Dangote grows sales & earnings in 2020
Dangote Cement has recorded sales of $2.52 billion in 2020, up by 16 per cent year-on-year from $2.18 billion in 2019. Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 21 per cent to $1.17 billion from $965 million. Total cement sales volumes rose by 8 per cent to 25.7 MT from 23.7 MT and Nigerian cement sales rose by 13 per cent to 15.9 MT from 14.1 MT. Highlights for the year included the start of clinker exports from the Apapa terminal and the commissioning of the Onne cement terminal in Nigeria. The group also commissioned a gas power plant in Tanzania.
Chief executive officer Michel Puchercos said, “Despite the impact of the Covid-19 pandemic, 2020 was a record 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 3 MT/year in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All this was achieved whilst we focused on protecting our people, customers, and communities from the impact of the pandemic.”