Audited results for the year ended 31st December 2021

• Another record result with double digit growth across board
• Robust profit after tax up 32.0% at ₦364.4B
• Proposed dividend of ₦20.00 per share
• CDP climate rating upgrade

Lagos, 28th February 2022: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the financial year ended 31^st December 2021.

Financial highlights

• Group revenue up 33.8% to ₦1,383.6B
• Record group EBITDA up 43.2% to ₦684.6; 49.5% margin
• Strong Pan-Africa EBITDA of ₦88.8B, up 24.6%; 22.4% margin
• Record earnings per share up 31.6% to ₦21.24
• Proposed dividend of ₦20.00 per share
• Net debt of ₦225.1B; net debt/EBITDA of 0.33x

Operating highlights 

• Group sales volumes up by 13.8% to 29.3 million tonnes
• Total Nigerian volumes up 16.8% to 18.6Mt; domestic volumes up 13.6% at 17.7Mt
• Pan-African volumes up 8.7% at 10.9 million tonnes
• 3Mta Okpella plant ramp up is on track

ESG highlights 

• CDP climate rating upgraded to B- for our commitment to climate change
• Co-processed 89Kt of waste in 2021, an increase of 60% over 2020

Share buyback

• In January 2022, Dangote Cement successfully completed tranche II of the share buyback programme; repurchasing 0.74% of shares outstanding

Michel Puchercos, Chief Executive Officer, said:

“We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8% and Group EBITDA was up 43.2%, at a 49.5% margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4B up 32.0%.

During the year, CDP raised Dangote Cement’s rating to B- for the Company’s commitment to climate change. The CDP rating upgrade clearly illustrates the progress made by Dangote Cement regarding our commitment to transparency and mitigating our CO2 footprint.

Over the last 2 years, we have finalised the deployment of 6 million tonnes new capacity in Nigeria. Looking ahead, we are now focused on a less capital-intensive expansion cycle, which includes building grinding plants across West and Central Africa to leverage and strengthen Dangote Cement’s regional integration. We are on track to deploy grinding capacity in Cote d’Ivoire and Ghana. In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tonnes of waste representing a 60% increase over 2020.

Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its 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).