Dangote Cement Reports Surge in Nigeria Sales as Earnings Jump to 249.2B Naira in Q1 2020

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Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces unaudited results for the three months ended 31st March 2020.

Financial Highlights

  • Group revenue up 3.8% to ₦249.2B
  • Group EBITDA up 2.2% to ₦114.2B; 45.8% margin
  • Pan-Africa EBITDA up 23.4% to ₦14.6B; 20.9% margin
  • Profit before tax up 11.5% to ₦88.1B
  • Earnings per share up 1.7% to ₦3.60
  • Net debt of ₦191.4B

Operating Highlights

  • Group cement sales volumes down 0.6%
  • Nigerian volumes up 0.7% at 4.0Mt; +5% when considering domestic sales only
  • Record high Nigerian quarterly revenue at ₦179.3B, up 5.6%
  • Total lockdown in South Africa owing to COVID-19 affected Pan-Africa sales at the end of March

Capital Structure

  • In April, Dangote Cement completed the successful issuance of ₦100B series 1 Bond due April 2025 under the ₦300B Bond Programme at a 12.5% interest rate
  • Bond issuance was oversubscribed
  • Largest ever corporate bond issuance in the Nigerian debt capital market

Michel Puchercos, Group Chief Executive Officer, said:

“From the beginning of the COVID-19 pandemic, we have proactively deployed all recommended measures to protect the health and well-being of our employees, customers, suppliers and communities. As such, we have implemented several rigorous protocols in all our operations across the continent. We are closely monitoring all markets according to the guidance provided by the authorities in each country. We continue to provide superior services and deliver high-quality products to our customers.

Read Also:  Nigerian economy to rebound in 2nd quarter?

2020 started strongly, with growth across the board despite the early effects of the COVID19 pandemic. We achieved a record-high quarterly EBITDA margin in Pan-Africa and a record high quarter in Nigeria, with revenues of ₦179B and domestic volumes at 4.0Mt.

In April, Dangote Cement successfully raised ₦100B series 1 Bond from the Nigerian Debt Capital Market despite the current challenging environment. This illustrates investors’ continuous confidence in Dangote Cement’s strategy.

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This landmark transaction is the largest ever bond issuance by a corporate issuer in Nigeria. It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market. “

Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 29.25Mta in our home market, Nigeria.

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Dangote Cement Reports Surge in Nigeria Sales as Earnings Jump to 249.2B Naira in Q1 2020Dangote Cement Reports Surge in Nigeria Sales as Earnings Jump to 249.2B Naira in Q1 2020

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Dangote Cement Reports Surge in Nigeria Sales as Earnings Jump to 249.2B Naira in Q1 2020Dangote Cement Reports Surge in Nigeria Sales as Earnings Jump to 249.2B Naira in Q1 2020

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