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 Nigeria Labour Congress (NLC) has rejected plans by the Federal Government to regularise electricity tariffs for customers for Bands A, B and C.

In a communique released on Sunday after the National Executive Council (NEC) in Yola, Adamawa State, the labour union vowed to lead mass nationwide protests across Nigeria should the government continue with its plan.

Last Thursday, Minister of Power, Adebayo Adelabu, said lower bands would be upgraded to Band A.

In its communique sign by NLC General Secretary, Emmanuel Ugboaja, the labour union rejected the “forcefully migration” of consumers from lower bands to Band A.

“On the Migration of Electricity Consumers with a view to increasing tariff: NEC unequivocally rejects the ongoing sham reclassification of electricity consumers by the Nigerian Electricity Regulatory Commission (NERC), which seeks to forcefully migrate consumers from lower bands to Band A under the guise of service improvement while, in reality, imposing unjustified extortion on the masses,” the NLC declared.

“This systematic exploitation, sanctioned by the Ministry of Power, is nothing short of economic violence against the working class and broader Nigerian populace.

“It is evident that the ruling elite, acting as enforcers of global monopoly capital, are determined to further deepen the misery of the Nigerian people through incessant tariff hikes, increased taxation, and relentless economic strangulation.

“Whereas inflation has soared, wages remain stagnant, and the cost of living has become unbearable, the ruling class continues to transfer the burden of their fiscal irresponsibility onto the already impoverished working masses.

“NEC-in-session warns that any attempt to announce further electricity tariff increases will be met with mass resistance.

“Consequently, the Congress resolves to immediately mobilise for a nationwide protest should the Ministry of Power and NERC proceed with their exploitative plan to further hike electricity tariffs under any guise.

“The NLC shall not stand idly by while the Nigerian people are subjected to the unholy machinations of capitalist profiteers and their state collaborators.”

For decades, Nigeria, Africa’s most populous nation, has been faced with intractable energy challenges, no thanks to an epileptic power supply which significantly affects productivity levels. Despite the privatisation of the electricity sector, power generation, transmission and distribution have remained bogged with hydra-headed monsters of policy inconsistency, low investments and operational challenges.

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In 2024, NERC approved the upward review of electricity prices with a unit of power costing about N250 for Band A customers.

The cost of petrol and diesel which are readily available alternatives have equally increased by fivefold, compounding the dilemma of consumers. In the same year, NERC granted at least some State’s Electrify Regulatory Commissions licenses to power plants and power distribution.