Category: PRESS RELEASE

Dangote Cement Okpella commits to development, social support for Host Communities

Post author By Victor Ogunyinka
Post date July 9, 2024
No Comments on Dangote Cement Okpella commits to development, social support for Host Communities

Signs epochal Development Agreement with Okpella Communities

Management of Dangote Cement, Okpella, has signed a development and social support agreement with its Okpella Edo state host communities in demonstration of its commitment to the development and overall well-being of host communities and their people, as a responsible corporate entity

The signing of the Community Development Agreement (CDA) came just as the Edo state and the federal government commended the company for its proactiveness in planning for the growth of its host communities as a sure means of promoting peaceful co-habitation.

The Okpella Plant Director, Dangote Cement Plc, Mr Mohammed Ismaeel, at the CDA signing ceremony said the cement company has fully complied with the provisions of the Minerals and Mining Act, 2007 and that of the Minerals and Mining Regulation 2011 of the federal republic of Nigeria.

Signing the agreement on behalf of the company at Okpella, Mr Ismaeel said the ceremony was very significant in that it aimed at promoting harmonious and mutual benefits between the cement company and its host communities.

“Today’s occasion is not only a demonstration of our compliance to these regulatory provisions as a responsible corporate organization but it also a demonstration of our commitment to the development and overall wellbeing of our host communities.

“For us as a company, we believe in the mantra, good neighbourliness is good business, hence we are doing everything possible to maintain harmonious relationship with all the communities where we operate”, Ismaeel added.

He added that the occasion marks the beginning of concrete infrastructural development and social supports in the areas of education, improved access to health care, economic empowerment programmes targeted at the youths, women and the farming population, improved access to potable water, support to improve electrification and power supply among other things.

The Plant Director pointed out that the CDA also provides for scholarship grants for students in secondary and tertiary institutions to promote excellence in educational pursuits of indigent students from Dangote Cement, Okpella host communities.

He added that the CDA document clearly states the consultative framework for engagements, grievance management and obligations of both the Plant and the host communities for mutual growth and development stressing that, it is clearly a path to define relationships, commitments, obligations and expectations with potential to address immediate concerns and future social issues that may arise in the course of the relationship between the company and its host communities.

Ishmaeel then requested the host communities to keep their end of the bargain by supporting and collaborating with the company so as to foster all round development. “Be assured that we are always ready to listen, dialogue and resolve all concerns”, he noted.

Speaking on the occasion, the Edo State Commissioner for Mines and Energy, Hon. Donatus Ojiefoh, who represented the State Governor, Godwin Obaseki, praised the company’s management for taking the path of peace with its host communities pledging by so doing, that the state governor will always support any investors who wants to invest in the state.

He assured the people of the communities that more investors are willing to come and invest in the state but that the people most be willing to cooperate and provide the enabling environment for them to operate.

Ojiefoh admitted that it is imperative for students to study the mineral resources that are abound in their communities in order to be able to appreciate them.

In her own remark, the host Etsako East Local Government Chairman, Mrs Benedicta Atu, commended the company for signing the agreement despite the odds and the delay occasioned by some factors saying it was good that the signing took place at the time.

She called on the companies operating within the local government to urgently help with the payment of the monumentization of the boundary between Okpella and Kogi State.

Speaking for the host communities, High Chief Afiabor Peter, Secretary, Ukhomunyio Council of Village Heads, Afokpella thanked the Dangote’s Cement for the signing of the CDA, saying that it was a welcome development as it will benefit all the parties involved.

He expressed confidence that all that are contained in the agreement were thorough reflections of the wish and aspirations of the host communities and promised that the host communities would be up and doing to fulfil their own side of the bargain.

Tags Dangote Cement Okpella

PRESS RELEASE

Dangote keys into FG Agenda, to run all Cement trucks on CNG by 2025

Post author By Victor Ogunyinka
Post date May 29, 2024
No Comments on Dangote keys into FG Agenda, to run all Cement trucks on CNG by 2025

Increases shareholders dividend by 50% to N30 per share

Amidst applause by shareholders for the impressive results in the 2023 financial year despite the harsh business operating environment, the Chairman of Dangote Cement Plc, Aliko Dangote has announced an increase of 50 per cent on dividend payout to the shareholders, from N20.00 per share paid in the 2022 financial year to N30.00 for the last financial year 2023.

