Key Factors
- Dangote Cement’s income hit $2.4 billion in 2024, up 62% from $1.47 billion in 2023, pushed by robust Nigerian and Pan-African gross sales.
- The corporate posted a $335.75 million revenue regardless of elevated bills, although Pan-African operations reported a $16.3 million loss.
- Dangote Cement proposed a N30 ($0.02) per share dividend for 2024, sustaining payouts whereas whole property grew to $4.27 billion.
Dangote Cement Plc, the multinational cement big majority-owned by Africa’s richest man, Aliko Dangote, posted robust monetary outcomes for its 2024 fiscal 12 months, with income surging to $2.4 billion. This reinforces its place because the main cement producer on the continent.
Based on its not too long ago published financial statement, income jumped 62 % from N2.21 trillion ($1.47 billion) in 2023 to N3.58 trillion ($2.4 billion) in 2024. The expansion was pushed by increased gross sales in each its Nigerian and Pan-African operations.
Dangote Cement reviews $335.75 million revenue acquire
Income from its Nigerian unit rose from N1.29 trillion ($860.6 million) to N2.19 trillion ($1.46 billion), helped by increased cement costs. In the meantime, its Pan-African operations noticed income climb from N925.9 billion ($617.7 million) to N1.48 trillion ($987.4 million), boosted by overseas alternate translation features following the naira’s devaluation.
Regardless of elevated administrative, promoting, and distribution bills, together with finance prices totaling N700.3 billion ($467.2 million), the corporate’s revenue rose from N455.58 billion ($303.9 million) in 2023 to N503.25 billion ($335.75 million) in 2024. Nonetheless, whereas its Nigerian operations remained worthwhile, its Pan-African enterprise posted a lack of N24.37 billion ($16.3 million).
Dangote Cement drives regional growth
Dangote Cement, which is 86 % owned by Aliko Dangote, has been a driving power in regional commerce, supplying cement and clinker throughout a number of markets. The corporate has performed an important function in shifting Nigeria from a cement importer to a number one exporter in Sub-Saharan Africa.
Past Nigeria, it operates in 10 different African international locations, together with South Africa, Senegal, Zambia, Ethiopia, Tanzania, Congo, Cameroon, Ghana, Sierra Leone, and Côte d’Ivoire. With an annual manufacturing capability of 52 million tonnes, it stays one of many continent’s largest cement producers.
Dangote Cement’s regular progress advantages traders
Robust monetary outcomes have fueled vital progress. The corporate’s whole property rose from N3.94 trillion ($2.63 billion) in 2023 to N6.4 trillion ($4.27 billion) by the tip of 2024. Whole fairness additionally elevated, climbing from N1.69 trillion ($1.13 billion) to N2.12 trillion ($1.41 billion). Nonetheless, retained earnings dipped barely from N1.098 trillion ($732.5 million) to N1.027 trillion ($685.2 million).
In keeping with its dedication to rewarding shareholders, Dangote Cement’s board has proposed a dividend of N30 ($0.02) per share for the 2024 monetary 12 months, sustaining the identical payout as in 2023. The corporate continues to steadiness shareholder returns with monetary stability and powerful money circulate administration.
