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Dangote Cement Grows Profit After Tax by 18% to N106 Billion in Q1, 2022

Dangote Cement reported a 24% jump in gross revenue t0 N413 billion in the first quarter (Q1) of 2022

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Dangote Cement - Investors King

Africa’s largest cement manufacturer, Dangote Cement has reported a 24% jump in gross revenue t0 N413 billion in the first quarter (Q1) of 2022. Owned by the richest man in Africa, Aliko Dangote, the leading cement manufacturer grew profit after tax by 18% to N105.9 billion.

The company disclosed this in its unaudited financial statement obtained by Investors King.

A further breakdown of the firm activities in the period under review revealed that 7.2 metric tonnes (mt) of cement were sold in Q1 2022. Nigerian operations, however, accounted for 4.8mt while 2.4mt were sold in other African countries it operates.

Commenting on the company’s performance, Michel Puchercos, said Dangote Cement kickstarted the year on a positive note despite the tough operating environment and uncertainty in the global financial market.

According to him, “increases recorded in revenue and profitability drove strong cash generation across the Group. Profit after Tax rose to N105.9bn, up 18 percent compared to last year while Group EBITDA rose to N211.0bn, by 18.6 percent with an EBITDA margin of 51.1 percent.

“On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

“Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98 percent of its shares outstanding. This share buy-back programme reflects the Company’s commitment in finding opportunities beyond dividend to return cash to shareholders,” Puchercos said

On rising energy prices and global uncertainty, he said “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.”

“Our continuous focus on efficiency, meeting strong market demand and maintaining our cost leadership drives our ability to consistently deliver superior profitability and value to all shareholders,” Puchercos added. 

About Dangote Cement

Dangote Cement has a combined installed capacity of 51.6 metric tonnes per annum and it is the largest cement manufacturer in Africa. Nigeria’s production unit has a production capacity of 35.25mta with the Obajana plant in Kogi State accounting for 16.25Mt across five lines.

Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta.

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Company News

IL Bagno Rewards High Performing staff with All-Expense Paid Trip to Dubai

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Victor Nwaogu receiving Ticket from ED Black Pelican

IL Bagno, the leading total interior solutions company in Nigeria, for the world’s leading manufacturers of sanitary fittings, kitchen, tiles, doors, and other interior solutions recently recognised two members of its staff for their high performance and commitment to the success of the organisation.

Bosede Opebiyi and Victor Nwaogu both administration officers at IL Bagno’s Abuja and Lagos office respectively were awarded the IL Bagno excellence award based on a voting process by managers of the organization. They were both presented with a 5 day all-expense paid trip to Dubai and a commendation letter signed by the CEO.

Speaking on the award presentation, Mrs. Adetola Owolabi; Executive Director Black Pelican Group said ‘’as an organisation, we value and reward professionalism and exceptional performance. We voted the winners considered to be the most supportive and representatives of the ethos of hard work, diligence, and professionalism. They both represent the ideals of the company and go over and beyond to support other members of the team to achieve the organisations objectives. Consistent good work never goes unnoticed; I would therefore encourage others to emulate the diligence shown by them’’.

An elated Opebiyi thanked the organization for the kind gesture. ‘’I am proud to be a part of the Black Pelican Group, thank you for recognising my effort, I am motivated to do even more’’.

‘’I am truly humbled by the trust and faith placed in me, I feel compelled to work harder and improve my skills on the job’’ Nwaogu stated.

The debut award will be given twice in a year to deserving staff members voted by managers of The Black Pelican Group.

IL Bagno business is the business unit with the Black pelican Group that provides total interior solutions, it has carved a niche for being the preferred supplier of bathroom and other interior fittings to the most discerning clients and projects. The company recently celebrated its 18th anniversary.

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Merger and Acquisition

Bankman-Fried’s FTX Says no Talks to Acquire Robinhood

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Robinhood-Investors King

Sam Bankman-Fried’s FTX crypto exchange said it is not in talks to acquire Robinhood Markets Inc, after a report on Monday claimed the exchange was exploring such a deal.

Bloomberg News reported on Monday FTX was discussing internally how to buy the app-based brokerage and that Robinhood had not received a formal takeover approach, citing people with knowledge of the matter.

“There are no active M&A conversations with Robinhood,” Bankman-Fried said in an emailed statement.”We are excited about Robinhood’s business prospects and potential ways we could partner with them.”

Robinhood declined to comment. The retail-trading platform’s shares were down 5% in extended trading after jumping over 14% on the report.

Last month, the founder and chief executive of FTX revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform.

Robinhood’s dual-class shares give its founders control of 64% of the voting shares outstanding, making it virtually impossible for takeovers without their support.

The popular trading platform has come under pressure this year as trading volumes ease from 2021’s frenetic pace – when retail investors used it to pump money into shares of so-called meme stocks such as GameStop and AMC Entertainment.

That slowdown, along with a sell-off in high-growth technology stocks, has driven a near 50% slump in Robinhood shares this year. The company had a market valuation of nearly $7 billion as of Friday’s closing price.

FTX’s U.S. arm announced in May it would launch a stock trading platform by the end of the summer. Last week, it acquired partner Embedded Financial Technologies for an undisclosed amount, which would add custody, execution and clearing services to its equity trading platform.

FTX and its billionaire founder Bankman-Fried have rescued other players during the crypto market’s recent crash. It provided crypto lender BlockFi with a $250 million revolving credit facility to help the firm avoid a liquidity crunch.

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Company News

Oando Finally Released 2020 Unaudited Financial Statement, Reports N133.426 Billion Loss

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Oando Plc, a Nigerian leading multinational energy company, has finally released its 2019 and 2020 unaudited interim financial statements after two years of dispute with shareholders and suspension of the company’s 2018 Annual General Meeting.

The revenue of the embattled oil company declined from N576.572 billion reported for the 2019 financial year to N489.986 billion in the 12 months ended 31 December 2020. This represents a decline of 15%. Oando disclosed in its unaudited financial statements obtained by Investors King.

Gross profit plunged by 43.8% to N40.782 billion, down from N72.560 billion achieved in the corresponding period of 2019.

The company’s net finance cost also grew from N40.712 billion in 2019 to N58.941 billion in 2020. Loss before income tax improved by 64.65% from -N377.415 billion in 2019 to -N133.426 billion in 2020.

Oando received N170.337 billion in tax credit in 2019 and another N855.420 million in 2020. Loss for the period moderated by 35.98% to N132.570 billion in 2019 to N207.078 billion.

Explaining the reason for the delay, Oando said “The suspension of the company’s 2018 AGM and attendant issues prevented shareholders from being kept abreast of business operations, a move decried on numerous occasions by Oando and her executives as not being in the best interests of the market.

“In July 2021, Oando entered into a settlement with the SEC on all matters subject to litigation and other issues flowing therefrom, thus putting an end to one part of the dispute with Ansbury.

“Key for Oando was that the SEC did not find the company guilty of any wrongdoing and by way of a settlement, was able to prevent further market disruption and harm to Oando Plc’s shareholders,” the statement said.

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