By Aduragbemi Omiyale
A leading cement manufacturer, Dangote Cement Plc, has continued to contribute to Nigeria’s economic growth despite harsh operating parameters, including soaring operation costs triggered by high interest rates, inflation, energy, and others.
In the first six months of 2024, the cement miller grew its pan-African revenue by 139.9 per cent to N807.1 billion from the N336.4 billion achieved in the same period of last year, helping the foreign exchange (FX) market of the country with liquidity.
“We effectively navigated macroeconomic headwinds to deliver positive results in the first half of the year.
“Despite the challenges of elevated inflation, high borrowing costs, and a further weakening of the currency in the first six months of the year, our business demonstrated strong resilience.
“This was due to our rigorous focus on cost minimisation and our diversified business model,” the chief executive of Dangote Cement, Mr Arvind Pathak, said.
It was observed that in the period under review, the firm also reported a 10.9 per cent increase in the Nigerian market from 8.0Mt to 9.0Mt, while the overall volumes rose by 3.8 per cent to 13.9Mt.
The 2024 half-year results of the cement company further showed that revenue went up by 85 per cent to N1.760 trillion from N950 billion in the corresponding period in 2023, driven by 60 per cent growth in Nigeria, which rose to N991 billion from N618 billion.
As part of continuous efforts to promote a cleaner environment, Dangote Cement commissioned 11 of the 17 Alternative Fuel Projects across the Group and also took delivery of 300 full CNG trucks for its Nigerian business. It achieved a thermal substitution rate estimated at 10.5 per cent for H1 2024 compared to 7.8 per cent in H1 2023.
“Group volumes were up 3.8 per cent, with our Nigeria operations achieving double-digit volume growth of 10.9 per cent, driven by improved efficiency across our operations and supported by increased market activity levels compared to the election year and cash crunch in 2023.
“Group revenue and EBITDA rose 85.1 per cent and 50.3 per cent to N1.760 trillion and N666.2 billion, respectively. Our Profit After Tax (PAT) reached N189.9 billion, marking a 6.3 per cent increase.
“I am pleased with the performance of our business, as key financial indicators are showing positive trends,” the chief executive further stated.
Modupe Gbadeyanka 
Adedapo Adesanya