In the same vein, Dangote also revealed that arrangements are in top gear for thousands of the Company’s delivery trucks to henceforth run on Compressed Natural Gas (CNG) in line with the Federal Government agenda on adoption of alternative fuel for official vehicles.

This decision, Dangote told excited shareholders at the 15^th Annual General Meeting (AGM) of Dangote Cement Plc, held in Lagos was to add to the Federal Government’s quest towards reducing dependence on fossil fuel, thereby enhancing the nation’s energy independence and contributing to a more secure energy future.

According to him: “We are now going to start using CNG vehicles, especially with the new policy of the Federal Government, launched by the Renewed Hope Agenda by His Excellency, President Bola Tinubu. By the end of next year, all our trucks that are operating in the company will be running on CNG, and that is a whole lot of money that we are going to invest. But we are equal to the task, and we will continue to push and make sure that we continue to make our shareholders happy.”

The Chairman disclosed to the shareholders the Company’s ongoing efforts at ramping up production with the ongoing construction of a new plant of 6 million metric tonnes per annum at Itori, in Ewekoro local government area of Ogun State, noting that despite the hiccups at the Apapa Port in Lagos, the plant would be completed to time.

Dangote said the company’s impressive performance was in fulfillment of the promise he made of an enhanced Return on Investments (RoI) to the shareholders and other stakeholders in Dangote Cement, assuring them that the following year would even be better.

He expressed satisfaction that Dangote Cement achieved double-digit growth in revenue of ₦2,208.1 billion, while Group EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) reached a record high of ₦886.1 billion, increasing by 25.1%.

“This outstanding EBITDA performance was underpinned by our robust cost control measures and our diverse pan-Africa operations. The latter acted as a cushion, providing resilience to country-specific risks, while the former enhanced our overall profitability. Our pan-Africa operations now contribute 41.2% to the Group’s overall volumes,” he added.

Dangote pointed out,” We made significant strides in our expansion initiatives, with the successful launch of operations at our 0.45Mta grinding plant in Ghana, increasing our total installed capacity to 52.0Mta. Furthermore, our 1.5Mta grinding plant in Côte d’Ivoire is making substantial progress and is nearing completion. Lastly, we have commenced construction on our 6Mta Itori plant in Ogun State, a crucial step in supporting our ambitious export goals.”

The 2023 results showed that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 per cent to ₦2,208.1 billion while Profit after tax (PAT) was up by 19.2 per cent to ₦455.6 billion. Earnings per share went up by 18.8 per cent at ₦26.47. Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 per cent to 11.3Mt.

In his interview with the media during the AGM, the Group Managing Director of Dangote Cement Plc, Arvind Pathak said 2023 was yet another testament to the effectiveness of the management’s diversification strategy, despite the challenging macroeconomic conditions.

He said; “Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7 per cent and now account for 41.2 per cent of Group volume. Consequently, pan-African revenue increased by a record 123.2 per cent to ₦925.9 billion, while EBITDA surged by over four-fold to ₦263.7 billion.”

Alluding to what Dangote said on use of CNG as an alternative fuel for its cement trucks, Pathak noted that in response to the heightened inflationary environment, “we implemented new and innovative business strategies that helped to drive up revenues, contain costs, and protect margins. These initiatives included fuel mix optimisation, propelling the use of alternative fuels to replace more expensive fossil fuels. We also began the phased transition from diesel power trucks to full Compressed Natural Gas (CNG) trucks.”

Shareholders one after another were full of praise for the board and management of the Company for the impressive outing in 2023, which accounted for the dividend payout of N30 per share; an increase of 50 per cent over the 2022 dividend despite the economic headwind that characterised 2023.

Mrs. Bisi Bakare, Chairperson of the Pragmatic Shareholders Association lauded the management of Dangote Cement for what she described as a huge dividend payout even when many other companies could not pay their shareholders a dime because they declared losses.

She stated that the shareholders were happy, and expressed optimism that with the way the management has steered the Company in the face of the current economic downturn and recorded good results, the 2024 dividend will be higher.

