DANGOTE Cement Plc a cement manufacturing and distribution company, for the third quarter of year 2020 has posted revenues of N284.59 billion, a 34.20 per cent increase when compared to N212.06 billion the same period in 2019.
In its financial statement submitted to the Nigerian Stock Exchange (NSE) also announced a 6.6 per cent increase in Group sales volume which rose from 18.02 million tonnes in 2019 to 19.21 million tonnes in the nine months ended 30th September 2020.
Group Chief Executive Officer, Dangote Cement, Michel Puchercos, said, “I am delighted to report that Dangote Cement experienced its strongest quarter in terms of EBITDA and strongest third quarter in term of volumes. Despite a challenging environment, Group volumes for the nine months were up 6.6 per cent and group EBITDA was up 17.1 per cent, at a 46.6 per cent margin.
This quarter has really shown the ability of Dangote Cement to meet the strong recovery of the cement market in Nigeria and Pan-Africa after a challenging Q2. In Nigeria, we have witnessed a strong appetite for real estate investment and the recovery of infrastructure spending – including more concrete roads. Sales volumes in Nigeria were up 40 per cent in the quarter and Pan-Africa reached a record high EBITDA margin of 24 per cent in the quarter. “
He added, “We continue to focus on our export strategy and are on track to ensure West and Central Africa become cement and clinker independent, with Nigeria as the main supply hub. Clinker exports have steadily been ramping up in Q3 after our maiden shipment in June 2020, whilst land exports have also resumed.
Dangote Cement’s strategy to offer high quality products at competitive prices is meeting customers’ expectations in Nigeria and across the continent, where we continue to deploy excellent marketing initiatives and operational excellence across the continent.
We remain committed to protecting our staff and communities by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”
Further analysis of the company’s unaudited results for the period indicated that Nigerian operations accounted for 11.92 million tonnes, an increase of 10.2 per cent compared to 10.82 million tonnes in the corresponding period in 2019.
On quarter basis comparison, Nigerian sales volumes went up by 39.9 per cent in the third quarter driven by strong demand and pull effect of its Bag of Goodies Season 2 National Consumer Promotion.
In the period under consideration, Dangote Cement has exported 7 clinker vessels from Nigeria via the Apapa export terminal while plans are on track to commission the Port Harcourt export terminal before the end of the year.
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