Leading cement manufacturer, Dangote Cement Plc has declared its 2013 financials, recording an upsurge in its Nigerian sales volume to 13.3million tonnes, resulting in a 40.6 per cent increase in profit before tax over the previous year.
The company declared a profit before tax of N190.8 billion for the year.
Consequently, the company recommended a dividend increase of N7.0 per ordinary share as against N3 paid out in 2012 an increase of 133 per cent.
Dangote Cement’s Group Chief Executive, Devakumar Edwin expressed satisfaction with the performance of the company saying the impressive run was as a result of strategies deployed to the management of the prevailing economic situation.
“Dangote Cement made excellent progress in 2013. As the Nigerian cement market grew by a strong 15.6 per cent we managed even better growth of 28.2 per cent, with our revenues increasing by 29.4 per cent to N386.2billion. Our direct-delivery strategy is proving very popular with customers and I am pleased to report that direct-to-customer deliveries now account for more than half of our sales.
“We increased our margins despite continuing disruption to our gas supply and believe that the gas distribution infrastructure will be more robust in 2014, enabling us to improve our margins even further. At the same time, we are looking at ways to diversify our fuel supplies to mitigate the impact of any future disruption and reduce the cost of using alternative fuels to gas.
“Our financial strength has allowed us to increase our dividend by 133 per cent to ?7.0 per share and the coming year will see our new factories opening across Africa as we begin to deliver on our promise to become Africa’s leading cement producer, generating strong and sustainable returns for our shareholders.”