*Proposes ₦30.00 per share dividend
WorldStage Newsonline– Dangote Cement PLC, Africa’s largest cement producer has announced its audited results for the year ended 31 st December 2024 with profit after tax up 10.5% at ₦503.2 billion.
Highlights of the result showed that Group revenue up 62.2% to ₦3,580.6B; Group EBITDA up 56.0% to ₦1,382.0B; 38.6% margin; Nigeria EBITDA up 67.2% to ₦1,087.3B; 49.6% margin; Pan-Africa EBITDA up 30.9% to ₦345.3B; 23.3% margin; Profit after tax up 10.5% at ₦503.2B; Earnings per share up 12.3% at ₦29.7.
Highlights of operations include Group volumes up by 1.6% to 27.7Mt; Rebound in Nigeria volumes, up 7.9% to 17.7Mt; Exported 31 ships of clinker from Nigeria to Ghana and Cameroon; Nigeria cement and clinker exports up 69.1% at 1.2Mt.
During the year, the group’s CDP rating upgraded to B for both climate and water; Commissioned 11 of the 17 Alternative Fuel Projects across the Group; Launched Distributor Management System (DMS) to streamline customer orders; Acquisition of 1500 full CNG trucks to drive cost-saving initiatives.
Commenting on the result, Arvind Pathak, Chief Executive Officer, said: “We wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence. Our Group volumes grew by 1.6% year-on-year, reaching 27.7Mt, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9%. A major milestone was the launch of the DMS, which enables customers to independently manage sales transactions and track deliveries, remotely. Over 80% of our customers actively use this platform, and we aim to increase adoption to 90%.
“Despite macroeconomic challenges, both globally and domestically, we remained committed to innovation and value creation, delivering strong returns for our stakeholders. Group revenue grew by 62.2% to ₦3,580.6 billion, driven by a combination of volume growth and price adjustments to reflect inflationary trends.
“As a result, EBITDA reached a record high, surpassing the ₦1 trillion mark for the first time at ₦1,382.0 billion, while profit after tax (PAT) grew by 10.5% year-onyear, totaling ₦503.2 billion. Reflecting our strong financial performance, the Board has proposed a dividend of ₦30.00 per share for the 2024 financial year.
“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1% increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency. We also made significant strides in sustainability, particularly in alternative fuel investments. Our Thermal Substitution Rate (TSR) improved to 10%, with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing. Recognizing our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories.
“Looking ahead, we remain focused on strengthening our market position, enhancing productivity, and driving economic growth across our operating regions.
“We are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalise on the high-growth African cement market.”
