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DANGOTE CEMENT COMPLETES ISSUANCE OF N116B SERIES 2 FIXED RATE SENIOR UNSECURED BOND

May 4, 2022
Lagos, Nigeria

DANGOTE CEMENT COMPLETES ISSUANCE OF N116B SERIES 2 FIXED RATE SENIOR UNSECURED BOND

Dangote Cement PLC (“Dangote Cement” or the “Company”), Sub-Saharan Africa’s largest cement producer, is pleased to announce the successful completion of its ₦116Billion Series 2 Bond issuance (the “Bond Issuance”), which is the largest corporate bond issuance in the history of the Nigerian Capital Markets.

The Bond Issuance, which is the second issuance under the Company’s ₦300Billion Multi-Instrument Issuance Programme, attracted participation from a wide array of institutional investors including pension funds, asset managers, banks, insurance companies and high net-worth individuals. The Bond Issuance comprised three tranches: a 5-year Tranche A issuance priced at 11.85%, a 7-year Tranche B issuance priced at 12.35%, and a 10-year Tranche C issuance priced at 13.00%. The proceeds of the Bond Issuance will be used to finance the Company’s Nigeria expansion projects, short-term debt refinancing and working capital requirements.

Stanbic IBTC Capital acted as Lead Issuing House/Bookrunner to the Bond Issuance, whilst Absa Capital Markets, Meristem Capital, Standard Chartered, United Capital, Coronation Merchant Bank, Ecobank Development Company, FBNQuest Merchant Bank, FCMB Capital Markets, Futureview Financial Services, Vetiva Capital, Quantum Zenith Capital and Rand Merchant Bank Nigeria acted as Joint Issuing Houses.

Commenting on the Bond Issuance, Mr Michel Puchercos, Group Managing Director of Dangote Cement, said:

Dangote Cement is delighted to have successfully undertaken a second issuance under our Multi-Instrument Issuance Programme which was launched last year, and even more delighted to have concluded the most significant corporate bond issuance in the history of the Nigerian Debt Capital Markets. This landmark transaction would fund our expansion projects and further support the implementation of our export strategy. I want to thank our stakeholders and investor community for their strong participation in another Bond issuance with the Company.”

The Bond notes will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange.

Enquiries: InvestorRelationsDangoteCement@dangote.com

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PRESS RELEASE

Dangote Cement Plc Audited Result for Year Ended 31 December 2021

Audited results for the year ended 31st December 2021
  • Another record result with double digit growth across board
  • Robust profit after tax up 32.0% at ₦364.4B
  • Proposed dividend of ₦20.00 per share
  • CDP climate rating upgrade

Lagos, 28th February 2022: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the financial year ended 31st December 2021.

Financial highlights

  • Group revenue up 33.8% to ₦1,383.6B
  • Record group EBITDA up 43.2% to ₦684.6; 49.5% margin
  • Strong Pan-Africa EBITDA of ₦88.8B, up 24.6%; 22.4% margin
  • Record earnings per share up 31.6% to ₦21.24
  • Proposed dividend of ₦20.00 per share
  • Net debt of ₦225.1B; net debt/EBITDA of 0.33x

Operating highlights 

  • Group sales volumes up by 13.8% to 29.3 million tonnes
  • Total Nigerian volumes up 16.8% to 18.6Mt; domestic volumes up 13.6% at 17.7Mt
  • Pan-African volumes up 8.7% at 10.9 million tonnes
  • 3Mta Okpella plant ramp up is on track

ESG highlights 

  • CDP climate rating upgraded to B- for our commitment to climate change
  • Co-processed 89Kt of waste in 2021, an increase of 60% over 2020

Share buyback

  • In January 2022, Dangote Cement successfully completed tranche II of the share buyback programme; repurchasing 0.74% of shares outstanding

Michel Puchercos, Chief Executive Officer, said:

“We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8% and Group EBITDA was up 43.2%, at a 49.5% margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4B up 32.0%.

During the year, CDP raised Dangote Cement’s rating to B- for the Company’s commitment to climate change. The CDP rating upgrade clearly illustrates the progress made by Dangote Cement regarding our commitment to transparency and mitigating our CO2 footprint.

