Lagos, 20th March 2018: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the financial year ended 31st December 2017.
- Group revenue up 31.0% to ₦805.6B
- Group EBITDA up 50.9% to ₦388.1B, 48.2% margin
- Nigeria EBITDA up 49.1% to ₦360.8B, 65.3% margin
- Pan-African EBITDA up 48.5% to ₦38.3B, 14.8% margin
- Earnings per share up 32.7% to ₦11.65
- Dividend up 23.5% to ₦10.50 per share
- Net debt down ₦37.0B to ₦203.7B
- Group sales volumes lower by 7.0% due to depressed Nigerian market
- Nigerian volumes down 15.9% to 12.7Mt, including exports
- Nigerian market share maintained at nearly 65%
- Pan-African volumes up 8.4% to 9.4Mt
- Strong volume increases in Senegal, Ethiopia and Cameroon
- New capacity of 1.5Mta in Congo, 0.5Mta in Sierra Leone
Joe Makoju, Acting Group Chief Executive Officer, said:
“Dangote Cement turned in a record year with revenues up 31.0% to ₦805.6B and EBITDA up by 50.9% to ₦388.1B. Although Nigerian volumes were lower in 2017, our Pan-African operations increased volumes by 8.4% and now make up 42% of the Group’s total cement sales, demonstrating the robust diversification of our business.
We expanded our footprint from eight countries to ten with the opening of new facilities in the Republic of Congo and Sierra Leone, while our operations in Cameroon, Senegal and Ethiopia achieved strong sales growth during the year. With total sales volumes of nearly 22 million tonnes, we are by far the leading manufacturer of cement in Sub-Saharan Africa.”
About Dangote Cement
Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 29.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and our Gboko plant in Benue state has 4Mta. Through our recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.
In addition, we have operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).