Dangote Cement posts N191.6 billion profit in six months

The Dangote Cement, has posted a Profit After Tax (PAT) of N191.6 billion, after a tax charge of N89.6 billion in its unaudited results for the half year ending on June 30.

The Group Managing Director, Dangote Cement, Mr Michel Puchercos, said this in a statement on Sunday in Lagos.

Puchercos said that the company’s resilient results for the six months ending on June 30, was as a result of the group sales volumes which hit 15.3Mt.

“In the period under review, Nigerian operations of the company accounted for a sales volume of 9.87 Mt, while pan African operations contributed the balance of 5.5Mt.

“The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.

“We are pleased to report a solid set of the good results for the first half of the year.

“Our performance reflects the strong demand across the group, with increases in revenue and profitability, compared to the same period last year,” he said.

Pucheros added:“This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19.

“The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”

According to him, the company will continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders.

“We have learned a lot over the past year on how to mitigate risks associated with COVID-19.

“We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.

“We are improving the output of our existing and new assets and I am happy to announce that our three Mt Okpella Plant, Edo, is on track to come on stream in the next quarter,” he said.

Puchercos also said that the company’s Alternative Fuel project which focused on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally was at an advanced stage, while procurement and installation of the necessary equipment across all plants was ongoing.

He added that Dangote Cement was focused on sound governance.