the Nigerian Exchange (NGX), showed that the volumes were driven by sales from Dangote Cement Plant, Senegal which posted 66.9 per cent increase in sales and Dangote Cement Plant Congo which reported an increase of 60.5 per cent in volumes.
Dangote Cement Zambia recorded 18 per cent increase, Ghana 15.5 per cent, South Africa 18.5 per cent, Ethiopia, and Tanzania 6.5 per cent respectively.
The cement company stated that its Profit before tax rose by 20.5 per cent, from N335.9 billion to N404.89 billion while profit after tax rose from N213.10 billion to N277.55 billion, indicating an increase of 30.2 per cent.
Speaking on the results, Chief Executive Officer, Arvind Pathak, said “this positive nine-months result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment.
“We achieved double-digit growth in Group revenue at ₦1,514.6B, while EBITDA rose to an all-time high of ₦662.8B, up 28.5 per cent.
“Again, we continue to show the strength in the diversity of our operations. Our pan-African operations generated a record revenue and EBITDA growth of 103.9 per cent and 255.4 per cent, respectively, contributing 41.9 per cent to Group volumes.
“This unprecedented growth was driven by sustained demand across our countries of operation.
“We will continue to explore emerging opportunities and export strategies around the region to further consolidate the Group performance, ” Pathak added.
Pathak concluded by saying that “Looking ahead, we are at the final stage in the completion of our 1.5Mta grinding plant in Cote d’Ivoire, having commissioned our 0.45Mta Takoradi plant in the first half of the year.
“We are focused on improving our value proposition, anchored on our promise to deliver strong and superior cement to our unwavering customers.
“I am very pleased with the direction of our business and confident we will finish the year strong.”
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa.
A fully integrated quarry-to-customer producer, the company has a production capacity of 35.25Mta in its home market, Nigeria.
Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and 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 a net exporter of cement serving neighbouring countries.
(vitalnewsngr.com)
