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Dangote Cement posts N1.02tr sales in Q3
Africa’s largest cement producer, Dangote Cement Plc recorded a turnover of N1.02 trillion in the third quarter with Nigeria accounting for about 64 per cent of the group cement sales.
Key extracts of the interim report and accounts of Dangote Cement for the third quarter ended September 30, 2021 released at the weekend showed that group cement sales stood at 22.2 million tonnes. Sales volume in Nigeria remained strong and accounted for 14.1 million tonnes despite heavy rains in the third quarter. Pan-African operations accounted for the balance of 8.2 million tonnes.
Total turnover stood at N1.02 trillion in third quarter 2021 as against N761.44 billion in third quarter 2020. Profit before tax rose from N271.96 billion in 2020 to N405.5 billion in 2021. Net profit after taxes stood at N278.25 billion in 2021 as against N208.69 billion in comparable period of 2020. The group’s taxes had increased from N63.28 billion in third quarter 2020 to N127.24 billion in third quarter 2021. With these, earnings per share increased from N12.25 in third quarter 2020 to N16.23 in third quarter 2021.
Group Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, described the results as “a solid set of the results” noting that group volumes rose by 15.4 per cent compared with the first nine months of 2020.
He noted that the economic performance and efficiency initiatives across the group enabled the offsetting of inflationary pressures on some of its cost lines.
“Our Nigerian business recorded volume growth of 18.7 per cent in nine months 2021 at 14.1mt and despite operating in a complex, challenging, and fast-moving environment, Dangote Cement is consistently delivering superior profitability and returns to the shareholders.
“Our alternative fuel project is at an advanced stage which aims to leverage waste management solutions, reducing CO2 emissions and sourcing material locally,” Puchercos said.
Dangote Cement is Africa’s leading cement producer with nearly 48.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 32.25Mta in its home market, Nigeria. Its Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; its Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while its Gboko plant in Benue state has 4Mta.
In addition, it has operations in Cameroon-1.5Mta clinker grinding, Congo-1.5Mta, Ghana -1.5Mta import, Ethiopia-2.5Mta, Senegal-1.5Mta, Sierra Leone-0.5Mta import, South Africa-2.8Mta, Tanzania-3.0Mta and Zambia with 1.5Mta.
Dangote Cement posts N1.02tr sales in Q3
