Dangote Cement Plc Reports 36.4% Revenue Growth in 2023, with EBITDA Up 25.1%

Published On: May 14, 2024Company: Dangote Cement Plc (DANGCE.ng)
What can we say about Dangote Cement's financial performance in 2023?
Dangote Cement had a strong financial performance in 2023 with group revenue growth of 36.4%, EBITDA up by 25.1% and earnings per share up by 18.8% to ₦26.47. Despite a marginal decline of 1.8% in group volumes, the company reflected resilience through its strategic diversification across its operations in Africa.

Summary

  • Dangote Cement PLC, the largest cement producer in Africa, reported a revenue increase of 36.4% to ₦2,208.1B in its audited results for the year ended 31st December 2023.
  • The firm’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) went up 25.1% to ₦886.1B. Earnings per share increased 18.8% to ₦26.47 as they also reported a net debt of ₦521.3B.
  • A record pan-Africa EBITDA up four-folds to ₦263.7B; 28.5% margin with a proposed dividend rise of 50% at ₦30.00 per share was also reported.
  • Regarding operations, the group volumes were marginally down by 1.8% to 27.3Mt.
  • Operating a new 0.45Mta grinding plant in Ghana and a CNG station in Tanzania contributed to their portfolio boost.
  • 10 alternative fuel projects were commissioned across Dangote Cement’s operations.
  • Arvind Pathak, Chief Executive Officer, attributed the positive outcome to the company’s varied operations across Africa and efforts to contain cost amidst rapidly increasing inflation.

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About Dangote Cement Plc (DANGCE.ng)

Dangote Cement Plc, a major force in the African cement industry, stands as the largest cement producer in Sub-Saharan Africa, with a commanding presence in 10 countries across the continent. Headquartered in Nigeria, the company boasts an annual production capacity exceeding 45.6 million tonnes through its operations in Nigeria and 14 other African nations. Dangote Cement is renowned for its commitment to quality and innovation, offering products that meet the highest standards. The company’s success is underpinned by its state-of-the-art facilities and a strategic approach to sustainability, which emphasizes environmental responsibility and community engagement. With its extensive network and focus on efficiency, Dangote Cement is poised for further growth, leveraging its position to meet Africa’s increasing construction needs.

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Giri

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