Dangote reports increase in group EBITDA of 27%

Dangote Cement Plc has reported strong financial results for the nine months ending 30 September 2024, with group revenue increasing by 69.1 per cent YoY to NGN2.56trn (US$1.56bn). Group EBITDA also rose by 37.1 per cent YoY to NGN908.7bn, maintaining a 35.5 per cent margin, despite inflationary pressures and currency depreciation. Profit after tax grew marginally by 0.6 per cent to NGN279.1bn, largely affected by FX losses, according to Arvind Pathak, CEO.

In Nigeria volumes rebounded by 9.5 per cent to 13.2Mt, driven by promotional activities and improved distribution channels, while exports rose by 75.5 per cent to 0.873Mt. Revenue from Nigerian operations was up 64.1 per cent YoY to NGN1.53trn, and EBITDA increased by 37.3 per cent to NGN697.4bn, with a 45.5 per cent margin.

The pan-African region saw a slight volume decline of 1.6 per cent to 8.4Mt due to adverse weather, yet revenues surged by 85.9 per cent to NGN1.09trn, supported by price increases and favourable currency translation. Pan-Africa EBITDA rose by 45.4 per cent to NGN247.1bn, bolstered by reduced coal prices and high plant utilisation in several markets.

Dangote's continued expansion in cleaner energy included the commissioning of 11 alternative fuel projects and the deployment of 1500 compressed natural gas trucks, supporting the company’s cost-saving and environmental targets.