As part of efforts to increase cement supply in Nigeria, Dangote Cement has ramped up production at its newest plant in Okpella, Edo State.
This is just as the company’s earnings per share rose by 16.8 percent to N6.18 billion in the first quarter of the year, which ended on March 31, 2022.
Analysis of the Dangote Cement’s three months results indicated that the company sold a total volume of 7.2Mt of cement across the Group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.
Speaking on the latest development, the Chief Executive Officer of Dangote Cement, Michel Puchercos, said the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment.
Puchercos stated that the increase was recorded in revenue and profitability that drove strong cash generation across the Group.
He noted that the profit after tax rose to ₦105.9 billion, up 18 percent compared to last year, while Group EBITDA rose to ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.
Puchercos said: “On the operational side, we are ramping up production at our Okpella plant and are 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 these temporary challenges.
READ ALSO: 2021: Dangote records 9.2% increase in sugar production
“Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme.
“Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment in finding opportunities beyond dividend to return cash to shareholders.”
He added: “The volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.
“Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”
Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across the continent.
A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria.
- NEC gives Abuja, Kwara, others one-week ultimatum to submit positions on state police - November 21, 2024
- Gunmen kill lawyer in Benue - November 21, 2024
- Atiku: Tinubu’s loans bone-crushing to Nigerians - November 21, 2024
