Dangote cement records strong Pan-African sales volumes in 2023

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Dangote cement records strong Pan-African sales volumes in 2023
Dangote cement records strong Pan-African sales volumes in 2023

Dangote Cement, in its unaudited results covering the first nine months of 2023, has recorded a substantial 15.2% increase in pan-African volumes compared to the same period in 2022.

These pan-African volumes pertain to the sales volume of Dangote Cement plants situated outside Nigeria.

The results, made available on the Nigerian Exchange (NGX) portal, reveal that this growth was primarily driven by remarkable sales performance in specific Dangote Cement plants in various African countries.

Notably, Dangote Cement Plant in Senegal experienced an impressive 66.9% surge in sales, while Dangote Cement Plant in Congo witnessed a substantial 60.5% increase in sales volumes.

Other plants in the pan-African network also contributed to the growth, with Dangote Cement Zambia recording an 18% increase, Ghana at 15.5%, South Africa at 18.5%, and Ethiopia and Tanzania at 6.5% each.

Financially, Dangote Cement reported a 20.5% rise in Profit before tax, increasing from N335.9 billion to N404.89 billion, while Profit after tax saw a significant 30.2% growth, climbing from N213.10 billion to N277.55 billion.

Arvind Pathak, the Chief Executive Officer, commented on these results, attributing the positive performance to a combination of the company’s strong value proposition, enhanced operational efficiency, and an unwavering effort to manage costs effectively, despite the challenges of rising inflation.

He further elaborated, “We achieved double-digit growth in Group revenue at ₦1,514.6B, while EBITDA rose to an all-time high of ₦662.8B, up 28.5 percent.”

The CEO highlighted the strength of Dangote Cement’s diverse operations, noting that their pan-African segment saw a record revenue and EBITDA growth of 103.9% and 255.4%, respectively, contributing significantly to the overall performance.

Pathak outlined the company’s strategic outlook, mentioning the upcoming completion of a 1.5Mta grinding plant in Cote d’Ivoire and the successful commissioning of the 0.45Mta Takoradi plant in the first half of the year.

He emphasized Dangote Cement’s commitment to delivering high-quality cement to its customers and expressed confidence in the company’s continued growth.