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Dangote Cement Hits N405.5bn Profit Before Tax In 9 Months

Dangote Cement Plc Completes Issuance Of ₦116b Bonds

Cement manufacturing company, Dangote Cement Plc released its profit before tax statement for the past nine months covering January to September 2021. The report showed that the company’s profit rose to N405.5bn from N271.96bn in the corresponding period of 2020.

This announcement was made in a press statement on Friday.

In the statement, the company saw its revenue reach N1.02tn, while Its group sales hit 22.2 million tonnes as the sales volume in Nigeria was 14.1 million tonnes.

The Group Chief Executive Officer, Dangote Cement Plc, Michel Purchecos, was quoted as saying that the company’s management was pleased to report its performance for the first nine months of the year.

He said, “Group volumes for the nine months were up 15.4 percent 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.

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“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.

He added, “Our Nigerian business recorded volume growth of 18.7 percent in the 9M 2021 at 14.1 metric tonnes and despite operating in a complex, challenging, and fast-moving environment, Dangote Cement is consistently delivering superior profitability and returns to the shareholders”

Purchecos noted that the firm’s alternative fuel project has reached an advanced stage, with the aim of leveraging waste management solutions, cutting carbon dioxide emissions and sourcing material locally.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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