Dangote Cement has announced resilient results for the six months ended June 30, 2021 as Group sales volumes hit 15.3 Metric Tons (Mt).
According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance of 5.5Mt. The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.
In the period, the cement company posted a profit after tax of N191.6 billion after a tax charge of N89.6 billion.
Speaking on the results, the group managing director, Dangote Cement, Michel Puchercos, said: “We are pleased to report a solid set of the good results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year. This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”
On steps taken by the company to protect the stakeholders, he said: “We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learned a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.
“We are improving the output of our existing and new assets and I am happy to announce that our three Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.”
Puchercos stated that the company’s Alternative Fuel project, which focuses on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally, is at an advanced stage while procurement and installation of the necessary equipment across all plants is ongoing.
He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices. We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders. Transparency and consistency are at the core of every part our business culture.”
Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors.