HomeLocal NewsDangote Cement becomes second Nigerian company to attain N1 trillion revenue mark,...

Dangote Cement becomes second Nigerian company to attain N1 trillion revenue mark, after MTN

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Leading cement manufacturer, Dangote Cement Plc (DCP) recently declared in its audited financial statement for the financial year 2020, a record high revenue of N1.03 trillion

With this declaration, the company becomes the second Nigerian listed entity after MTN to surpass the N1 trillion mark.

The cement behemoth’s revenue expanded by 16% year-on-year to N1.03 trillion, with about N720bn of the revenue generated from its operations in Nigeria, while its Pan-Africa operations generated about N320 bn revenue in 2020, NairaMetrics report.

The strong growth of the company was supported by the strong cement demand due to the strong taste for real estate investment amongst other infrastructure.

Sales volume for both cement and clinker products increased by 8.9%, driven by the resurgence in demand in the third quarter and fourth quarter of 2020.

The company’s profit surged by 37.9% year-on-year to N276.1 bn.

Dangote Cement Plc announced a N16.00 per share dividend, driven by the increase in profits and cash flow generated from operations.

The leading cement company generated a net cash flow of N511.89 bn from its operating activities which is higher than 2019 figures (N426.12 bn).

The cement behemoth repurchased 0.24% or 40,200,000 units of the company’s issued and fully paid ordinary share, at N9.77 bn.

Dangote Cement experienced its strongest year in terms of volumes and EBITDA, as the Group’s Earnings Before Interest, Taxation, Depreciation, and Amortization increased by 20.9% to ₦478.1 bn, despite a challenging environment.

The company’s strong margin driven by its cost control measures and minimal exposure of its cost base to currency fluctuations resulted in a 37.9% surge in profit to N276.1 bn.

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