Dangote posts 12% rise in 3Q revenue

Dangote posts 12% rise in 3Q revenue
09 November 2020

Dangote Cement plc reported a revenue of NGN761.4bn (US$1.987bn) in the nine months ended 30 September 2020,  representing a 12 per cent YoY rise when compared with 9M19, according to a statement by Michel Puchercos, group CEO. Group EBITDA advanced 17.1 per cent to NGN355bn.

“The Cement Group’s revenue went up by 12 per cent to NGN761.4bn compared to NGN679.8bn in 2019 with domestic operations accounting for NGN535.51bn which compared to NGN467.88bn up by 14.5 per cent. Pan-Africa operations contributed NGN232.61bn indicating a 9.1 percent increase over NGN213.20bn in 2019,” said Mr Puchercos.

The company sold 19.21Mt of cement in the nine-month period - a 6.6 per cent increase YoY. Nigerian volumes advanced 10.2 per cent in the 9M20 and 39.9 per cent in the 3Q20 when compared to the year-ago periods. Strong demand and the pull effect of the National Consumer Promotion were cited as the main reasons for the rise. Pan-African volumes increased 3.7 per cent YoY despite the impact of COVID-19 in the second quarter.

In terms of exports, the company exported six cargoes of clinker from Nigeria to Cameroon via the Apapa export terminal during the 3Q20. This brings the total number of export shipments to seven. The company is on track to commission the Port Harcourt export terminal before the end of the year while it is exploring cement exports by sea via the Lekki export terminal. As borders with neighbouring countries are gradually re-opening, overland cement exports have restarted.

“We continue to focus on our export strategy and are on track to ensure West and Central Africa become cement and clinker independent, with Nigeria as the main supply hub. Clinker exports have steadily been ramping up in Q3 after our maiden shipment in June 2020, whilst land exports have also resumed,” said Mr Puchercos.


Published under Cement News