Nigerian building materials giant Dangote Cement said higher domestic sales fuelled its 3.8% year-on-year first quarter 2020 revenue rise to NGN 249.2bn (US$686.14mn).
The company’s home market sales were up 5.6% to NGN 179.3bn ($457.66mn). Dangote Cement’s net profit in the first three months of this year stood at NGN 60.6bn ($154.68mn), up from NGN 60.25bn ($153.78mn) over the same period of 2019.
Total lockdown in South Africa owing to COVID-19 affected Pan-Africa sales at the end of March, a company statement stated.
Michel Puchercos, Dangote Group chief executive officer, said: “From the beginning of the COVID-19 pandemic, we have proactively deployed all recommended measures to protect the health and well-being of our employees, customers, suppliers and communities. As such, we have implemented several rigorous protocols in all our operations across the continent. We are closely monitoring all markets according to the guidance provided by the authorities in each country. We continue to provide superior services and deliver high-quality products to our customers.
Puchercos said 2020 had started strongly for Dangote Group, with growth across the board despite the early effects of the COVID-19 pandemic. “We achieved a record-high quarterly EBITDA margin in Pan-Africa and a record high quarter in Nigeria, with revenues of ₦179B and domestic volumes at 4 million tonnes.
“In April, Dangote Cement successfully raised ₦100B series 1 Bond from the Nigerian Debt Capital Market despite the current challenging environment. This illustrates investors’ continuous confidence in Dangote Cement’s strategy. This landmark transaction is the largest ever bond issuance by a corporate issuer in Nigeria. It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market.”
