BY KENNETH EZE
Africa’s largest cement producer, Dangote Cement Plc., has announced improvements in performance indices for the nine months ended September 30, 2021.
From the results that were released Friday, the cement group posted revenues of ₦1,022.2 billion, while Profit Before Tax stood at ₦405.5 billion, with Profit After Tax being ₦278.3billion.
Group Chief Executive Officer, Dangote Cement Plc., Michel Puchercos, said, “We are pleased to report a solid set of the results for the first nine months of the year. Group volumes for the nine months were up 15.4 per cent compared to the first nine months of 2020.
“Given the strong rebound in Q3 2020, following the impact of COVID-19 in the first half of the year, volumes in Q3 2021 were slightly lower than Q3 2020, as anticipated though worsened by heavier rains.”
He pinned the performance on resilience and his company’s ability to meet demands across Africa.
“However, the overall growth trend continues, supported by our ability to meet the strong market demand across all our countries of operation. The economic performance and efficiency initiatives across the Group, enabled the offsetting of inflationary pressures on some of our cost lines.
“Our Nigerian business recorded volume growth of 18.7 per cent in 9M 2021 at 14.1Mt and despite operating in a complex, challenging, and fast-moving environment, Dangote Cement is consistently delivering superior profitability and returns to shareholders.
“Our alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reducing CO2 emissions and sourcing material locally,” he added.
The Point reports that the Group sales hit 22.2 million tonnes in the period under review with sales volume in Nigeria remaining strong, which saw it account for 14.1 million tonnes despite heavy rains in the third quarter.
Pan-African operations accounted for the balance of 8.2 million tonnes.