In his comment, the President, of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said the shareholders could not but thank the board and management of Dangote Cement for a job well done. He noted that no company, in recent time, has been able to be as profitable as Dangote Cement, just because of the sound judgment of the management in navigating the murky economic weather which has had negative impact on results of some other companies.

He commended Dangote for his patriotism and dedication to the cause of Nigeria and her people with his decision to reduce prices of his petroleum products. He expressed hope that the price of Premium Motor Spirit popularly called petrol would come down once the Dangote Refinery rolls out the product soon.

Tags Annual General Meeting, dangote cement, Dangote Truck

PRESS RELEASE

STEWARDSHIP: Host community monarchs laud plant director’s leadership role

Post author By ContentM
Post date April 4, 2024
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STEWARDSHIP: HOST COMMUNITY MONARCHS LAUD PLANT DIRECTOR’S LEADERSHIP STYLE — Outgoing Dangote Cement, Ibese Plant Director, Azad Nawabuddin (middle) receiving an award from the Aboro of Ibeseland, Oba Rotimi Mulero (left) and his wife, Romana, during the sent forth ceremony by the Ibese Plant management.

Prominent Traditional rulers from Dangote Cement Ibese host communities have commended the leadership ingenuity of the outgoing Plant Director, Azad Nawabuddin saying his pleasant personality has boosted the cordial relationship between the cement company and the host communities.

It was a moment of accolades for Mr Nawabuddin, during a send forth ceremony organized for him by the Ibese Plant to bid him farewell to Obajana where he has been transferred, as the monarchs one after the other took turn to shower encomiums on him.

The Aboro of Ibeseland, Oba Rotimi Mulero described the erstwhile Plant Director as a bridge builder whose leadership and administrative style has influenced better collaborations between the host communities and the Dangote Cement in so many areas.

He said the communities witnessed good projects and enjoyed employment enhancing empowerment programmes during the time of Nawabuddin as the Plant Director and would have wished he stayed longer. “Nevertheless, we are happy that the company management recognized his worth and has decided to second him to a bigger plant after all, the reward for hard work is more work.”

In his own remark, the Olu of Aga Olowo, Oba Kayode Adio Kusoro, said the relationship between the host communities and the Dangote Cement, Ibese has never been more cordial than during the tenure of Mr. Nawabuddin as the Plant Director and that his disposition to the community issues has been very commendable.

“The Plant Director is a good man. He listens to us. He is always concerned whenever we have issues to sort out. And that is why he has also enjoyed our cooperations, the communities, the youths, the women and the royal fathers.”, Olu of Aga Olowo stated.

Amidst applause form the staff and the invited guests, the Head, Social Performance, Ibese Plant, Mr. Ade Ojolowo as part of gestures to eulogize the former Ibese Plant Director and described his administration as very eventful while reeling out some milestones that characterized the stay of Mr. Nawabuddin as the head of the cement plant.

Said he: permit me to share with this gathering, some of the key indicators of the outstanding performance of Mr. Nawabuddin Azad in the course of his leadership of this Plant. His time marked an Increase in Ibese Plant Kilns’ Mean Time Before Failure(MTBF) and reduction in production downtime: Ibese Plant’s Year End average Kilns MTBF was between 181 to 200 minutes until Mr. Azad became the Plant Director. He introduced the use of Asonic Horns and ID fans tipping in all the four Lines to get to the current level of between 580 to 600 minutes. This is over 90% above the budgeted figure of 300 minutes, and has led to significant reduction in production downtime.

“Production volume and dispatch increase: The Plant also witnessed increase in cement production volume from about 6.7 million tons in 2018 to about 7.9 million tons and increase in Cement Dispatch to about 8.0 million tons under the leadership of Mr. Azad.

“In-house refurbishment of Rollers and attendant Forex Savings: DCP used to procure Raw Mills & Cement Mills Roller assemblies for replacement from overseas before Mr. Azad joined Ibese as PD. Procurement of these roller assemblies was stopped through his ingenuity, and in-house refurbishment of the old rollers commenced. This has been successfully implemented till date, with savings of over 500,000 Euros so far.