Over the last 2 years, we have finalised the deployment of 6 million tonnes new capacity in Nigeria. Looking ahead, we are now focused on a less capital-intensive expansion cycle, which includes building grinding plants across West and Central Africa to leverage and strengthen Dangote Cement’s regional integration. We are on track to deploy grinding capacity in Cote d’Ivoire and Ghana. In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tonnes of waste representing a 60% increase over 2020.

Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders.”

About Dangote Cement 

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 35.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; our Gboko plant in Benue state has 4Mta; and our Okpella plant in Edo state has 3Mta. 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).

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SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMPLETION OF TRANCHE II

January 26, 2021
Lagos, Nigeria

SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMPLETION OF TRANCHE II

Dangote Cement Plc (“DCP” or the “Company”) hereby announces the completion of the second tranche (“Tranche II”) of its share buy-back programme which was announced on 12 January 2022. Relevant details of this Tranche II are set forth below:

Commencement Date:Wednesday, 19 January 2022
Completion Date:Thursday, 20 January 2022
Mode:Open Market on Nigerian Exchange Limited
Total Number of Shares Repurchased:126,748,153 representing 0.74% of the Company’s issued and fully paid ordinary shares
Total Value of Shares Repurchased: N35,095,387,044.59
Average Price:N276.89

Following the conclusion of Tranche II, the total number of residuals issued and fully paid outstanding shares of DCP amounts to 16,873,559,251. The repurchased shares will be held as treasury shares and may subsequently be cancelled.

Execution of this Tranche II did not have any material impact on the Company’s financial position.

For more information, please contact:
Temilade Aduroja
Head, Investor Relations
InvestorRelationsDangoteCement@dangote.com

For: DANGOTE CEMENT PLC

Edward Imoedemhe
Deputy Company Secretary

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SHARE BUYBACK PROGRAMME – COMMENCEMENT OF TRANCHE II

January 12, 2021
Lagos, Nigeria

SHARE BUYBACK PROGRAMME – COMMENCEMENT OF TRANCHE II

Dangote Cement Plc (“Dangote Cement” or “DCP” or the “Company”) hereby announces the commencement of the second tranche of its share buyback programme (“Tranche II”).

Tranche II will be executed under the approval granted by the Company’s shareholders at the Annual General Meeting of DCP, which was held on 26 May 2021, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Exchange Limited (“NGX”). Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.

The Programme is being effected in tranches, with Tranche II being executed by the appointed stockbrokers on the Company’s behalf. Relevant details of this Tranche II are set forth below:

Tranche Number: Tranche II
Current Issued
Shares*:
17,040,507,404 fully paid-up ordinary shares of 50 Kobo each
Tranche Size:Up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued
shares, less treasury shares
Commencement
Date:
Wednesday, 19 January 2022
Completion Date:Thursday, 20 January 2022, or when the entire Tranche
Size has been purchased; whichever is earlier
Mode/Exchange:Open Market on the Nigerian Exchange Limited
Stockbrokers: Meristem Stockbrokers Limited and Vetiva Securities Limited
*This includes 40,200,000 shares held as treasury shares, following the conclusion of Tranche I of the Share Buyback Programme

Through its appointed Stockbrokers, the Company will, at its discretion, purchase DCP’s shares in the open market over the duration of Tranche II, subject to prevailing market conditions and under the current daily trading rules of the NGX.
DCP would however not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche II.

The shares being repurchased by the Company under the Share Buy-Back Programme will be held as treasury shares and may subsequently be cancelled. Execution of this Tranche II is not expected to have any material impact on the Company’s financial position.

Dangote Cement shareholders seeking to participate in Tranche II of the Share Buyback Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades on the NGX’s trading platform. DCP will provide weekly updates on the progress of Tranche II of the Programme on its website over the duration of this tranche.

The Company will continue to monitor the evolving business environment and market conditions in making decisions on further tranches of the Share Buy-Back Programme.

Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche II of the Share BuyBack Programme. An announcement will be published upon completion of Tranche II of the Programme.

For more information, please contact:
Temilade Aduroja
Head, Investor Relations
InvestorRelationsDangoteCement@dangote.com

Signed:

Edward Imoedemhe
Deputy Company Secretary

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Dangote Cement’s CDP Climate Rating Upgraded to B-

December 09, 2021
Lagos, Nigeria

Dangote Cement’s CDP Climate Rating Upgraded to B-

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, is pleased to announce that CDP has raised its rating from C to B- for the Company’s commitment to climate change. The rating upgrade reflects Dangote Cement’s improvement in governance, risk management processes & disclosures, emissions reduction initiatives, business strategy & financial planning and value chain engagement.

