Dangote Cement To Pay Nigerian Govt N174bn Tax

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Dangote Cement
Dangote Cement To Pay Nigerian Govt N174bn Tax

Dangote Cement Plc has maintained its position as one of Nigeria’s largest private sector contributors to the economy, with a tax charge of N173.93 billion for the fiscal year ending December 31, 2021.

According to the cement group’s audited results, which were published on the Nigerian Exchange Ltd (NGX) portal, the tax charge represents a 78.7 percent increase over N97.24 billion in 2020.

Dangote Cement’s major revenue market in Africa remains Nigeria, with sales volume standing at 18.61Mt for Full Year 2021, compared to 10.86Mt reported in other African operations.

In total, Aliko Dangote’s cement business sold 29.3 million tons last year, bringing its revenue for the year to N1,383.6 billion, up from N1,034.20 billion in 2020.

A breakdown of Dangote Cement’s Financial Statements for 2021 revealed that the Nigerian market contributed N993.34 billion, with other African plants contributing a total of N397.32 billion.

Last year’s revenue exceeded the N719.95 billion generated by Nigerian consumers and was higher than the N318.68 billion reported by other African operations.

 

Dangote Cement is present in Senegal, Sierra Leone, Ghana, Cameroon, the Democratic Republic of the Congo, Ethiopia, South Africa, Zambia, Tanzania, Kenya, and Zimbabwe.

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Dangote Cement’s tax paid to the Federal Government increased by 78.7 percent to N173.93 billion in 2021, exceeding the N97.24 billion paid to the Nigerian government in 2020 as a result of increased revenue generation in Nigeria.

Dangote Cement’s Chief Executive Officer, Michel Puchercos, commented on the company’s earnings for 2021, saying, “We are pleased to report a solid set of results for the full year 2021.”

“Group volumes for the year were up 13.8 percent and Group EBITDA was up 43.2 percent, to ₦684.6 billion at a 49.5 percent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 percent.”