“Championing of Alternative Fuels Project: ⁠ Ibese Plant is at the forefront of the DCP’s vision to get into International carbon trading after benchmarking its carbon footprint. Thanks to the introduction of the Alternative Fuels Project, which also has led to the stoppage of importation of expensive & high CO2 emission factor, coal. Agro-waste usage and substitution of coal saved the company 2.77 million USD and 17.3 million USD in the year 2022 and 2023 respectively, and the saving is expected to go higher in 2024 due to the just completed AF projects in all the four lines.

“As a friend of the community, Mr. Azad’s passion for the local communities as critical stakeholders to the Plant is outstanding. Our modest achievements in Social Performance in the last couple of years has been through his personal values and commitment, which has yielded unhindered support and collaboration.

“We have been able to record some firsts in our intervention programmes, including the Annual community day event; Women empowerment programme; Care for the elders, and Support for the vulnerable during festive periods etc. It is also to his adulation that we have recorded improved social investment delivery, improved relationship with key government functionaries, and overall local content development.”

Tags dangote cement, Ibese monarchs

PRESS RELEASE

SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMPLETION OF TRANCHE I

Post author By ContentM
Post date July 21, 2023

July 20, 2023
Lagos, Nigeria

SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMPLETION OF TRANCHE I

Dangote Cement Plc (“DCP” or the “Company”) hereby announces the completion of the first tranche (“Tranche I”) of its share buy-back programme which was announced on 7 July, 2023.

Relevant details of this Tranche I are set forth below:

Commencement Date:	Monday, 17July, 2023
Completion Date:	Tuesday, 18 July, 2023
Mode:	Open Market on Nigerian Exchange Limited
Total Number of Shares Repurchased:	N41,155,703,818.10
Average Price:	N339.00

Following the conclusion of Tranche I, the total number of issued and fully paid outstanding shares of DCP amounts to 16,752,154,537.

The repurchased shares will be held as treasury shares and may subsequently be cancelled. Execution of this Tranche I did not have any material impact on the Company’s financial position.

For more information, please contact:
Temilade Aduroja
Head, Investor Relations
InvestorRelationsDangoteCement@dangote.com
+234 915 469 1597

Tags dangote cement

PRESS RELEASE

SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMMENCEMENT OF TRANCHE I

Post author By ContentM
Post date July 7, 2023

July 7, 2023
Lagos, Nigeria

SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMMENCEMENT OF TRANCHE I

Dangote Cement Plc (“Dangote Cement” or “DCP” or the “Company”) hereby announces the commencement of the first tranche (“Tranche I”) of its newly established share buy-back programme (the “Share Buy-Back Programme” or the “Programme”).

Tranche I will be executed under the approval granted by the Company’s shareholders at the Extraordinary General Meeting of DCP which held on 13 December 2022. Within the framework provided under Section 186 (c) of the Companies and Allied Matters Act, No. 3 of 2020 (as amended) (“CAMA”) and Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations, 2013 (as amended from time to time) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Exchange Limited (“NGX”), 2015. Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.

The Programme is being effected in tranches, with Tranche I being executed by the appointed stockbrokers on the Company’s behalf.

Relevant details of this Tranche I are set forth below:

Tranche Number:	Tranche I
Current Issued and Fully Paid-Up Shares*:	16,873,559,251 fully paid-up ordinary shares of 50 Kobo each (excluding treasury shares)
Tranche Size:	Up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the entire current issued shares
Commencement Date:	Monday, 17 July 2023
Completion Date:	Tuesday, 18 July 2023, or when the entire Tranche I size has been purchased; whichever is earlier
Duration:	Two (2) trading days
Mode/Exchange:	Open Market on the NGX
Tranche Number:	Tranche I

*This excludes 166,948,153 shares held as treasury shares, following the conclusion of Tranche I and II of the Company’s previous Share Buyback Programme.

The Company through its appointed Stockbrokers, will at its discretion purchase DCP’s shares in the open market over the duration of Tranche I, subject to prevailing market conditions and under the current daily trading rules of the NGX. DCP would however, not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche I.

The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, as permissible under CAMA. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.

