Dangote Cement posts N88.06bn profit for 1st quarter of 2020

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Dangote Cement Plc. has posted Profit Before Tax (PBT) of N88.06 billion in the first quarter ended March 31, 2020. This was announced Friday in a press release posted on the website of the company

This is a strong performance in when compared to, with up by 11 per cent, increasing from N78.96 billion to last quarter with 11 per cent, increasing from N78.96 billion.

According to the cement company’s unaudited first quarter report, net profit stood at N60.60 billion while gross profit rose to N144.86 billion from N140.68 billion, representing a 3.8% increase.

Gross revenue by the company equally grew N240.16 billion to N249.2 billion, indicating an increase of 3.8%.

Dangote Cement sold a total volume of 4.0Mt in Nigeria while pan African sales accounted for 2.28MT, a decline of 0.6%

In his comments on the report, the Chief Executive Officer of the company, Michel Puchercos, commended the proactive move in deploying all recommended measures to protect the health and well-being of employees, customers, suppliers and communities to ensure good results despite the lockdown caused by the COVID-19 pandemic.

He said: “From the beginning of the COVID-19 pandemic, we have proactively deployed all recommended measures to protect the health and well-being of our employees, customers, suppliers and communities. As such, we have implemented several rigorous protocols in all our operations across the continent. We are closely monitoring all markets according to the guidance provided by the authorities in each country.

“We continue to provide superior services and deliver high quality products to our customers. 2020 started strongly, with growth across the board despite the early effects of the COVID-19 pandemic. We achieved a record high quarterly EBITDA margin in pan-Africa and a record high quarter in Nigeria, with revenues of N179 billion and domestic volumes at 4.0Mt.

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“In April, Dangote Cement successfully raised N100 billion series 1 Bond from the Nigerian Debt Capital Market despite the current challenging environment. This illustrates investors’ continuous confidence in Dangote Cement’s strategy. This landmark transaction is the largest ever bond issuance by a corporate issuer in Nigeria. It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market,” he added.

Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. A  fully integrated  quarry-to-customer  producer,  the company has  a  production  capacity  of  29.25Mta  in  Nigeria domestic market.  The  Obajana  plant  in  Kogi  state,  Nigeria,  is  the  largest  in  Africa  with  13.25Mta  of capacity across four lines;  Ibese plant in Ogun State has four cement lines with a combined installed capacity  of  12Mta  while  Gboko  plant  in  Benue  state  has  4Mta.

Dangote Cement  has eliminated Nigeria’s dependence on imported  cement and  has  transformed  the nation into an exporter of cement serving neighbouring countries.

In addition, the company operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import),  Ethiopia  (2.5Mta),  Senegal  (1.5Mta),  Sierra  Leone  (0. 5Mta  import),  South  Africa  (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta)..

 

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