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Dangote Cement grows Q1’22 profit to N105.9bn amid market uncertainties

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Dangote Cement to buy back 85m units of own shares

Dangote Cement generated N105.9 billion in profit after tax for first quarter of 2022 across its African market, rising by 18% year-on-year, after selling a total volume of 7.2Mt of cement.

This followed a 24.2% increase in revenue during the same period, with the company reporting it grossed N413.2 billion for the three months ended March 31, 2022, according to its unaudited results.

Commenting on the Q1 result, the Chief Executive Officer, Dangote Cement, Michel Puchercos, said despite the new uncertainties caused by a very volatile global environment, the company grew its liquidity.

It was gathered that Group EBITDA was N211.0 billion within the three months.

Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

Read also: Dangote Cement raises N116 billion to refinance debts

“Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment in finding opportunities beyond dividend to return cash to shareholders.”

Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.

“Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

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