2024FY: Dangote Cement, 2 other cement makers generate N984.7bn profit in 2024
Three cement manufacturing companies in Nigeria, Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc generated a sum of N984.7 billion profit before tax in 2024 financial year, about 40.5 per cent growth over N701.03 billion declared in 2023.
In the period under review, Dangote Cement generated N732.54 billion PBT, an increase of 32.4 per cent when compared to N533.1 billion declared in 2023.
As Lafarge Africa announced N152.52 billion in PBT last year, about 89 per cent from N80.69 billion in 2023, BUA Cement declared N99.63 billion PBT in 2024, representing an increase oof 48.2 per cent from N67.23 billion in 2023.
The three listed cement manufacturing companies declared N5.15 trillion in revenue, which is about 68 per cent increase over N3.07trillion in 2023.
The Chief Executive Officer, Dangote Cement, Arvind Pathak in a statement said: “We wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence.
“Our Group volumes grew by 1.6per cent year-on-year, reaching 27.7Mt, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9per cent.
“A major milestone was the launch of the DMS, which enables customers to independently manage sales transactions and track deliveries, remotely.
“Over 80per cent of our customers actively use this platform, and we aim to increase adoption to 90%. Despite macroeconomic challenges, both globally and domestically, we remained committed to innovation and value creation, delivering strong returns for our stakeholders.
“Group revenue grew by 62.2per cent to N3,580.6 billion, driven by a combination of volume growth and price adjustments to reflect inflationary trends. As a result, EBITDA reached a record high, surpassing the N1 trillion mark for the first time at N1,382.0 billion, while profit after tax (PAT) grew by 10.5 per cent year-on year, totaling N503.2 billion.
“Reflecting our strong financial performance, the Board has proposed a dividend of N30.00 per share for the 2024 financial year.
“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1pr cent increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency. We also made significant strides in sustainability, particularly in alternative fuel investments.
“Our Thermal Substitution Rate (TSR) improved to 10per cent, with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing. Recognizing our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories.
“Looking ahead, we remain focused on strengthening our market position, enhancing productivity, and driving economic growth across our operating regions. We are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalise on the high-growth African cement market”
