Dangote Cement Records Strong H1 2024 Performance, Boosts Forex Inflows
By Patience Ikpeme
Dangote Cement has announced impressive financial results for the first half of 2024, highlighting significant growth across various segments of its operations.
The company’s pan-African operations have been a major driver of foreign exchange inflows, with revenue from this sector surging by 139.9% to N807.1 billion compared to the previous year.
Domestically, Dangote Cement also recorded a strong performance, with a 10.9% increase in cement sales to 9.0 million metric tonnes.
The company’s overall group volume rose by 3.8% to 13.9 million metric tonnes, while group revenue soared by 85% to N1.76 trillion, driven primarily by a 60% growth in the Nigerian market.
Despite economic challenges such as inflation, high interest rates, and currency depreciation, Dangote Cement demonstrated resilience through cost optimization and a diversified business model. The company’s profit after tax increased by 6.3% to N189.9 billion.
Arvind Pathak, CEO of Dangote Cement, expressed satisfaction with the company’s performance, emphasizing the impact of improved efficiency and increased market activity on volume growth.
He also highlighted the company’s commitment to sustainability, with the commissioning of 11 alternative fuel projects and the acquisition of 300 CNG trucks.
Dangote Cement’s export-to-import strategy has yielded positive results, with a 55.2% increase in Nigerian exports. The company remains optimistic about Africa’s growth prospects and continues to invest in the continent’s development.
