Dangote Cement has reported a 62.2 percent revenue growth, reaching N3,580.6 billion in 2024.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew by 56.0 percent to N1,388.2 billion, with a 38.6 percent margin.
Arvind Pathak, Chief Executive Officer and Group Managing Director of Dangote Cement, disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX).
Pathak said, “We wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence.
“Our group volume grew by 1.6 per year-on-year, reaching 27.7 Mt, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9 percent.
“A major milestone was the launch of the Document Management System (MMS), which enables customers to independently manage sales transactions and track deliveries remotely.
DMS is the use of a computer and software to store, manage, and track electronic documents and electronic images of paper-based information captured through the use of a document scanner.
“Over 80 percent of our customers actively use this platform, and we aim to increase adoption to 90 percent.
“Despite macroeconomic challenges, both globally and domestically, we remain committed to innovation and value creation, delivering strong returns for our stakeholders.”
He noted that the group’s revenue grew by 62.2 percent to N3,580.6 billion, which was driven by a combination of volume growth and price adjustments to reflect inflationary trends.
He said as a result of this, the EBITDA reached a record high, surpassing the N1 trillion mark for the first time at N1,382.0 billion, while profit after tax (PAT) grew by 10.5 percent year-on-year, totaling N503.2 billion.
“Reflecting our strong financial performance, the board has proposed a dividend of ₦30.00 per share for the 2024 financial year.
“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1 per increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency.
“We also made significant strides in sustainability, particularly in alternative fuel investments.
“Our Thermal Substitution Rate (TSR) improved to 10 percent, with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing.
“Recognizing our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories,” he said.
Looking ahead, Pathak noted that the group would remain focused on strengthening the Nigerian market position, enhancing productivity, and driving economic growth across its operating regions.
He said, “We are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalize on the high-growth African cement market.” (NAN)