Dangote Cement shareholders seeking to participate in Tranche I of the Share Buy-Back Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades on the NGX’s trading platform.

DCP will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on subsequent tranches of the Share Buy-Back Programme.

Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche I of the Share Buy-Back Programme. An announcement will be published upon completion of Tranche I of the Programme.

For more information, please contact:
Temilade Aduroja
Head, Investor Relations
InvestorRelationsDangoteCement@dangote.com
+234 915 469 1597

Tags dangote cement

PRESS RELEASE

RESOLUTION PASSED AT EXTRAORDINARY GENERAL MEETING OF DANGOTE CEMENT PLC

Post author By ContentM
Post date December 16, 2022

Lagos, Nigeria
December 14, 2022

RESOLUTION PASSED AT EXTRAORDINARY GENERAL MEETING OF DANGOTE CEMENT PLC

This is to inform the Nigerian Exchange Limited (“Exchange”) and the Public, that the Extraordinary General Meeting (“EGM”) of Dangote Cement Plc (“the Company”) was held at Eko Hotel and Suites, Plot 1415 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria on Tuesday, the 13^th day of December 2022 at 11:00 am (WAT) prompt and the following sub-joined resolutions set out in the Notice of Meeting were put to the shareholders and duly passed as special resolution:

(A) “That, the Company be and is hereby authorized to undertake a share buyback of up to 10% of its issued shares as of the date of this resolution (excluding any treasury shares in the Company’s share capital), on such terms and conditions, in such volumes and at such times as the Board of Directors (“Board”) deems fit, provided that the authority granted herein shall continue to be in force until the Company has acquired up to an aggregate 10% of its issued shares as stated above.

(B) That, unless otherwise required under applicable laws and regulations or directed by the appropriate regulatory authorities, the Company may cancel such number of issued shares repurchased pursuant to the share buyback or otherwise held by the Company in its issued share capital, as confirmed by the Company’s registrar, and to diminish the amounts of its share capital by the amount of the shares so cancelled, in accordance with all applicable laws and regulations.

(C) That, the Memorandum and Articles of Association of the Company be amended (as applicable), upon completion of the share buyback, to reflect the Company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the Company.

(D) That, the Board be and is hereby authorised to do all such acts and deeds as well as take all such steps (including but not limited to executing such agreements and documents, appoint professional advisers and other parties, complying with directives of any regulatory authority) which may be incidental, ancillary, supplemental, or otherwise necessary to give full effect to the above resolutions and for the aforesaid purpose, on behalf of the Company.”

Yours faithfully,
For: DANGOTE CEMENT PLC

Edward Imoedemhe
Acting Company Secretary

Tags dangote cement

PRESS RELEASE

Dangote Cement’s CDP Climate Rating Upgraded to B

Post author By ContentM
Post date December 15, 2022

December 14, 2022

Dangote Cement’s CDP Climate Rating Upgraded to B

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, is pleased to announce that CDP has raised its rating from B- to B for the Company’s commitment to climate change. The rating upgrade indicates that Dangote Cement has addressed the environmental impact of its business and ensures good environmental management. This upgrade demonstrates the continued efforts made by the Company to increase its levels of non-financial disclosure and improve its sustainability reporting.

This year, for the fourth time, Dangote Cement submitted to the CDP, one of the world’s leading research groups focused on climate change. Dangote Cement has received two consecutive rating upgrades over the past two years and in addition to the rating upgrade, Dangote Cement is a CDP supporter.

Commenting on the announcement, Michel Puchercos, Chief Executive Officer, said:

“We are pleased to be recognised again for the progress we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the growth we have achieved in our commitment to transparency on climate and environmental issues. This year, our Alternative Fuel Project has reached an advanced stage and aims to leverage waste management solutions and reduce CO2 emissions. As at 9M 2022, we co-processed 101,553 tonnes of waste representing a 77% increase over last year.

We understand the impact of social and environmental factors on our operating environment and believe that measuring and reporting our activities transparently and consistently is a crucial component in transforming our ecosystem. At Dangote Cement, we will continue to take coordinated steps towards transparency on environmental issues.”

