Dangote Cement Improves First Quarter Revenue by 4%

By Adedapo Adesanya

Dangote Cement Plc recorded a 4 percent increase in its first quarter revenue, rising N249.2 billion from N240.2 billion in the corresponding period of 2019.

This was contained in the company’s first quarter (Q1) interim financial statements for the period ended March 31, 2020.

Profit Before Tax (PBT) appreciated by 11 percent from N78.9 billion to N88.1 billion, while profit after tax (PAT) during the period rose marginally to N60.6 billion from N60.3 billion in 2019.

Dangote Cement Plc sold a total volume of 4.0 metric tonnes in Nigeria, while Pan African sales accounted for 2.28 million from January to March.

Speaking on the company’s results, the Chief Executive Officer (CEO), Dangote Cement, Mr Michel Puchercos, said the resilience of the management and staff of the company led to the delivering good results despite the lockdown caused by the COVID-19 pandemic.

“From the beginning of the COVID-19 pandemic, we have proactively deployed all recommended measures to protect the health and well-being of our employees, customers, suppliers and communities.

“As such, we have implemented several rigorous protocols in all our operations across the continent. We are closely monitoring all markets according to the guidance provided by the authorities in each country.

“We continue to provide superior services and deliver high quality products to our customers. 2020 started strongly, with growth across the board despite the early effects of the COVID-19 pandemic.

“We achieved a record high quarterly EBITDA margin in Pan-Africa and a record high quarter in Nigeria, with revenues of N179 billion and domestic volumes at 4.0 million tonnes,” he said.

According to him, in April, Dangote Cement successfully raised N100 billion Series 1 bond from the Nigerian debt capital market despite the current challenging environment.

“This illustrates investors’ continuous confidence in Dangote Cement’s strategy. This landmark transaction is the largest ever bond issuance by a corporate issuer in Nigeria.

“It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market,” he added.