Through his pan-African operations, Dangote has continued to draw significant foreign investment into the nation. According to Dangote Cement’s half-year results, revenue from pan-African operations increased by 139.9% to N807.1 billion, compared to N336.4 billion during the same period in 2023.
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The Nigerian market increased by 10.9 percent, from 8.0 million to 9.0 million metric tonnes, during the half-year that concluded on June 30, 2024, according to the cement plant. The cement company’s 2024 half-year results show that group volumes increased by 3.8 percent to 13.9 million metric tonnes. Group revenue increased by 85% to N1,760 billion from N950 billion during the same period in 2023, primarily due to a 60% increase in Nigeria, where it went from N618 billion to N991 billion.
Dangote Cement received 300 fully equipped CNG trucks for its Nigerian operations in addition to commissioning 11 of the 17 Alternative Fuel Projects around the Group as part of its efforts to support a cleaner environment. In comparison to 7.8 percent in H1 2023, it achieved a thermal substitution rate predicted at 10.5 percent for H1 2024.
“We effectively navigated macroeconomic headwinds to deliver positive results in the first half of the year,” stated Arvind Pathak, CEO of Dangote Cement, in his remarks. Volumes across the board increased by 3.8%, with our Nigerian business recording double-digit growth of 10.9%. Compared to the election year and financial crunch in 2023, this growth was fuelled by greater market activity levels and enhanced operational efficiency throughout the board.
In the first half of the year, our company showed remarkable resilience in the face of high borrowing rates, higher inflation, and additional currency depreciation. This was brought about by our varied business strategy and strict focus on cost reduction. “Group sales and EBITDA increased to ₦1,760.1 billion and ₦666.2 billion, respectively, an increase of 85.1% and 50.3%, he continued. At ₦189.9 billion, our Profit After Tax (PAT) increased by 6.3 percent.
Our company’s performance has me happy since important financial metrics are trending in the right direction. Dangote Cement successfully completed fourteen shipments of clinker from Nigeria to Ghana and Cameroon by utilising our effective export-to-import strategy. Our exports from Nigeria increased by 55.2 percent as a result of this endeavour, demonstrating our dedication to promoting African self-sufficiency.
Our additional capital investments reflect our continued optimism about the African region’s economic prospects. We are still putting a high priority on innovation, the switch to cleaner energy, and cost leadership in order to realise our goal of changing Africa and creating a sustainable future.
