Dangote reports 101% revenue surge in 1Q24

Dangote Cement has reported group revenue of NGN817.4bn (US$659m) in the first quarter of 2024, ended 31 March, marking a 101 per cent surge YoY. EBITDA advanced by 66.6 per cent over the same period to NGN309.5bn, giving a 37.9 per cent margin, while group volumes advanced 12.3 per cent to 7Mt. Profit after tax stood at NGN112.7bn, up 2.9 per cent YoY. 

In Nigeria, Dangote saw a strong rebound in volumes, up 26.1 per cent YoY to 4.6Mt. This resulted in EBITDA growth of 41.8 per cent to NGN224.8bn and a margin of 49.7 per cent. Cement and clinker exports from Nigeria also improved, coming in at 264,000t over the three-month period, up 87.2 per cent compared to the same period a year earlier. According to the company, seven vessels were dispatched from Nigeria to Ghana and Cameroon over the period under review, “reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.” 

The company’s pan-Africa operations saw equally impressive results with volumes expanding by 3.1 per cent YoY to 2.7Mt, supported by rising sales in Zambia and Congo. Pan-Africa EBITDA over the quarter increased over threefold to NGN99.9bn, resulting in a margin of 26.2 per cent. 

The 1Q24 also saw Dangote commission 10 of the 17 alternative fuel projects underway across the group. Its thermal substitution rate for the quarter was an estimated 10.7 per cent, compared to 8.7 per cent in the same period in 2023. “We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future,” said the company in a statement.