Dangote Cement Plc will pay N97 billion as corporate tax for 2020 financial year, as it proposed a dividend of N16 per share.
A statement Wednesday by the cement group’s audited results released on the floor of the Nigerian Stock Exchange (NSE), said the tax charge represents an increase over the sum of N50 billion recorded in 2019.
Dangote Cement Nigeria’s operations during the period sold 15.9mt for 2020, compared to 14.1mt in 2019.
This includes both cement and clinker sales, while the domestic sales alone, 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. Group earnings per share was ₦16.14.
Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, in his comments on the results, said: “2020 was a good year for Dangote Cement across 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 whilst we focused on protecting our people, customers and communities from the impact of the pandemic.
“Looking ahead, we have strengthened our Alternative Fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currencies fluctuations. We continue to embed Dangote Cement’s 7 sustainability pillars into every aspect of our operation and culture.
“We remain committed to keeping safe our staff and communities by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”
Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mt across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.
