Dangote Cement Plc recorded an increase in revenue from Pan-African operations by 139.9 per cent, growing to N807.1bn as against N336.4bn, reported in the corresponding period of 2023.
The cement plant also reported a 10.9 per cent increase in the Nigerian market which rose from 8.0Mt to 9.0Mt in the half year ended June 30, 2024.
According to the 2024 half-year results of the cement company, group volumes rose by 3.8 per cent to 13.9Mt.
Group revenue was up by 85 per cent to N1,760bn compared to N950bn at the corresponding period in 2023 driven by 60 per cent growth in Nigeria which rose to N991bn from N618bn.
The statement made available to THE WHISTLER noted that as part of continuous efforts to promote a cleaner environment, Dangote Cement commissioned 11 of the 17 Alternative Fuel Projects across the Group and also took delivery of 300 full CNG trucks for its Nigerian business.
It achieved a thermal substitution rate estimated at 10.5 percent for H1 2024 compared to 7.8 per cent in H1 2023.
Chief Executive Officer, Dangote Cement, Arvind Pathak, in his remarks, said: “We effectively navigated macroeconomic headwinds to deliver positive results in the first half of the year.
Group volumes were up 3.8%, with our Nigeria operations achieving double-digit volume growth of 10.9 per cent.
This growth was driven by improved efficiency across our operations and supported by increased market activity levels compared to the election year and cash crunch in 2023.
Despite the challenges of elevated inflation, high borrowing costs, and a further weakening of the currency in the first six months of the year, our business demonstrated strong resilience. This was due to our rigorous focus on cost minimisation and our diversified business model.”
He added, “Group revenue and EBITDA rose 85.1 per cent and 50.3 per cent to N1,760.1bn and N666.2bn, respectively. Our Profit After Tax (PAT) reached N189.9bn, marking a 6.3 per cent increase. I am pleased with the performance of our business, as key financial indicators are showing positive trends.
By leveraging our robust export-to-import strategy, Dangote Cement completed fourteen shipments of clinker from Nigeria to Ghana and Cameroon.
This effort resulted in a 55.2 per cent surge in our Nigerian exports, underscoring our commitment to fostering African self-sufficiency.
Looking ahead, we remain bullish about the growth prospect of the African region, evident in our increased capital investments. We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”
