Dangote Cement has reported a 62.2% increase in revenue, reaching N3,580.6 billion in 2024. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also rose by 56.0% to N1,388.2 billion, with a 38.6% margin.
Arvind Pathak, CEO and Group Managing Director, disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX), attributing the growth to improved efficiency and a 7.9% rise in sales in Nigeria.
The company also introduced a Document Management System (DMS), allowing customers to manage transactions remotely. Over 80% of customers have adopted the platform, with plans to increase usage to 90%.
Despite economic challenges, Dangote Cement remains committed to innovation and value creation. The revenue growth was driven by increased sales volume and price adjustments. EBITDA crossed the N1 trillion mark for the first time, while profit after tax (PAT) rose by 10.5% year-on-year to N503.2 billion.
To reward investors, the board proposed a ₦30.00 per share dividend for the 2024 financial year. The company also expanded exports, recording 31 clinker shipments from Nigeria to Ghana and Cameroon, leading to a 69.1% rise in Nigerian exports.
Dangote Cement continues to advance sustainability efforts, improving its Thermal Substitution Rate (TSR) to 10% through alternative fuel investments. The Carbon Disclosure Project (CDP) upgraded the company’s rating to B for climate and water impact.
Looking ahead, Pathak stated that the company will commission a 3Mta grinding plant in Côte d’Ivoire in 2025 to expand its footprint in Africa’s growing cement market.
Credit: NAN (Text Excluding Headline)
