Dangote Cement Improves First Quarter Revenue by 4%

Image

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.

Share
Related Stories
Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

Experts to Discuss Financial Stability in Economic Distress at DLM Webinar

By Modupe Gbadeyanka Industry experts have been pencilled down to educate members of the public and others on ways to achieve financial stability during economic distress at a webinar organised by DLM Asset Management Limited. This event is slated for Thursday, March 28, 2024, at 11 am, a statement from the subsidiary of DLM Capital Group stated. The theme of the virtual seminar is Maintaining Financial Stability in Times of Economic Distress and the resource persons will cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future. The programme is designed for investment-savvy individuals, income earners,

Image
15-March-2024

Nigeria’s Inflation for February 2024 Jumps 31.70%

By Aduragbemi Omiyale The inflation rate in Nigeria increased by 31.70 per cent in February 2024, the National Bureau of Statistics (NBS) said in a report on Friday. This is 1.80 per cent higher than the 29.90 per cent recorded in January 2024, the agency’s Consumer Price Index (CPI) for February 2024 released this afternoon noted. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. In the report on Friday, the NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent higher than the

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

More Stories
Image
27-November-2016

Ondo Will Develop Under Akeredolu—Saraki

By Dipo Olowookere Senate President, Mr Bukola Saraki, on Sunday, congratulated the governor-elect of Ondo State, Mr Rotimi Akeredolu, over his victory in the Saturday governorship election in the state. Mr Saraki, in a statement by his Special Adviser on Media and Publicity said Mr Akeredolu’s victory did not come to him as surprise going by his excellent credentials and years of preparedness for the business of governance. He urged him to be magnanimous in victory by ensuring that he works with all relevant stakeholders in the arduous task of moving the Sunshine State to the next level. He specifically

Image
16-September-2018

T-Bills Investors Remain Cautious as CBN Suspends OMO Auction

By Dipo Olowookere The treasury bills space was quiet on the last trading day of last week in the absence of an OMO exercise by the Central Bank of Nigeria (CBN). During the previous day’s session, the apex bank issued a No Sale result despite offering N350 billion worth of the debt instruments to market players and receiving subscriptions worth N109.03 billion but at higher stop rates. At the Friday’s trading day, yields moderated slightly, with some client demand flowing into the market due to absence of the OMO. According to Zedcrest Research, investors maintained a cautious outlook with significantly

Image
01-September-2023

Betpack Unveiled in South Africa: Get Ready for Next-Level Betting Adventures!

The world of online betting is about to take a thrilling turn in South Africa as Betpack, the highly anticipated affiliate platform, makes its grand debut. With its cutting-edge features and user-friendly interface, Betpack promises to redefine the betting experience for enthusiasts across the nation. Get ready to embark on a journey of next-level betting adventures that will change the way you engage with your favorite sports and games. About Betpack  Betpack stands as a beacon of innovation in the realm of online betting, poised to captivate the imaginations of South African bettors like never before. But it’s more than

Image
16-December-2021

NGX Rebounds by 0.09% to Stretch Year-to-Date Gain to 5.18%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited made a quick return to the bears’ territory on Wednesday with a marginal 0.09 per cent growth after depreciating by 0.22 per cent on Tuesday. A renewed bargain hunting in some large-cap stocks like MTN Nigeria, GTCO and others triggered the positive performance put up by the exchange yesterday and extended the year-to-date gain to 5.18 per cent. As a result, the All-Share Index (ASI) rose by 39.84 points to 42,357.36 points from 42,317.52 points, while the market capitalisation increased by N21 billion to N22.102 trillion from N22.081 trillion. Red Star Express

Image
18-August-2023

Naira Firms to N740/$1 at I&E, N841/$1 at P2P After FX Supply Boost

By Adedapo Adesanya  The Naira appreciated further at the black market, the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments of the foreign exchange market on Thursday, August 17, as the market received a major FX supply boost of about $3 billion emergency loan. Recall that on Wednesday, the Nigerian National Petroleum Company (NNPC) Limited said it has signed a Commitment Letter and Term Sheet with Afreximbank for an emergency $3 billion crude oil repayment loan. This has injected some hope into the market as the local currency gained N19.19 or 2.5 per cent against the greenback at the

