Dangote Cement posts N413.2b revenue, N106b profit in Q1 2022
By JOHNMARK UKOKO
In the first three months of 2022, Dangote Cement Plc recorded a 24.2 per cent increase in its profit after tax (PAT), as its unaudited results for three months ended March 31, 2022, showed revenue of N413.2 billion and profit of N105.9 billion.
Analysis of the company’s three-month performance indicated that Dangote Cement sold 7.2 metric tons of cement across the group with its Nigerian operations accounting for 4.8 metric tons, while the rest of Africa did the balance of 2.4 tons.
Chief Executive Officer (CEO) of Dangote Cement, Michael Puchercos, said the company started the first quarter on a positive note despite the uncertainties brought caused by the volatile global environment.
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He stated that increases recorded in revenue and profitability drove strong revenue generation across the group, adding that the PAT rose to N105.9 billion, amounting to 18 per cent compared to last year.
He said: “On the operational side, we are ramping up production at our Okpella Plant and progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite the temporary challenges.
Dangote Cement is Africa’s leading cement producer with nearly 51.6mta capacity across Africa. A fully integrated quarry-to customer producer, it has a production capacity of 35.25mta in its home market in Nigeria.
“The Obajana Plant in Kogi State is the largest in Africa with 16.25 metric tons capacity across five with 16.25 metric tons capacity in five lines, Ibese Plant in Ogun State has four cement lines with a combined installed capacity of 12 tons, while the Gboko Plant in Benue State has 4 metric tons and Okpella Plant in Edo State has 3 metric tons,” he said.
Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and transformed the nation into an exporter of cement by servicing neighbouring countries.
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