This upgrade demonstrates the continued efforts made by the Company to increase its levels of non-financial disclosure and improve its sustainability reporting.

This year, for the third time, Dangote Cement submitted to the CDP, one of the world’s leading research groups focused on climate change. In addition to the rating upgrade, Dangote Cement became a CDP supporter.

Commenting on the announcement, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc, said:

We are pleased to be recognised for the progress that we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the steps that Dangote Cement is taking in its commitment to transparency on climate and environmental issues. We are focused on making a positive difference, which is why sustainability is at the core of every part of our business. We are currently implementing our ‘Alternative Fuel Initiative’ which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally.

We strongly believe that sustainable value creation for all our stakeholders will be based on our ability to fully embed the 7 sustainability pillars of “The Dangote Way” into every aspect of our operation and culture.”

For: DANGOTE CEMENT PLC

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Press Release on Commercial Paper Programme

August 26, 2021
Lagos, Nigeria

Press Release on Commercial Paper Programme

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, announces a new ₦150 billion Commercial Paper Programme. This Programme allows us to broaden our potential funding sources and, combined with our ₦300 billion multi-instrument issuance Bond programme, increases our access to capital market funding.

The Commercial Paper Programme will be used for working capital and general corporate purposes.

Commenting on the programme, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc, said:

“The establishment of a new ₦150 billion Commercial Paper Programme confirms Dangote Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of ₦450 billion in Commercial Papers since 2018.

I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of commercial papers and bonds. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement Plc.”

Signed:

Edward Imoedemhe
Deputy Company Secretary

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Dangote Cement Plc Announces Unaudited Results For H1 2021 Ended 30th June 2021

Demand remains strong across our 10 countries of operation

Profit after tax up 51.9% at ₦191.6B

Lagos, 30th July 2021: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces unaudited results for the six months ended 30th June 2021

Financial Highlights

  • Group revenue up 44.8%, to ₦690.5B
  • Group EBITDA up 61% to N351.1B; 50.8% margin
  • Pan-Africa EBITDA up 49.8% to ₦477.2B; 23.8% margin
  • Profit after tax up 51.9% to ₦191.6B
  • Net debt of ₦400.9B; net gearing of 49.8%

Operating Highlights

  • Group sales volumes up by 26.1% to 15.3Mt, supported by strong demand across all operations
  • Nigeria volumes up 33.2% to 9.9Mt
  • Double digit volume growth in Pan Africa of 15.5%
  • Recommended clinker exports from Nigeria in Q2
  • Two clinker shipments from our Nigeria terminals; one from Apapa and one from Onne

Capital Structure

  • Successful issuance of Series 1 Fixed Rate Senior Unsecured Bonds under DCPs new ₦300 billion Multi-Instrument Issuance Programme
  • Buy-back programme renewal approved by the Securities and Exchange Commission
  • Dividend of ₦16.00 per share was paid in May 2021, paid one month ahead compared to previous years.

Michel Puchercos, Group Chief Executive Officer, said:

“We are pleased to report a solid set of the results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year. This strong intrinsic performance is magnified by the lower Q2 2020 results due to the effect of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.

We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learned a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.

Our Nigerian business recorded volume growth of 33.2% in H1 2021 at 9.9Mt, with a record EBITDA of ₦311.2B, up 60.1%. We recommenced our clinker exports in the second quarter after taking the strategic decision to pause them. This was to ensure we met the historic volume growth in the Nigerian domestic market since mid-2020. We are improving the output of our existing and new assets and I am happy to announce that our 3Mt Okpella plant is on track to come on stream in the next quarter.

Our Alternative Fuel project which focuses on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally is at an advanced stage. The procurement and installation of the necessary equipment across all plants is ongoing.

In addition, Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in our continuing efforts to modernise and enhance transparency of, and access to, companies’ disclosures.

As Africa’s leading cement producer, we are leading the way with our commitment to and best practices. We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders. Transparency and consistency are at the core of every part of our business culture.”