Image
01-July-2023

Nigeria’s Over-the-Counter Stock Exchange Loses 0.02%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal drop of 0.02 per cent on the last trading day of this week, Friday, June 30. Upon the resumption of the market yesterday, following Wednesday and Thursday’s hiatus due to the Eid-el-Kabir holiday, the OTC stock exchange witnessed a significant increase in trading activities. The volume of securities traded at the bourse during the session surged by 24,638.3 per cent to 1.08 billion units from the 4.4 million units transacted in the preceding session. Also, the value of shares traded at the session rose by 4,045.5 per cent

Image
30-April-2019

Senate Passes 2019 Budget of N8.92trn

By Dipo Olowookere On Tuesday, April 30, 2019, the Nigerian Senate passed the 2019 Appropriation Bill and would now be transmitted to the President for assent. In 2018, President Muhammadu Buhari submitted a budget proposal of N8.83 trillion to a joint session of the National Assembly. However, by the time the Appropriation Bill was passed today, it was increased slightly by N86 billion to N8.92 trillion. The budget proposal was passed by the upper chamber of the parliament after considering the report of the Senate Committee on Appropriations on the 2019 Appropriation Bill presented by its Chairman, Mr Danjuma Goje.

Image
14-October-2022

Tether Replaces Commercial Paper in USDT Reserves with T-Bills

By Modupe Gbadeyanka One of the leading players in the digital currency world, Tether, has replaced commercial paper in its USDT reserves with US treasury bills. In a statement on Friday, the stablecoin said this is part of ongoing efforts to increase transparency, with investor protection at the core of the management of its reserves. It said the elimination of commercial paper from its reserves and its replacement with T-Bills demonstrates its commitment to backing its tokens with the most secure reserves in the market. This is a step towards even greater transparency and trust, not only for Tether but

Ad
Ad
Recent Stories
Image
19-March-2024

TikTok, AU Commission Partner for Digital Safety Campaign

By Adedapo Adesanya TikTok and the African Union Commission (AUC) are teaming up to launch the Africa-wide #SaferTogether Campaign, aimed at educating and engaging youngsters, parents, teachers, and community leaders on digital safety through in-app and on-ground activities. The partnership will be carried out by a short-form video app and the African Union Commission’s Women, Gender, and Youth Directorate (WGYD) and is aimed at bolstering online safety awareness among the youth as well as parents, teachers and guardians in Africa. This innovative collaboration emerges at a critical moment, addressing the urgent need for digital safety amidst the unique challenges faced

Image
19-March-2024

Court Dismisses Olu Agunloye’s EFCC Abuse Suit, Orders N500,000 Payment

By Adedapo Adesanya The Federal High Court in Abuja has dismissed a suit filed by a former Minister of Power and Steel, Mr Olu Agunloye, alleging abuse of his fundamental rights and seeking to be shielded from investigation and prosecution by the Economic and Financial Crimes Commission (EFCC). In a statement following the court’s judgement on Monday, the anti-graft agency said the presiding judge, Mr Obiora Egwuatu, dismissed the suit for lacking in merit and awarded a cost of N500,000 against Mr Agunloye in favour of the EFCC. Dismissing the suit, the judge held that Mr Agunloye’s fundamental human right

Image
19-March-2024

International Breweries Wants Approval for $379.9m Loan, Convert to Equity

By Aduragbemi Omiyale An Extra-ordinary General Meeting (EGM) for shareholders of International Breweries Plc to approve the $379.9 million loan to the company from AB InBev Nigeria Holdings BV and convert this to equity is scheduled for Tuesday, April 9, 2024. This was confirmed by a statement signed by the company secretary, Mrs Marian Reginald-Ukwuoma, on Monday. It was disclosed that the meeting would take place at the External Ballroom of the Federal Palace Hotel in Lagos. Business Post gathered that International Breweries obtained a loan of $379.9 million from Citibank Abu Dhabi and AB InBev Nigeria, one of the

Image
19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

Image
19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent