Dangote Cement Posts N503.2bn Net Profit At Full Year

Dangote Cement Plc has declared profit after tax of N503.2 billion, a growth of 10.5 per cent year-on-year for the year ended December 31, 2024.

The audited results of the Company revealed that the Group earnings before interest, taxes, depreciation, and amortization (EBITDA), used to assess a company’s profitability and financial performance surpassed N1 trillion mark, up by 56.0 per cent, while the Company proposed dividend of N30.00 per share.

Group revenue rose by 62.2 per cent to N3.581 trillion from N2.208 trillion in 2023.  Group EBITDA up by 56.0 per cent to N1.382 billion higher than N 886.129 billion achieved in 2023.

Profit after tax grew by 10.5 per cent to N503.247 billion from N455.583 billion, while earnings per share rose by 12.3 per cent at N29.74 as against N26.47 in 2023.

Dangote Cement reported group volumes of 27.708 million tonnes higher than 27.280 million tonnes in 2023. Exported 31 ships of clinker from Nigeria to Ghana and Cameroon, while Nigeria cement and clinker exports up by 69.1 per cent at 1.2 million tonnes.

The chief executive officer of Dangote Cement, Arvind Pathak said, “we wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence. Our Group volumes grew by 1.6 per cent year-on-year, reaching 27.7 million tonnes, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9 per cent.”

He noted that “a major milestone was the launch of the DMS, which enables customers to independently manage sales transactions and track deliveries, remotely. Over 80 per cent of our customers actively use this platform, and we aim to increase adoption to 90 per cent.”

He also said despite macroeconomic challenges, both globally and domestically, Dangote Cement remained committed to innovation and value creation, delivering strong returns for its stakeholders.”

Reflecting on the company’s strong financial performance, Pathak stated that “the Board has proposed a dividend of N30.00 per share for the 2024 financial year.

“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1 per cent increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency.

“We also made significant strides in sustainability, particularly in alternative fuel investments. Our Thermal Substitution Rate (TSR) improved to 10 per cent, with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing. Recognizing our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories.”

Looking ahead, Dangote Cement CEO said “we remain focused on strengthening our market position, enhancing productivity, and driving economic growth across our operating regions.

“We are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalise on the high-growth African cement market.”