Dangote Cement generated 105.9 billion naira in after-tax profit for the first quarter of 2022 in its African market, up 18% year-on-year, after selling a total volume of 7.2 million tons of cement.
This follows a 24.2% increase in revenue over the same period, with the company saying it brought in N413.2 billion for the three months ended March 31, 2022, according to its unaudited results.
Commenting on the first quarter result, Dangote Cement Managing Director Michel Puchercos said that despite new uncertainties caused by a highly volatile global environment, the company has increased its liquidity.
The group’s EBITDA was found to be N211.0 billion over the three months.
Puchercos said, “Operationally, we are ramping up production at our Okpella plant and making good progress to deploy crushing plants in Ghana and Ivory Coast. Demand remained strong in all markets and we remain confident that Dangote Cement is well positioned to meet customer expectations despite these temporary challenges.
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“Continuing our efforts to create value for our shareholders, Dangote Cement has finalized the second tranche of its buyout program. Following the completion of the two tranches, Dangote Cement has now repurchased 0.98% of its outstanding shares. This share buyback program reflects the Company’s commitment to finding opportunities beyond the dividend to return cash to shareholders.
Puchercos added: “The unstable international context reinforces our efforts to increase the use of alternative fuels and the execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.
“Our continued focus on efficiency, meeting strong market demand and maintaining our cost leadership drive our ability to consistently deliver superior profitability and value to all shareholders.”