Dangote Cement records 34% rise in group revenue

Nigeria’s Dangote Cement has announced a 34.2 per cent YoY increase in group revenue to NGN1022bn (US$2.49bn) for the first nine months of the year, compared with NGN761.4bn in the year-ago period.

Group EBITDA also surged 45 per cent YoY to NGN514.8bn from NGN355bn in the 9M20, with its EBITDA margin up to 50.4 per cent from 46.6 per cent.

“Given the strong rebound in 3Q20 following the impact of COVID-19 in the first half of the year, volumes in 3Q21 were slightly lower than 3Q20, as anticipated, though worsened by heavier rains. However, the overall growth trend continues, supported by our ability to meet the strong market demand across all our countries of operation. The economic performance and efficiency initiatives across the Group enabled the offsetting of inflationary pressures on some of our cost lines,” said Michel Puchercos, group CEO.

Group cement volumes climbed 15.4 per cent YoY to 22.16Mt from 19.21Mt. Nigerian volumes were up 18.7 per cent to 14.1Mt in the 9M21 while pan-African volumes advanced 9.4 per cent to 8.2Mt.

“Dangote Cement has exceeded its 2020 full year results in the first nine months of 2021 with EBITDA currently trending at 45 per cent YoY as at the end of September 2021, more than double the 21 per cent EBITDA growth in 2020. Despite operating in a complex, challenging and fast-moving environment, Dangote Cement is consistently delivering superior profitability and returns to the shareholders,” continued Mr Puchercos.