Dangote Cement says a profit-after-tax of N112.7 billion was recorded in its first quarter (Q1) operations for the year.
The cement manufacturer disclosed this in its unaudited financial statement for Q1 2024.
According to the firm, the cement volume of its Nigerian business also rose by 26.1 percent to 4.6 metric tonnes (MT) in the first three months of the year.
The company said it also recorded a group revenue of N817.4 billion. “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 4.6Mt in the first quarter of 2024,” the company said.
Dangote Cement said its Nigerian operations volume rose significantly and positively affected the rise in the group’s overall volume to 7 MT.
“Earnings per share closed the quarter at N6.68, representing an increase of 3.7 percent,” the statement reads. As part of its sustainability programme, Dangote Cement commissioned ten of the 17 Alternative Fuel Projects across the Group.”
Commenting on the development, Arvind Pathak, chief executive officer (CEO) of Dangote Cement, said its Nigerian operations volume increased in the quarter due to a rise in economic activities.
“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,” he said.
“Despite elevated cost pressures, increased borrowing costs, and further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.
“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, Pathak said, demonstrate the company’s ability to adapt and thrive in a dynamic business environment while delivering value to all of its stakeholders.
“During the quarter, we intensified our emphasis on exports, dispatching 7 ships from Nigeria to Ghana and Cameroon,” Pathak said.
“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.”
He said the company will continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving its vision of transforming Africa and creating a sustainable future.