- Dangote cement reports N3.58bn revenue growth in 2024
Trading in the domestic bourse opened the week on a bearish note, driven by losses in FBNH, GTCO and UBA, down by 3.2 percent, 1.6 percent and 2.2 percent respectively.
Consequently, the All-Share Index declined by 0.34 percent to close at 107,455.13 points with the Month-to-Date and Year-to-Date returns printing -0.34 percent and +4.4 percent, respectively.
However, investors gained N94.61 billion as the market capitalization rose to N67.29 trillion as against N67.19 trillion posted in the previous session due to the listing of 3.2 billion news shares of Fidelity Bank from its hybrid offers.
Detailed analysis of market performance shows that the total volume of trades declined by 32.8 percent to 308.09 million units, valued at N7.23 billion, and exchanged in 15,474 deals. ZENITHBANK was the most traded stock by volume and value at 32.37 million units and N1.56 billion, respectively.
Sectoral performance was mixed, as the Banking, Consumer Goods and Insurance indices declined by 1.2 percent, 1.0 percent and 0.6 percent respectively, while the Oil & Gas index advanced by 0.4 percent. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 18 tickers gained relative to 32 losers. IKEJAHOTEL and UCAP recorded the highest losses of the day, declining 9.9 percent each while LEARNAFRICA and NGXGROUP topped the gainers’ list advancing by 10.0 percent respectively.
Dangote cement reports N3.58bn revenue growth in 2024
Meanwhile, Dangote Cement has reported a 62.2 per cent revenue growth, reaching N3, 580.6 billion in 2024.
The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation also grew by 56.0 per cent to N1, 388.2 billion, with a 38.6 percent margin.
The Chief Executive Officer and Group Managing Director of Dangote Cement, Arvind Pathak, disclosed this in a corporate filing with the Nigerian Exchange Ltd.
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 per cent.
“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 per cent 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 said.
He noted that the group’s revenue grew by 62.2 per cent 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 per cent 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 per cent, with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing.
“Recognising 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 capitalise on the high-growth African cement market.”