Dangote Cement has reported a robust pan-African performance for the half year ended June 30 which saw group revenue rose by 17.7 percent to N950.8 billion.
Recurring profit after tax was up by 37.4 percent to N292.2 billion, while Profit after tax (PAT) rose by 3.8 percent to N178.6 billion.
According to the company’s six months unaudited results, The pan-African region includes all the cement plant’s operations outside Nigeria. Total sales volume for the Group within the period was 13.4Mt.
Sales volume for pan-African operation was up 11.6 percent compared to 4.9Mt in H1 2022. The total pan-African volume accounts for 40.4 percent of Group volumes in the half year.
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The pan-African operations performance is attributable to robust demand, particularly from Ethiopia, Senegal, Zambia, and Congo. Hence pan-African revenues grew by 81.8 percent to N336.4 billion.
Chief Executive Officer, Dangote Cement, Arvind Pathak, who described the results as heartwarming said, “Our Nigeria operations achieved a 22.6% recovery in sales over the first quarter, which was impacted by the general elections and the cash crunch.
However, the steep currency devaluation in mid-June slowed this volume recovery and increased the already inflated operating cost.”
Pathak stated that the 0.4Mta grinding plant in Ghana has commenced operation while the completion of a 1.5Mta grinding plant in Cote d’Ivoire is on track.
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