Dangote Cement reports group revenue of NGN1383.6bn in 2021

Dangote Cement reported that for the year ended 31 December 2021, group revenue reached NGN1383.6bn (US$3.327bn), up 33.8 per cent on 2020. The group recorded a record EBITDA of NGN684.6bn. Pan-African EBITDA totalled NGN88.8bn, a rise of 24.6 per cent. Net debt reached NGN225.1bn.

In total, manufacturing costs increased by 25.8 per cent to NGN551bn from NGN437.9bn in 2020. Materials consumed cost increased by 30 per cent to NGN175.4bn, while fuel and power cost advanced by 34.4 per cent to NGN196.6bn. 

Michel Puchercos, CEO, said: "We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 per cent and Group EBITDA was up 43.2 per cent, at a 49.5 per cent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of NGN364.4bn, up 32 per cent." 

Nigerian market
Nigerian operations sold over 18Mt of cement during the period, including clinker exports, a 16.8 per cent increase on the 15.9Mt sold in 2020. When looking at the domestic sales alone, the group’s Nigerian operations sold 17.7Mt, up 13.6 per cent YoY. 

Revenues for the Nigerian operations increased by 38 per cent to NGN993.4bn. Dangote Cement recorded a strong EBITDA of NGN610.2bn at a margin of 61.4 per cent. The company achieved seven clinker shipments, with a total volume of 197,000t in 2021. In the year, it exported 706,000t of cement by road to Togo and Niger, up over three times 2020 exports.