Dangote Cement Plc’s management has announced significant increase in its clinker exports, with seven ships dispatched from Nigeria to Ghana and Cameroon in the first quarter of 2024, noting that the export volume surged by 87.2 percent, reaching 264kt.
This was made known by the Chief Executive Officer of Dangote Cement, Arvind Pathak, adding that the company successfully commissioned 10 out of 17 Alternative Fuel Projects across its group.
Meanwhile, local demand for cement in Nigeria saw a substantial uptick, rising by 26.1 percent to 4.6Mt during the same period. Overall, the group’s cement volume increased by 12.3 percent to 7.0Mt in the first quarter of 2024.
Speaking on the first quarter results, Pathak said, “During the quarter, we intensified our emphasis on exports, dispatching 7 ships from Nigeria to Ghana and Cameroon. As a result, our Nigerian exports surged by 87.2%, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”
Despite challenges, Dangote Cement Plc achieved a group revenue of N817.4 billion. The company’s profit after tax also increased by 2.9 percent to N112.7 billion, with earnings per share closing the quarter at N6.68, up by 3.7 percent.
In line with its sustainability program, the company commissioned ten out of 17 Alternative Fuel Projects across its group.
“Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter. Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 per cent to 2.7Mt, buoyed by increased sales in Zambia and Congo. Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.
“Group revenue more than doubled to ¦ 817.4 billion, while Group EBITDA rose 66.6 per cent to N309.5 billion. Profit After Tax was up 2.9 percent at N112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future,” Pathak said.
