Finance

Dangote Cement Q3 sales rose by 6.2%

Dangote Cement Q3 sales rose by 6.2%

Dangote Cement on Sunday said it grew its overall volume of cement sales by 6.2 per cent to 20.8metric tons amid growing inflation and a volatile global environment in the first nine months of 2022.

The company said in a statement that it embraced alternative fuel to cut costs.

It said it also commissioned its power plant at Okpella and was progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.

This was geared at increasing the supply of cement across its operational base, the company said in the statement.

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The Chief Executive Officer, Dangote Cement, Michel Puchercos, while presenting the third quarter results to the Nigerian Stock Exchange, explained that, “To mitigate the impact of the significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels.

“So far this year, we have co-processed 101,553 tonnes of waste representing a 77 per cent increase over 9M 2021.  We are on track to commission our alternative fuel feed system at Obajana lines I and V, and Ibese line II in November. In addition, we are ramping up our investment in compressed natural gas, to reduce our AGO usage.”

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“Consequently, he explained that the company recorded an increase in revenue of N1,177.3bn, up 15.2 per cent compared to last year, and Group EBITDA of N515.9bn, up 0.2 per cent with an EBITDA margin of 43.8 per cent.”

He recall that Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria.

The statement described the Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines while the Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta.

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The Gboko plant in Benue state has 4Mta while the Okpella plant in Edo state has 3Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries, the statement said.

Punch

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