Africa’s largest cement producer, Dangote Cement has posted a profit after tax of N191.6 billion, after a tax charge of N89.6 billion in its unaudited results for the half of the year (January to June 2021).
Gatekeepers News reports that the company’s resilient results for the six months ended 30th June 2021 were due to the group sales volumes which hit 15.3Mt.
According to the company’s report for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance of 5.5Mt. The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.
In the period, the cement giants posted a profit after tax of ₦191.6 billion after a tax charge of N89.6 billion. The company recommenced clinker exports from Nigeria in second quarter, with two clinker shipments, one each from Apapa and Onne terminals.
Group Managing Director, Dangote Cement, Michel Puchercos, speaking on the results said, “We are pleased to report a solid set of the good 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 because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”
Gatekeepers News reports that on the steps taken by the company to protect the stakeholders, he said, “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.
“We recommenced clinker exports in the second quarter after taking the strategic decision to pause our clinker exports. 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 3 Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.”
Puchercos stated that the company’s Alternative Fuel project which focuses on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally is at an advanced stage while procurement and installation of the necessary equipment across all plants is ongoing.
He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability 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 our business culture”
