Continuing strong growth in revenue and EBITDA
Cherie Blair and Mick Davis join the Board as Independent Non-Executive Directors
Lagos, 24th April 2018: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the three months ended 31st March 2018.
- Group revenue up 16.3% to ₦242.1B
- Group EBITDA up 22.2% to ₦125.9B, 52.0% margin
- Nigeria EBITDA up 17.0% to ₦115.3B, 66.3% margin
- Pan-African EBITDA up 77.3% to ₦13.1B, 19.1% margin
- Earnings per share up 23.9% to ₦4.20
- Group volumes up 2.8% to 6.2 million tonnes
- Nigerian volumes up 5.3% to nearly 4.0 million tonnes
- Stronger pricing increases revenue per tonne
- Nigeria exports 211Kt to Ghana, Togo and Niger
- Maiden Q1 contribution from Congo
Management and Board Appointments
- Joe Makoju appointed Group Chief Executive Officer
- Cherie Blair and Mick Davis join the Board as Independent Non-Executive Directors
Joe Makoju, Group Chief Executive Officer, said:
“The first quarter of 2018 has started strongly with substantial increases in revenues and profitability that drove excellent cash generation across the Group. Despite a slightly slower start to the quarter, Nigerian volumes increased significantly in March and underpin our confidence that 2018 will be a good year for the Group. Across our Pan-African operations, higher revenue per tonne boosted revenues and increased EBITDA margins, with great potential to improve further when Tanzania switches to gas.”
Alhaji Aliko Dangote, GCON, Chairman, said:
“I am delighted to welcome Cherie and Mick to the Board of Dangote Cement. They bring diverse and valuable experience of emerging-market business, sustainability and governance to our Board.
We are committed to achieving the highest standards of Governance and these appointments clearly strengthen the independence of our Board.
I am also pleased to report that going forwards the Company will be in the capable hands of Engineer Joe Makoju, whom we have appointed Group Chief Executive Officer.”
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).