Group revenues up 13.5% to ₦685.3B, EBITDA up 14.6% to ₦337.3B
Lagos, 22nd October 2018: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces unaudited results for the nine months ended 30th September 2018.
- Group revenue up 13.5% to ₦685.3B
- Group EBITDA up 14.6% to ₦337.3B, 49.2% margin
- Nigeria EBITDA up 13.2% to ₦306.3B, 65.0% margin
- Pan-African EBITDA up 21.0% to ₦39.1B, 18.3% margin
- Earnings per share up 2.7% to ₦9.25
- Strong cash generation supports net debt of ₦216.3B after ₦178.9B dividend payment
- ₦50B Commercial paper issued in August
- Group volumes up 7.6% to nearly 17.8Mt
- Total Nigeria sales volumes up 11.7% to nearly 10.8Mt
- Pan-African volumes level at 7.0Mt mainly due to production slowdown in Tanzania, disruption in Ethiopia and lower sales in Ghana
- Gas turbines now installed at Tanzania
Joe Makoju, Group Chief Executive Officer, said:
“Dangote Cement continues to perform strongly in 2018 with Group volumes up 7.6% and revenue up 13.5%, driving a 14.6% increase in EBITDA. Nigerian sales were affected by serious flooding in September and although Pan-African sales were flat, we will see soon increased sales from Tanzania now that its gas turbines are installed, and from Ethiopia as local community issues are resolved. We have launched new products in Nigeria that we believe will help us improve our leadership position in Africa’s most exciting market for cement.”
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 a net exporter of cement serving neighbouring countries.
In addition, we have invested almost $3B to build manufacturing plants and import/grinding terminals across Africa. Our operations are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).