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Dangote Cement Posts Resilient Performance In First Half 2021

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Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended 30th June 2021 as Group sales volumes hit 15.3Mt.

According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance of  5.5Mt. The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.

In the period, the cement giants posted a profit after tax of ₦191.6 billion after a tax charge of N89.6 billion.

The company recommenced clinker exports from Nigeria in the second quarter, with two clinker shipments, each from Apapa and Onne terminals.

Group Managing Director, Dangote Cement, Michel Puchercos, speaking on the results said, “We are pleased to report a solid set of good results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year.  This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”

On the steps taken by the company to protect the stakeholders, he said, “We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learned a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.

We recommenced clinker exports in the second quarter after taking the strategic decision to pause our clinker exports. This was to ensure we met the historic volume growth in the Nigerian domestic market since mid-2020. We are improving the output of our existing and new assets and I am happy to announce that our 3 Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.”

Puchercos stated that the company’s Alternative Fuel project which focuses on leveraging waste management solutions, reducing CO2 emissions, and sourcing material locally is at an advanced stage while procurement and installation of the necessary equipment across all plants is ongoing.

He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices.  We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders.  Transparency and consistency are at the core of every part our business culture”

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting the XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency and access to companies’ disclosures.

Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta capacity across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

The Group has a production capacity of 32.3Mta in its home market, Nigeria. It has three cement plants in Nigeria, Obajana plant in Kogi state, with 16.3Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighboring countries.

In addition, Dangote Cement has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

Dangote Cement has a long-term credit rating of AAA(NG+) by GCR and Aa2.ng by Moody’s due to its market-leading position, significant operational scale, and strong financial profile evidenced by the Company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow, and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, pasta, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertilizer and agricultural sectors.

BIG STORY

UPDATE: 9 Confirmed Dead As Container Falls Off Truck In Lagos [VIDEO]

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An articulated truck conveying a 20ft container fell on a commercial bus at Ojuelegba, Lagos on Sunday killing nine persons.

Dr. Olufemi Oke-Osanyintolu of Lagos State Emergency Management Agency (LASEMA) said the truck lost control while ascending a bridge.

“Upon arrival at the scene, a truck conveying a 20ft container was found to have landed on top of a commercial bus.

“Investigation revealed that the bus was picking up passengers when the truck lost control and fell over the side of the bridge.

“A total of nine fatalities were recovered, comprising four adult males, three adult females, a girl, and a boy.

“After suspending the container load with the aid of LASEMA’s forklift, an adult woman was extricated alive and taken to the trauma center,’’ he said.

Oke-Osanyintolu said LASEMA’s heavy-duty ambulance and Lagos State Fire Service were on hand for a rescue operation, just as LASTMA and Nigeria Police were on ground to control traffic.

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BIG STORY

INSECURITY: Three Officers Killed As Gunmen Attack Ebonyi/Enugu Border Checkpoint

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Three police officers have been killed by gunmen at the border checkpoint along Enugu/Abakaliki expressway.

The police officers were reportedly shot dead on Saturday night.

The gunmen, who operated in a Sienna bus, reportedly opened fire at the checkpoint, injuring one officer in the leg and killing three.

The Ebonyi police command confirmed the incident.

Chris Anyanwu, the command’s spokesperson, said the attack occurred around 6pm.

“The attack by gunmen at Ebonyi/Enugu boundary took place at about 18:08hrs ” he said.

“Three police personnel of Operation Safer Highway were fatally injured and later confirmed dead.

“The hoodlums operated in two sienna vehicles, drove into the checkpoint, and opened fire on the policemen.”

He said the officer who was shot is receiving treatment at a medical facility in Abakaliki, the state capital.

In December, two people, including a police officer, were killed following an attack on a police checkpoint in Abakaliki.

One of the gunmen was also killed in the attack.

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BIG STORY

Outrage As Container Falls On Bus At Ojuelegba Bridge 

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A container-laden truck fell on a bus at Ojuelegba bridge in Lagos on Sunday.

The Lagos State Traffic Management Authority (LASTMA) said rescue and evacuation efforts are ongoing at the scene of the accident.

According to a witness account shared by @PoojaMedia on Twitter, the truck fell while trying to prevent a bus from overtaking it.

It is not immediately clear if there are casualties but passengers are said to be trapped in the bus.

“Container just fell on a bus at Ojuelegba bridge. There are people inside the bus (full load) as health officials are giving them trip. We need emergency here to lift the container,” @PoojaMedia tweeted.

“Speaking to an eyewitness (an Uber driver), he said the trailer wanted to block the bus from overtaking him immediately he overtook the trailer as he saw everything through his side mirror. He went to turn at the roundabout to see the impact.”

Different containers have been involved in accidents on the bridge in the past.

The latest incident on the bridge has sparked outrage and heated reactions on Twitter.

Here are some of the comments.

 

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