Business

Dangote Cement plans N300bn bond issuance

Dangote Cement Plc has obtained approval from its board of directors to access the capital market to support business growth and maximize available sources of its debt funding. According to a notice obtained from the Nigerian Stock Exchange, the company has submitted an application to the Securities and Exchange Commission (SEC) for the registration of a bond issuance programme. The statement signed by Edward Imoedemhe, Deputy Company Secretary, noted that subsequent to obtaining regulatory approvals, the company intended to explore its medium to long-term debt funding options through the debt capital market, subject to favorable market conditions.

“When raised, the proposed funding will be used for capital expenditure of the Company’s expansion projects, short term debt refinancing, and working capital requirements,” the company noted. The cement company has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended December 31, 2020, even as it proposed a dividend of N16 per share. According to the cement group’s audited results released on the floor of the NSE, the tax charge represents an increase of 95 percent over the sum of N50 billion recorded in 2019.

Dangote Cement’s Nigerian operations during the period sold 15.9Mt for the full year 2020, compared to 14.1Mt in 2019. This includes both cement and clinker sales, which implies a 12.9 per cent growth for the full year 2020. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt, up by 14.3 per cent year on year and resulting in an increase in market share. Revenue for the Nigerian operations increased by 18.0 per cent to ₦720.0 billion, owing to demand in the domestic market. This volume growth was enhanced by a successful innovative national consumer promotion “Bag of Goodies – Season 2” and lower rains in the third quarter compared to the previous year.

 

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