Record results with strong growth in Group revenue and EBITDA
Pioneer Tax status confirmed
Proposed dividend of ₦16.00 per share, up 52.4%
Lagos, 26th February 2019: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the financial year ended 31st December 2018.
- Group revenue up 11.9% to ₦901.2B
- Group EBITDA up 12.1% to ₦435.3B, 48.3% margin
- Nigeria EBITDA up 10.2% to ₦397.4B, 64.3% margin
- Pan-African EBITDA up 28.2% to ₦49.1B, 17.3% margin
- Earnings per share up 95.9% to ₦22.83
- Proposed dividend of ₦16.00 per share, up 52.4%
- Net debt of ₦168.4B; net debt/EBITDA of 0.39x
- Group sales volumes up 7.4% to 23.5Mt
- Nigerian volumes up 11.4% to 14.2Mt, including exports of nearly 0.8Mt
- Nigerian market share maintained at nearly 65%
- Pan-African volumes level at 9.4Mt
Joe Makoju, Mni, OFR, Group Chief Executive Officer, said:
“This is a record financial performance by Dangote Cement, driven by a strong increase in our home market, Nigeria, despite heavy rains and uncertainties about the election.
Although Pan-African volumes were unchanged in 2018, I am confident that we will see an increase in 2019, driven by higher volumes in Tanzania, Ethiopia, Congo and Sierra Leone. Now that we have gas turbines operating in Tanzania we will also see increased profitability in the Pan-Africa region and this will help to improve overall Group margins.”
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 29.3Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.3Mta 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).