Dangote Cement Group reports FY20 revenues of NGN1034.2bn

Dangote Cement Plc has released its FY20 results, reporting group revenue up 16 per cent to NGN1034.2bn (US$2718.1bn) when compared with FY19. Group EBITDA totalled NGN71.3bn, up 49 per cent on FY19 and pan-African EBITDA reached a record NGN478.1bn.

Group gross profit amounted to NGN596,226m, up 16.5 per cent from NGN511,682m in FY19. Net debt at the end of the period stood at NGN337,275m.

Michel Puchercos, Group CEO, said: "Despite the impact of the COVID-19 pandemic, 2020 was a record year for Dangote Cement across board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All this was achieved whilst we focussed on protecting our people, customers, and communities from the impact of the pandemic.

"Dangote Cement recorded strong top-line growth supported by strong cement demand…. I am delighted to report that Dangote Cement experienced its strongest year in terms of EBITDA and strongest year in terms of volumes."

Group volumes rose by 8.6 per cent YoY to 25.7Mt despite the impact of the COVID-19 pandemic. Nigerian cement volumes totalled 15.9Mt for the period, up 12.9 per cent from 14.1Mt in FY19. Pan-African cement volumes reached 9.98Mt, a 4.4 per cent increase from 9.56Mt in FY19.