Dangote Cement Group has grown its revenue by 15.9 percent in 2020, crossing over to the trillion league with its earnings that surged to N1.034 trillion in 2020 from N891.671 billion in 2019.
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The cement company in its 2020 financials show that its Gross profit rose to N596.226 billion up from N511.682 billion, representing a 16.5 percent growth.
Administrative expense climbed to N60. 339 billion from N54.124 billion, while Production cost of sales stands at N437,970 billion up from N379.989 billion. Also Selling and distribution expenses is at N153.719 billion.
The Profit from operating activities fell from N386. 734 billion to N276.068 billion for the year after an Income tax Expense of N97.24 billion was deducted.
Dangote Cement’s profit after tax (PAT) of N276.068 billion soared from N200.521 billion it posted in 2019, which indicated a 37.7 percent appreciation, profit before tax rose by 49 percent, leaping from N250.479 billion the previous year to N373. 310 billion in the year in review.
According to the 2020 statements, the company’s Total Assets are put at N2.022 trillion, jumping from N1.742 trillion, a 16.1 percent growth. However, its Equity fell by 0.77 percent to stand at N890. 970 billion down from N897.937 billion.
Its Liabilities outstripped Assets by rising by 33.9 percent to stand at N1.131 trillion from N844.500 billion in the corresponding year.
According to the Financials, Property, plant and equipment stand at N1.390 trillion, while its share capital remains at N8.520 billion same as 2019.
Also, the company’s earnings per share, basic and diluted moved to N16.14 Kobo up from N11. 79 Kobo it posted in the previous year. It generated N720 billion of the revenue from its operations in Nigeria, while about N320 billion from the offshore operation.
The report also revealed that sales volume from its products rose by 8.9 per cent, while its net cash flow of N511.89 billion from its operating activities soared from N426.12 billion in 2019.
Dangote Cement also proposed a dividend payout of N16 per share, this is while disclosing a tax charge of N97 billion for the financial year ended 31st December 2020. A tax charge represents an increase of N50 billion recorded in 2019.
Dangote Cement’s Nigerian operations during the period sold 15.9Mt for the full year 2020, compared to 14.1Mt in 2019. This includes both cement and clinker sales. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt. Revenues for the Nigerian operations came in at N720.0 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 N71.3 billion. Within the period under review, the cement group commissioned its gas power plant in Tanzania. Group earnings per share were N16.14.
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