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Dangote Cement to pay over N97bn in corporate tax for 2020

Africa’s largest cement producer, Dangote Cement Plc, has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended 31st December 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 Nigerian Stock Exchange (NSE), the tax charge represents an increase 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 included both cement and clinker sales. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt.

Revenues for the Nigerian operations came in at ₦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. Dangote Cement posted a record high Pan-African EBITDA of ₦71.3 billion. Within the period under review, the cement group commissioned its gas power plant in Tanzania, and group earnings per share was ₦16.14.

The organisation recorded strong performance not only at the top line, but also at the bottom line, owing to cost saving measures. Despite inflationary pressures and foreign exchange volatility, disciplined cost control measures enabled the company to maintain a relatively flat cash cost per tonne.

The cost control measures included improved plant efficiency, better fuel mix and general overhead optimisation. Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, in his comments on the results said: “2020 was a good year for Dangote Cement across the board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All these were achieved while we focused on protecting our people, customers and communities from the impact of the pandemic.

 

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