Dangote Cement Announces N553.10bn Profit
Dangote Cement Plc has announced has a profit before tax of N553.10billion in financial year ended December 31, 2023, representing an increase of nearly six per cent from the N524 billion reported in 2022 financial year.
The cement manufacturing company also declared N445.58 billion profit after tax, as against N382.31 billion recorded in 2022.
Dangote Cement announced a revenue of N2.21 trillion, an increase of 36.44 per cent from N1.62 trillion reported in 2022.
In line with the promise of Chairman, Dangote Cement, Aliko Dangote of an enhanced return on Investments to all shareholders and other stakeholders in Dangote Cement, the company’s Management for 2023, has proposed an increase in the dividend payout to the shareholders, by 50 per cent, to N30 per share from N20 per share paid to shareholders in 2022.
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The proposed increase in dividend is subject to ratification by the shareholders at the forthcoming, AGM. Proposing a dividend of N30 per share at a period when many firms are declaring losses is an indication of the resilience of Dangote Cement and the prospects it holds for investors.
Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 percent to 11.3Mt.
Group Managing Director, Dangote Cement, Arvind Pathak speaking on the results said “This positive full-year outcome is a combination of the strength in the diversity of our operations across Africa and our sustained drive to contain cost amidst an accelerating inflationary environment.
“The Group achieved double-digit growth in revenue at N2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1 per cent to N886.0 billion.
Despite the challenging macroeconomic conditions, 2023 was yet another testament to the effectiveness of our diversification strategy. Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7 per cent and now account for 41.2 percent of Group volume. Consequently, pan-African revenue increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion.”
