Dangote Cement Announces N113.16 bn Profit In 6 Months

By ADEBISI ADEMOLA.

Dangote Cement Plc has announced N113.16 billion profit in the first six months ended June 30 2018, an increase of three per cent from N109.7 billion reported in the first six months of 2017.

The company in its unaudited result and accounts to The Nigerian Stock Exchange (NSE) on Friday announced a robust recovery in Nigeria, with total cement sales up 13.9per cent, drives 16.9per cent increase in Group revenue.

Dangote Cement Plc, Africa’s largest cement producer, announced N482.4 billion revenue from N412.7 billion reported in prior first six months of 2017.

The Group EBITDA up by 20.8per cent to N246 billion while Nigeria EBITDA up 19.3per cent to N226.9billion.

The group earnings per share up by three per cent to N6.60 from N6.41 in first six months of 2017.

Also, Total Nigeria sales volumes up 13.9per cent to 7.8 million tonnes while Nigeria domestic sales volumes of 7.3 million tonnes, at nearly 66per cent market share. Pan African volumes down 3.9per cent to nearly 4.6 million tonnes mainly due to production slowdown in Tanzania

Group Chief Executive Officer, Joe Makoju, said, “Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased by nearly 14per  cent and revenues rose by more than 18per cent. Pan-African operations saw a slight fall in volumes but both revenues and EBITDA increased because of better pricing and currency conversion effects.

In addition, we achieved the largest-ever issuance of Commercial Paper by a Nigerian company when we issued N50 billion Series 1 & 2 Notes at the end of June, with a discount rate that reflected the strength of our Company and its excellent credit ratings.

Of course, our strong performance has been overshadowed by the tragic and heartbreaking events in Ethiopia. I would like to pay tribute to my colleagues Deep Kamra, Beakal Alelign and Tsegaye Gidey and offer our sincere condolences to their families.”

The company successful issuance of N50billion Commercial Paper under N150billion Programme; largest-ever issuance by a Nigerian company

Strong cash generation supports net debt of N232.8B after N178.9B dividend payout