Dangote Cement pays N173.93 billion taxes

Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for last year.

According to the group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion paid in 2020.

Analysis of the cement company’s financial result indicated that the group’s sales volume stood at 29.3 metric tonnes (MT0, with Nigeria accounting for 18.61MTs while operations in other countries did 10.86MTs.

Group revenue was N1.38 trillion or the full year, made up of N993.34 billion from Nigeria and N397.32 billion from other African plants. This is a sharp increase in the group’s revenue ofN1.034 trillion in 2020.

The company recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14. The directors have proposed a dividend of ₦20 per share.

Speaking on the results, Chief Executive Officer, Dangote Cement, Michel Puchercos said: “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 per cent and Group EBITDA was up 43.2 per cent to ₦684.6 billion at a 49.5 per cent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32 per cent.

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations.

Due to an increased focus on efficiency, while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders.”