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Dangote Cement Records ₦162.90 billion Profits

Dangote Cement Records ₦162.90 billion Profits
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Africa’s largest cement producer, Dangote Cement plc, has announced its Profit Before Tax (PBT) for the first half of 2020. Dangote cements recorded profits of ₦162.90 billion for the six months that ended June 30, 2020.

The declared profit is 4.7 per cent higher than the profits recorded in the corresponding period of 2019. The results indicate a resilient half-year 2020 performance despite the impact of Covid-19.

The Group revenue went up to ₦476.9 billion, Group Earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₦218.1 billion representing a 45.7 per cent margin while Pan-Africa EBITDA was up by 31.6 per cent to ₦31.5 billion; a margin of 21.7 per cent.

The period under-review saw the maiden clinker shipment from Nigeria via the Apapa Export Termina`l to Senegal in June. Plans are on track to ship more vessels of clinker to West and Central Africa in the remaining of 2020.

Speaking on the results, Group Managing Director, Dangote Cement, Michel Puchercos, said: “I am humbled by the fact that we continue to be in a strong position despite the economic downturn that the world is facing due to COVID-19. Although April was greatly impacted by lockdowns and restrictions across our operations, we experienced a strong quarter. We achieved a record high volume and EBITDA margin in Pan-Africa of 4.7Mt and 21.7 percent, respectively. Group EBITDA was up slightly despite the impact of COVID-19.”

Covid-19 Impacting Dangote Cement

He added, “I am particularly pleased to announce that Dangote Cement shipped its first clinker cargo to Senegal from our new cement terminal in Apapa, Lagos. It has been a long journey for Nigeria, from being one of the largest bulk importers of cement, to being self-sufficient in cement production, and now an exporter of clinker. We are on track to ensure West and Central Africa are cement and clinker independent, with Nigeria as the main supply hub. We want to continue developing regional and continental trade between the ECOWAS countries and beyond.”

Related: Dangote to Open Clinker Export Facilities in Lagos, Port Harcourt

On the company’s measures against the COVID-19 pandemic, Mr Puchercos stated, “We are committed to protecting our team members and communities. Dangote Cement is fully compliant with health and safety measures. We remain focused on adapting to the rapidly evolving markets in which we operate. We will continue to deploy our efforts to maintain our cost competitiveness while ensuring that our balance sheet is resilient.”

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Dangote Bag of Goodies Promo

Dangote Cement has also launched the second edition Dangote Cement Bag of Goodies Consumer Promo. Barely a week after its launch, two block makers from Lagos and Oyo have become winners of ₦1 million each.

Promotional Banner for Dangote Cement Bag of Goodies Season 2

The promo offers the winners cash prizes apart from other commercial and household items. It is expected to run from July 15 to November 15, 2020. The management of Dangote Cement said the promo is a way to reward loyal customers. It also aims to ameliorate the impact of Covid-19 pandemic on consumers.

A block maker based in Lanlate, in Ibarapa East Local Government Area of Oyo State, Stephen Ojediran, who emerged the first N1 million winner in the “Spell Dangote and be a millionaire” promo, said he got the winning letters from among the 500 hundred bags of cement, which he bought to make blocks for customers.

Apart from the N1million, Mr Ojediran said that he also won several recharge cards and extra N2,000 in the promo.

On what he would do with his winnings, he explained that he is going to invest the N1 million to expand his block making business. He thanked Dangote Cement and further said the money will go a long way to reduce the pain of the pandemic in the country.

Another lucky winner from Lagos also owns a Block Industry. He said that he has been a user of Dangote Cement since the inception of his business several years ago.

According to him, he buys over 300 bags of Dangote Cement weekly for his block factory located in Lagos. “I patronize only Dangote Cement. This money is timely, especially as  Covid-19 is currently wrecking economies”.

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