Dangote Cement Made N112.7 Billion Profit In Q1 On 26.1% Rise In Output Volume

Dangote Cement reports that its first quarter (Q1) operations for the year resulted in a profit-after-tax of N112.7 billion.

This was revealed by the cement maker in its Q1 2024 unaudited financial statement.

The company reports that in the first three months of the year, the volume of cement it sold in Nigeria increased by 26.1 percent to 4.6 metric tonnes (MT).

The business claimed to have earned N817.4 billion in group revenue as well.

“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.

According to Dangote Cement, the group's overall volume increased to 7 MT, which was positively impacted by a notable increase in its Nigerian operations volume.

The statement reads: “Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent.

“As part of its sustainability programme, Dangote Cement commissioned ten of the 17 Alternative Fuel Projects across the Group.”

Dangote Cement's CEO, Arvind Pathak, commented on the news, stating that a surge in economic activity was the reason for the growth in the company's Nigerian operations volume during the quarter.

“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 a 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.”

“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.”

Dangote Cement's CEO, Arvind Pathak, reacted on the news, stating that a surge in economic activity was the reason for the growth in the company's Nigerian operations volume during the quarter.

“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.”

According to him, the business will keep putting innovation, the switch to cleaner energy, and cost leadership as top priorities in order to realize its goal of changing Africa and building a sustainable future.