This decision, Dangote told excited shareholders at the 15th Annual General
Meeting (AGM) of Dangote Cement Plc, held in Lagos was to add to the Federal
Government’s quest towards reducing dependence on fossil fuel, thereby
enhancing the nation’s energy independence and contributing to a more secure
energy future.
According to him: “We are now going to start using CNG vehicles, especially
with the new policy of the Federal Government, launched by the Renewed Hope
Agenda by President Bola Tinubu. By the end of next year, all our trucks that
are operating in the company will be running on CNG, and that is a whole lot
of money that we are going to invest. But we are equal to the task, and we
will continue to push and make sure that we continue to make our shareholders
happy.”
The Chairman disclosed to the shareholders the Company’s ongoing efforts at
ramping up production with the ongoing construction of a new plant of 6
million metric tonnes per annum at Itori, in Ewekoro Local Government Area of
Ogun State, noting that despite the hiccups at the Apapa Port in Lagos, the
plant would be completed on time.
Dangote said the company’s impressive performance was in fulfillment of the
promise he made of an enhanced Return on Investments (RoI) to the shareholders
and other stakeholders in Dangote Cement, assuring them that the following
year would even be better.
He expressed satisfaction that Dangote Cement achieved double-digit growth in
revenue of N2,208.1 billion, while Group EBITDA (Earnings before Interest,
Taxes, Depreciation and Amortisation) reached a record high of N886.1 billion,
increasing by 25.1%.
“This outstanding EBITDA performance was underpinned by our robust cost
control measures and our diverse pan-Africa operations. The latter acted as a
cushion, providing resilience to country-specific risks, while the former
enhanced our overall profitability. Our pan-Africa operations now contribute
41.2% to the Group’s overall volumes,” he added.
Dangote pointed out,” We made significant strides in our expansion
initiatives, with the successful launch of operations at our 0.45Mta grinding
plant in Ghana, increasing our total installed capacity to 52.0Mta.
Furthermore, our 1.5Mta grinding plant in Côte d’Ivoire is nearing completion.
Lastly, we have commenced construction on our 6Mta Itori plant in Ogun
State, a crucial step in supporting our ambitious export goals.”
The 2023 results showed that Africa’s largest cement manufacturer recorded
improvement in all performance measurement indicators with group revenue
rising by 36.4 per cent to N2,208.1 billion while Profit after tax (PAT) was
up by 19.2 per cent to N455.6 billion.
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