Dangote Cement Grows Profit After Tax to N276 Billion in 2020

Dangote Cement Plc, Africa’s leading cement manufacturing company, on Tuesday reported a strong profit after tax of N276.068 billion for the financial year ended 31, December 2020.

The company declared in its audited financial statements for 2020.

Dangote Cement grew revenue from N891.671 billion in 2019 to N1.034 trillion in 2020. While gross profit also inched higher to N596.226 billion in the period under review, up from N511.682 billion recorded in 2019.

Profit from operating activities expanded to N386.734 billion in 2020 from N299.893 billion filed in 2019.

The cement manufacturer grew profit before tax from N250.479 billion achieved in 2019 to N373.310 billion in 2020.

Profit for the year, after N97.242 billion income tax was paid, stood at N276.068 billion in 2020, up from N200.521 billion in 2019.

Earnings per share rose to N16.14 per share from N11.79 per share.

Speaking on the company’s performance, Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, said: “2020 was a good year for Dangote Cement across board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3.0 Mt in Nigeria, inaugurated our two export terminals and inaugurated our gas power plant in Tanzania. All these were achieved whilst we focused on protecting our people, customers and communities from the impact of the pandemic.

“Dangote Cement recorded strong top-line growth supported by strong cement demand. Profitability was further bolstered by our disciplined cost control measures in what we believed to have been a highly inflationary and volatile year. These measures resulted in a 37.7 per cent increase in profit after tax to N276.1 billion.

“Looking ahead, we have strengthened our alternative fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currencies fluctuations. We continue to embed Dangote Cement’s seven sustainability pillars into every aspect of our operation and culture.

“We remain committed to keeping safe our staff and communities by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”