Nigeria: Domestic sales growth drove Dangote Cement’s financial results in 2018. Its local cement sales volumes grew by 11.4% year-on-year to 14.2Mt in 2019 from 12.7Mt in 2018. Sales in the rest of Africa remained stable at 9.4Mt.
Sales revenue grew by 11.9% to US$1.71bn in Nigeria and by 9.6% to US$784m in the rest of Africa.
Overall revenue grew by 11.9% to US$2.49bn from US$2.23bn.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 12.1% to US$1.20bn from US$1.07bn.
“This is a record financial performance by Dangote Cement, driven by a strong increase in our home market, Nigeria, despite heavy rains and uncertainties about the election,” said Joe Makoju, group chief executive officer.
He added that, although Pan-African volumes were unchanged in 2018, he was confident that the group would see an increase in 2019, driven by higher volumes in Tanzania, Ethiopia, Congo and Sierra Leone.
Elsewhere in Africa the cement producer said that plant shutdowns in Tanzania due to delays to a gas turbine installation, civil unrest in Ethiopia and a reduction of imports from Nigeria to Ghana had reduced its sales.