Dangote Cement declares 6.3% increase in profit to N189.9bn

Dangote Cement Plc has declared N189.9 billion profit after tax in half year ended June 30, 2024, about 6.3 per cent growth from N178.6 billion reported in half year ended June 30, 2023.

The cement maker declared N292.96 billion profit before tax in H1 2024, representing an increase of 22.1 per cent from N239.86 billion reported in H1 2023.

Group revenue increased to N1.76 trillion in H1 2024, 85.1 per cent from N950.83 billion posted in H1 2023 as Nigeria’s revenue stood at N991.4 billion in H1 2024, a growth of 60.3 per cent when compared to N618.55 billion declared in H1 2023.  

Chief Executive Officer, Dangote Cement, Mr. Arvind Pathak in a statement said, “We effectively navigated macroeconomic headwinds to deliver positive results in the first half of the year.

“Group volumes were up 3.8per cent, with our Nigeria operations achieving double-digit volume growth of 10.9 per cent. This growth was driven by improved efficiency across our operations and supported by increased market activity levels compared to the election year and cash crunch in 2023.

“Despite the challenges of elevated inflation, high borrowing cost and a further weakening of the currency in the first six months of the year, our business demonstrated strong resilience. This was due to our rigorous focus on cost minimisation and our diversified business model.

“Group revenue and EBITDA rose 85.1 per cent and 50.3 per cent to N1,760.1 billion and N666.2 billion, respectively. Our PAT reached N189.9 billion, marking a 6.3per cent increase. I am pleased with the performance of our business, as key financial indicators are showing positive trends.

“By leveraging our robust export-to-import strategy, Dangote Cement completed 14 shipments of clinker from Nigeria to Ghana and Cameroon. This effort resulted in a 55.2 per cent surge in our Nigerian exports, underscoring our commitment to fostering African self-sufficiency.

“Looking ahead, we remain bullish about the growth prospect of the African region, evident in our increased capital investments. We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”