Enquiries: Email InvestorRelationsDangoteCement@dangote.com

For: DANGOTE CEMENT PLC

Tags dangote cement

PRESS RELEASE

APPOINTMENT OF ACTING COMPANY SECRETARY/GENERAL COUNSEL OF DANGOTE CEMENT PLC

Post author By ContentM
Post date November 24, 2022

November 22, 2022
Lagos, Nigeria

APPOINTMENT OF ACTING COMPANY SECRETARY/GENERAL COUNSEL OF DANGOTE CEMENT PLC

Dangote Cement Plc. is pleased to announce the appointment of Mr. Edward Imoedemhe as the Acting Company Secretary/General Counsel of Dangote Cement Plc., effective November 21, 2022. The appointment follows the exit of the erstwhile Company Secretary/General Counsel, Mr. Mahmud Kazaure.

Mr. Edward Imoedemhe was the Deputy Company Secretary/Legal Adviser of Dangote Cement Plc (DCP), a position he has held since June 29, 2018, until his recent appointment. He joined SCP in May 2013 and has recorded over 24 years of post-call experience.

He has a Master’s degree in Maritime and Commercial Law Practice. He is a Chartered Secretary, Chartered Arbitrator, and member of Society of Corporate Governance. His experience as a company secretary/head legal spans corporate and company secretarial practice, administration of corporate affairs, contract management and international commercial transaction, and dispute resolution/litigation in the telecommunications, oil & gas and shipping sectors, among others.

For: DANGOTE CEMENT PLC
Signed
Michel Puchercos
GMD/CEO, Dangote Cement Plc

Tags dangote cement

PRESS RELEASE

Notice of Extra-Ordinary General Meeting

Post author By ContentM
Post date November 20, 2022

THE FEDERAL REPUBLIC OF NIGERIA
THE COMPANIES AND ALLIED MATTERS ACT 2020
COMPANY LIMITED BY SHARES

NOTICE OF EXTRAORDINARY GENERAL MEETING

NOTICE IS HEREBY GIVEN to every member of Dangote Cement PLC (the “Company”), in accordance with Section 239 (1) and 243 (1) of the Companies and Allied Matters Act 2020 (as amended), that the Extraordinary General Meeting (“EGM”) of the Company will be held at Zinna Hall, Eko Hotel and Suites, Plot 1415 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria on Tuesday, the 13^th day of December 2022 at 11:00 am (WAT) prompt, for the purpose of transacting the following:

SPECIAL BUSINESS

1. To consider and if thought fit, pass the following sub-joined resolutions as a Special Resolution of the Company:

(a) That, the Company be and is hereby authorized to undertake a share buy back of up to 10% of its issued shares as of the date of this resolution (excluding any treasury shares in the Company’s share capital), on such terms and conditions, in such volumes and at such times as the Board of Directors (“Board”) deems fit, provided that the authority granted herein shall continue to be in force until the Company has acquired up to an aggregate 10% of its issued shares as stated above.

(b)That, unless otherwise required under applicable laws and regulations or directed by the appropriate regulatory authorities, the Company may cancel such number of issued shares repurchased pursuant to the share buy back or otherwise held by the Company in its issued share capital, as confirmed by the Company’s registrar, and to diminish the amounts of its share capital by the amount of the shares so cancelled, in accordance with all applicable laws and regulations.

(c) That, the Memorandum and Articles of Association of the Company be amended (as applicable), upon completion of the share buy back, to reflect the Company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the Company.

(d) That, the Board be and is hereby authorised to do all such acts and deeds as well as take all such steps (including but not limited to executing such agreements and documents, appoint professional advisers and other parties, complying with directives of any regulatory authority) which may be incidental, ancillary, supplemental, or otherwise necessary to give full effect to the above resolutions and for the aforesaid purpose, on behalf of the Company.

