Nigeria: Dangote Cement has reported group sales of US$2.00bn in the first nine months of 2020, up by 12% year-on-year from US$1.79bn in the first nine months of 2019. Its cement volumes rose by 7% to 19.2Mt from 18.0Mt, while its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 17% to US$934m from US$797m.
Chief executive officer (CEO) Michel Puchercos said, “Dangote Cement’s strategy to offer high quality products at competitive prices is meeting customers' expectations in Nigeria and across the continent, where we continue to deploy excellent marketing initiatives and operational excellence. We remain committed to protecting 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.”
The group said, “By 2021, all our countries of operation are estimated to return to growth, and we are well positioned to capture the demand eventually driven by this economic growth. We have seen a strong recovery across our operations in the third quarter of 2020, which is our strongest third quarter to date.” It added, “Our vision is for West and Central Africa to become cement and clinker independent, with Nigeria being the main export hub. This will notably contribute to the improvement of regional trade within the Economic Community of West African States (ECOWAS) region and beyond with the African Continental Free Trade Area (AfCFTA).”
