Dangote Cement Plc has reported a robust pan-African performance for the half year ended June 30, 2023.
This is contained in the company’s six months unaudited results obtained by the News Agency of Nigeria (NAN) on Sunday in Lagos.
It shows that sales volume for pan-African operation was up 11.6 per cent compared to 4.9 Metric tonnes (Mt) in H1 2022.
The pan-African region includes all the cement plant’s operations outside Nigeria.
The report stated that the company’s sales volume in the period under review stood at 5.4Mt while total sales volume for the group within the period was 13.4Mt.
It attributed the performance to robust demand, particularly from Ethiopia, Senegal, Zambia, and Congo.
“Hence pan-African revenues grew by 81.8 per cent to N336.4 billion; group revenue rose by 17.7 per cent to N950.8 billion.
“Recurring profit after tax was up by 37.4 per cent to N292.2 billion while profit after tax rose by 3.8 per cent to N178.6 billion,” it said.
The Chief Executive Officer, Dangote Cement, Mr Arvind Pathak, describing the results as heartwarming said the company delivered positive results in the first half of the year.
Pathak said the company’s Nigerian operations achieved a 22.6 per cent recovery in sales over the first quarter, which was impacted by the general elections and the cash crunch.
Pathak, however, noted that the steep currency devaluation in mid-June slowed the volume recovery and increased the already inflated operating cost.
“We navigated the tough terrain, thanks to our strong operational framework and rigorous focus on cost management.
“I am pleased at the remarkable improvement witnessed in our pan-Africa operations,” he said.
Pathak said the 0.4Mta grinding plant in Ghana had commenced operation while the completion of a 1.5Mta grinding plant in Cote d’Ivoire was on track.
He said the company would continue to focus on its strategic growth priorities, hinged on its vision of transforming Africa and building a sustainable future.
“I am optimistic that our business remains resilient and well positioned to overcome unforeseen macroeconomic headwinds,” he said.
NAN reports that Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa.
The company has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta) and Zambia (1.5Mta).(NAN)
