Essential Ndubuisi
Dangote Cement Plc Chairman Aliko Dangote has assured shareholders and other stakeholders that the company will remain profitable and continue to innovate to ensure the growth of their investments. Speaking at the 14th Annual General Meeting of the company in Lagos, Dangote said the company’s prospects remained bright, with a focus on organic growth in Nigeria and Pan-Africa. He pledged to deliver higher returns and value to shareholders, contributing to improving regional trade within Africa by building plants across West and Central Africa.
Despite the challenging macroeconomic environment in 2022, Dangote explained that the company made great strides, performed admirably, and remains Africa’s largest and leading cement producer. Dangote said the company implemented robust cost reduction strategies to manage the inflationary environment, which helped reduce its cost base and enhanced its flexibility, enabling the Company to respond more effectively to changes in the market. As a result, the company recorded revenue and EBITDA growth of 17.0% and 3.5% from the prior year, respectively, albeit under unprecedented inflationary pressure.
According to Dangote, the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history at ₦1,618.3 billion and ₦708.2 billion, respectively. The exceptional EBITDA, according to him, was supported by its numerous cost containment measures, substituting higher-cost fuel for cheaper alternative fuel products.
Mrs. Bisi Bakare, Chairman of the Pragmatic Shareholders Association, commended the management of Dangote Cement for its doggedness during the year under review, exceeding shareholders’ expectations in view of the inclement economic weather under which companies operated in the country. She explained that the shareholders were happy for the returns, pointing out that it only means that the company was living up to its billing as the largest in Sub-Saharan Africa. Mrs. Bakare alluded to the successful listing of the N300 billion series bond by the Company, saying the company succeeded largely due to the confidence reposed in the company and its management by the investing public.
