Dangote Cement records N1tr, Sugar earns N15bn in 9 months | Dailytrust

Dangote Cement records N1tr, Sugar earns N15bn in 9 months

Dangote Cement
Dangote Cement

Dangote Cement Plc, the largest cement producer with nearly 48.6 metric tons per annually (Mta) capacity across Africa, has published its nine-month results, showing a strong 34.2 per cent and 49.1% year-on-year growth in revenue and profit before tax to N1.02 trillion and N405.5 billion, respectively.

Dangote Cement said it grew volumes through the season, with cement sales from Nigerian operations growing 18.7% to 14.1 million tons in the period.

Sales from Nigerian operations represented 63.5% of the Group’s 22.2m tons cement volume in the nine-month period, although sales from Nigerian plants were barely 58.3% of its annual domestic capacity of 32.25m tons.

The Group Chief Executive Officer, Michel Puchercos, while commenting on the results, noted that Dangote Cement’s investment in Alternative Fuel Project, which aims to leverage the waste management solutions to generate energy, is at an advanced stage, with the target of reducing carbon emissions and sourcing more materials locally to hedge the impact of exchange rate volatility.

Meanwhile, higher raw material cost undercut Dangote Sugar’s profitability, sliding 41.7 per cent year-on-year. Dangote Sugar Refinery Plc, the largest sugar refinery in the country, saw its nine-month profit slump by 41.7 per cent on the rising cost of raw materials.

DSR reported a profit after tax of N15.5bn for the nine months to September 2021, compared to N26.6bn recorded in the corresponding period of 2020. Despite an increase in its sugar prices, revenue surged by 21.8% y-o-y to N195.5bn for the period. 

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