Dangote Cement has reported a 62.2 per cent revenue growth, reaching N3,580.6 billion in 2024.

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also grew by 56.0 per cent to N1,388.2 billion, with a 38.6 per cent margin.

Arvind Pathak, Chief Executive Officer and Group Managing Director of Dangote Cement, disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX).

Pathak said “We wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence.

“Our group volume grew by 1.6 per year-on-year, reaching 27.7 Mt, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9 per cent.

“A major milestone was the launch of the Document Management System (MMS), which enables customers to independently manage sales transactions and track deliveries, remotely.

DMS is the use of a computer and software to store, manage and track electronic documents and electronic images of paper-based information captured through the use of a document scanner.

“Over 80 per cent of our customers actively use this platform, and we aim to increase adoption to 90 per cent .

“Despite macroeconomic challenges, both globally and domestically, we remain committed to innovation and value creation, delivering strong returns for our stakeholders.”

He noted that the group’s revenue grew by 62.2 per cent to N3,580.6 billion, which was driven by a combination of volume growth and price adjustments to reflect inflationary trends.

He said as a result of this, the EBITDA reached a record high, surpassing the N1 trillion mark for the first time at N1,382.0 billion, while profit after tax (PAT) grew by 10.5 per cent year-on -year, totaling N503.2 billion.

“Reflecting our strong financial performance, the board has proposed a dividend of ₦30.00 per share for the 2024 financial year.

“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1 per increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency.

“We also made significant strides in sustainability, particularly in alternative fuel investments.

“Our Thermal Substitution Rate (TSR) improved to 10 per cent , with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing.

“Recognising our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories,” he said.

Looking ahead, Pathak noted that the group would remain focused on strengthening the Nigerian market position, enhancing productivity, and driving economic growth across its operating regions.

He said, “we are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalise on the high-growth African cement market.” (NAN)

By Abubakar Yunusa

The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.

This decision comes amid an intensifying price war among major marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.

The new price, which took effect on Monday, marks a significant drop from the previous average of N920 per litre, offering relief to millions of Nigerians grappling with the high cost of living.

The reduction by NNPC, the country’s largest fuel supplier, has sparked a wave of competitive pricing among private marketers.

Dangote Petroleum Refinery and Petrochemicals Limited had last week reduced the ex-depot price of petrol from N890 per litre to N825.The reduction marks the second price cut in February.

Dangote, in a public notice on the price slash, announced three filling stations in Lagos, which included MRS: N860 per litre, AP: N865 per litre, and Heyden: N865 per litre, as its partner off-takers.

While the price reduction has been welcomed by many, some Nigerians remain skeptical, questioning whether the drop is sustainable.

“This is good news, but we hope it’s not just a temporary move to calm the public,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need lasting solutions