Management at Dangote Cement Plc has announced a significant surge in their export operations, with the company shipping seven vessels loaded with clinker from Nigeria to Ghana and Cameroon.
The export volume for the first quarter of 2024 saw an impressive 87.2% increase, totaling 264,000 metric tons. This expansion in exports highlights Dangote Cement's growing presence and commitment to meeting the demand for quality cement products in the international market.
While the company commissioned 10 of the 17 Alternative Fuel Projects across the Group, the local demand for cement, in the same period under review in Nigeria, according to a press release by the Dangote Group, increased significantly by 26.1 per cent to 4.6Mt and the overall group volume rose by 12.3 per cent to 7.0Mt, for the first quarter of 2024.
Chief Executive Officer, of Dangote Cement, Arvind Pathak, in his comments on the first quarter results, said: “During the quarter, we intensified our emphasis on exports, dispatching 7 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.”
Newsmart also gathered that the company recorded a group revenue of N817.4 billion, even as profit after tax inched up by 2.9 percent to N112.7 billion. 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, it was also gathered.
Chief Executive Officer, of Dangote Cement, Arvind Pathak, in his comments on the results, said, “Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in 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.
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.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”
Dangote Cement prides itself as Africa's leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, Dangote Cement has a production capacity of 35.25Mta in Nigeria.
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