Dangote Cement has released its audited results for the year ended 31 December 2014.
Financial highlights
• Revenue increased by 1.4% to N391.6 billion.
• Cement sales remained in line with 2013, with volume increases in South and East Africa mitigating
contractions in Nigeria, West and Central Africa.
• Gross profit totalled N248.6 billion, down 2.8%.
• EBITDA declined by 2.7% to N223.4 billion at a 57% margin.
• Net debt stood at N222 billion at the close of the year.
Regional performance: The article also details performance in the company’s operating regions: Nigeria, West and Central Africa and South and East Africa
2015 plans
• New plants in Cameroon, Zambia, Ethiopia and Tanzania will open this year.
• The Gboko plant will be equipped to operate on 100% coal in terms of the kilns and power.
• Coal upgrade projects will be completed by mid-2015, including Obajana lines 1, 2 and 3, and Ibese lines 3 and 4.
Comment
D.V.G. Edwin, Executive Director, said: “We commissioned nine million tonnes of new capacity at our Obajana and Ibese plants, putting them amongst the biggest cement plants in the world.
We opened new factories in South Africa and Senegal in 2014 and our grinding plant in Cameroon has just become operational.
We have started commissioning our plants in Zambia and Ethiopia and are on track to open more factories in Africa.”
“Despite the erratic fuel supply and prolonged rainy season that affected revenues and profitability in Nigeria, the increased dividend payout ratio reflects our confidence in our future,” added Mr Edwin.