EXPLANATORY NOTE

Pursuant to Section 184 of the Companies and Allied Matters Act, 2020 (“CAMA”) and Rule 398 of the Securities and Exchange Commission Consolidated Rules and Regulations, 2013 (as amended) (“SEC Rules”), the Company intends to undergo a Share Buy Back Programme in respect of up to 10% of its issued shares (excluding the treasury shares) (the “Programme”), which is in line with the Company’s corporate strategy to, inter alia, improve the Company’s Return on Equity and shareholder value in order to facilitate future long term growth. The relevant shares will be repurchased out of the profits of the Company and any such number of shares bought under the Programme may be held by the Company as treasury shares in accordance with the provisions of CAMA, which must not be more than 15% of the Company’s issued share capital, or be cancelled in accordance with the SEC Rules and the Nigerian Exchange Limited’s Rulebook 2015 (“NGX Rulebook”), subject to complying with the procedure set out in CAMA, which will consequently lead to a reduction in issued share capital.

In light of the above, the Company has convened an EGM to consider, and if thought fit, approve the Programme and all matters incidental thereto.

The Explanatory Statement on the Share Buy Back Programme dated November 18, 2022, which contains all information reasonably necessary to enable each shareholder make an informed decision on whether to vote for or against the Programme is enclosed with this notice of meeting. A member entitled to attend the meeting who does not receive a copy of the Explanatory Statement within 14 days of the date of this notice can obtain copies of same at the office of the Company’s Registrars, Coronation Registrars Limited, at Plot 009, Amodu Ojikutu Street, off Adeola Odeku Street, Victoria Island, Lagos

In accordance with Rule 13.18(f) of the NGX Rulebook, the Explanatory Statement is also available on the Company’s website. To access the Explanatory Statement, kindly copy this link -http://www.dangotecement.com/investor-relations/ unto a secure internet browser.

By Order of the Board of Directors.

Edward Imoedemhe
(Deputy Company Secretary)
FRC/2021/002/00000022594

Tags dangote cement

PRESS RELEASE

Dangote Cement Plc Announces Unaudited Results For Nine Months Ended 30th September 2022

Post author By ContentM
Post date October 31, 2022
No Comments on Dangote Cement Plc Announces Unaudited Results For Nine Months Ended 30th September 2022

Group revenue up 15.2% at ₦1,177.3B

Nigeria EBITDA up 4.5% at ₦479.9B, despite heightened inflation

Significant increase in energy and distribution cost

Lagos, 28^th October 2022: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces unaudited results for the nine months ended 30^th September 2022.

Financial Highlights

Group revenue up 15.2% to ₦1,177.3B
Group EBITDA up 0.2% to ₦515.9B; 43.8% margin
Nigeria EBITDA up 4.5% to ₦479.9B; 53.9% margin
Profit after tax down 23.4% to ₦213.1B; mainly due to exchange losses from the depreciation in the CFA and Ghana Cede
Net debt of ₦466.8B; net gearing of 55.7%

Operating Highlights

Group sales volumes down 6.2% to 20.8Mt
Nigeria volumes down 4.7% to 13.5Mt
The National Consumer Promotion improved market share in the quarter
Okpella power plant commissioned in August

ESG Highlight

Co-processed 102Kt of waste YTD, a 77% increase over 2021
Thermal substitution rate is estimated at 3.8% as at 9M 2021 vs. 2.3% in 2021.

Michel Puchercos, Group Chief Executive Officer, said:

“Despite the elevated inflation due to a very volatile global environment, we have made strides in 2022. We recorded increases in revenue and EBITDA that drove strong cash generation across the Group. We recorded revenue of ₦1,177.3B, up 15.2% compared to last year and Group EBITDA of ₦515.9B, up 0.2% with an EBITDA margin of 43.8%.

To mitigate the impact of 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 co-processed 101,553 tonnes of waste representing a 77% 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 (CNG), to reduce our AGO usage.

To drive consumer engagement and support demand during the rainy season; we commenced the 3rd season of our National Consumer Promotion – “Bag of Goodies 3”. So far, the National Consumer Promotion has made 190 millionaires and multimillionaires across all States in Nigeria. On the operational side, we have commissioned our power plant at Okpella and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.

Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Our continuous focus on efficiency, meeting market demand and maintaining our costs leadership drives our ability to consistently deliver value to all shareholders.

About Dangote Cement

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 35.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; our Gboko plant in Benue state has 4Mta; and our Okpella plant in Edo state has 3Mta. Through our 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.

In addition, we have operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

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