Dangote Cement earmarks N97bn for tax | Dailytrust

Dangote Cement earmarks N97bn for tax

Dangote Cement Factory

Dangote Cement Plc audited results released on the floor of the Nigerian Stock Exchange (NSE), for 2020 has shown that the firm will pay N97 billion as tax charge.

This represents an increase of 95 per cent over the N50bn recorded in 2019 while the company has also proposed a dividend of N16 per share.

According to a statement from the company, for the Nigerian market, it sold 15.6 metric tonnes, up by 14.3% resulting in an increase in market share. Revenues for the Nigerian operations increased by 18% to N720bn, owing to demand in the domestic market. This volume growth was enhanced by a successful innovative national consumer promotion “Bag of Goodies – Season 2” and lower rains in the third quarter compared to the previous year.

The company also posted a record high pan-African EBITDA of N71.3bn that rose by 49% just as it commissioned a gas power plant in Tanzania.

Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, said: “2020 was a good year for Dangote Cement across board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme.

“We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All these were achieved whilst we focused on protecting our people, customers and communities from the impact of the pandemic.”

On the outlook, he said: “Looking ahead, we have strengthened our alternative fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currencies fluctuations.”