Dangote Cement declares N406.4bn PBT in nine months
Dangote Cement Plc on Friday declared N406.4 billion profit before tax in nine months ended September 2024, about 0.4per cent increase from N404.89 billion reported in nine months of ended September 2023.
The unaudited result and accounts on Nigerian Exchange Limited (NGX) revealed that the cement maker N279.1 billion profit, representing an increase of 0.6 per cent from N277.55billion declared in nine months of 2023.
Dangote Cement in the period under review announced N2.56 trillion in revenue, about 69 per cent increase from N1.51 trillion in nine months of 2023 but the N451.22 billion finance cost in nine months of 2024 from N310.96billion reported in nine months of 2023.
The Chief Executive Officer, Dangote Cement, Arvind Pathak in a statement said: “Our financial results for the nine months period demonstrate superior performance across key metrics, as we diligently execute our strategic priorities for the year.
“Group volumes grew by 1.9per cent year-on-year to 20.7Mt, largely due to a significant rebound in Nigeria. This growth was supported by promotional activities and enhanced route-to-market solutions, which helped mitigate the impact of adverse weather conditions.
“Despite the challenges of elevated inflation, high borrowing costs, and further currency depreciation that characterized the nine-month period, our business showed remarkable resilience. This was achieved through a strong focus on cost minimisation and our diversified business model. Group revenue surged by 69.1per cent to N2,560.6 billion, while EBITDA increased by 37.1per cent to N908.7 billion. As such, PAT closed at N279.1 billion, a modest 0.6per cent increase on the back of FX loss. Both our revenue and EBITDA for the nine-month period have already exceeded our full-year 2023 performance, with additional growth potential anticipated in the last quarter. I am pleased with the Company’s overall performance, as key financial indicators are showing positive trends.
Leveraging our robust export-to-import strategy, Dangote Cement successfully completed 22 shipments of clinker from Nigeria to Ghana and Cameroon. This effort resulted in a 75.5per cent increase in our Nigerian exports, highlighting our commitment to “
“Looking ahead, our key focus remains on enhancing efficiency and delivering greater value. We will continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”