About Dangote Cement

Dangote Cement is Africa’s leading cement producer with 48.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 32.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five 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)

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Dangote Cement reports its financial results using XBRL format with the IFRS taxonomy

Issued: July 15, 2021
Lagos, Nigeria

Dangote Cement reports its financial results using XBRL format with the IFRS taxonomy

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, announces that its financial information has been made available to investors in eXtensible Business Reporting Language (XBRL) format using the IFRS taxonomy.

XBRL enables companies standardise the preparation, publishing, and exchange of financial information in a machine readable format. It is mainly used by publicly listed companies which are required to use it by law, such as companies listed in the USA, Europe and South Africa.

Dangote Cement becomes the first Nigerian listed company to report its financial results using IFRS taxonomy. Data contained in the Q3 2020, Full Year 2020 and Q1 2021 financial statements are now available in XBRL format.

Commenting on the execution of XBRL, Michel Puchercos, Chief Executive Officer of Dangote Cement, said:

“We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in Dangote Cement’s continuing efforts to modernise and enhance transparency of, and access to, companies’ disclosures.

It will enable our publicly available financial information to be captured accurately and promptly, thus bringing uniformity of our results on all the platforms and ensuring that investors and analysts who use these platforms have the correct information. Although XBRL reporting is not mandatory for companies listed on the Nigerian Exchange, it is becoming a universal format to exchange financial data and promotes the coordination of international reporting requirements.

The implementation of XBRL demonstrates Dangote Cement’s strong dedication to reaching international reporting and corporate governance standards. As Africa’s leading cement producer, we are leading the way with our commitment to sustainability and best practice.  We are driven by the goal of achieving the highest level of governance and building a prosperous and sustainable brand for all our stakeholders.  Transparency and consistency are at the core of every part of our business culture.”

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Share Buy-back programme renewal approved by the Securities and Exchange Commission

Issued: July 9, 2021
Lagos, Nigeria

Share Buy-back programme renewal approved by the Securities and Exchange Commission

Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces that the Securities and Exchange Commission has approved the renewal of its share buy-back programme until January 21 2022.

The share buy-back programme will be executed under the approval granted by the Company’s shareholders at the Annual General Meeting of Dangote Cement PLC which was held on 26 May 2021, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s Rules and Regulations and under the approval of the Nigerian Exchange.

The share buy-back will be undertaken through an open market offer or self-tender, at such times and on such terms as the management of the Company may determine, subject to prevailing market conditions. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buy-back programme.

Signed:

Edward Imoedemhe
Deputy Company Secretary

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Issuance of N50 billion Series 1 Fixed Rate Senior Unsecured Bonds Under the New NGN300 billion Multi-Instrument Issuance Programme

Issued: June 16, 2021
Lagos, Nigeria

Issuance of 50 billion Series 1 Fixed Rate Senior Unsecured Bonds Under the New NGN300 billion Multi-Instrument Issuance Programme

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, announces the successful issuance of 50 billion Series 1 Fixed Rate Senior Unsecured Bonds under the company’s new NGN300 billion Multi-Instrument Issuance Programme. The bonds were issued on May 26 2021 at coupon rates of 11.25%, 12.50% and 13.50% for the 3, 5 and 7-year tranches respectively.

Despite market headwinds, the bond issuance was well received and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. The proceeds of the bond issuance will be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements.

Aside from this first issuance of a traditional bond under the new Multi-Instruments Programme, Dangote Cement has registered a programme enabling it to consider different types of fixed income instruments to cater for different type of investors. The ability to issue Green Bonds and Sukuk will enable the company leverage the depth and breadth of the Nigerian market.

Commenting on the bond issuance, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc. stated:

“This bond issuance allows us move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance.”

Absa Capital Markets Nigeria acted as Lead Issuing House for the Series 1 Bonds, and Stanbic IBTC Capital, Standard Chartered Capital & Advisory Nigeria Limited, United Capital Plc, FBN Quest Merchant Bank, FCMB Capital Markets, Coronation Merchant Bank, Ecobank Development Corporation Nigeria, Futureview Financial Services, Meristem Capital Limited, Rand Merchant Bank, Quantum Zenith Capital and Vetiva Capital Management acted as Joint Issuing Houses. The Bonds will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange.

Signed:

Edward Imoedemhe
Deputy Company Secretary

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