Dangote Cement records N405.5bn profit before tax

Dangote Cement Plc has announced that its profit before tax for the nine months ended September 2021 rose to N405.5bn from N271.96bn in the corresponding period of 2020.

The manufacturer stated this in a press statement on Friday.

It said the company recorded N1.02tn revenue, while Its group sales hit 22.2 million tonnes as the sales volume in Nigeria was 14.1 million tones.

The Group Chief Executive Officer, Dangote Cement Plc, Michel Purchecos, was quoted as saying that the 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 per cent 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.

“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 per cent 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 added that the firm’s alternative fuel project was at an advanced stage, which aimed to leverage waste management solutions, reducing carbon dioxide emissions and sourcing material locally.