Michel Pucheros, Chief Executive Officer of Dangote Cement, has disclosed that the strong appetite for real estate investment and the recovery of infrastructure spending by the government led to a 40% increase in the sales volume of the leading cement maker in Nigeria.
This statement was made by Mr Pucheros today on the Group’s website, after its third-quarter result was released today.
READ: Real Estate: A universal convertible survival tool
He reiterated that despite a challenging Q2, Dangote cement reached a record high EBITDA margin of 24% in the third quarter of 2020, and a Group net profit of N82 billion, which is 135.1% higher than the profit reported by the Group in the third quarter of 2019.
Pucheros disclosed that the impressive performance in the third quarter of 2020, despite an unimpressive second-quarter, was owed largely to the strong recovery of the cement market in Nigeria and Pan-Africa.
READ: Currency in circulation increases by N240 billion in one month
What they are saying
He said:
“I am delighted to report that Dangote Cement experienced its strongest quarter in terms of EBITDA and strongest third quarter in term of volumes. Despite a challenging environment, Group volumes for the nine months were up 6.6% and Group EBITDA was up 17.1%, at a 46.6% margin.”
READ: Dangote Cement posts N126.41 billion profit in H1 2020
He gave more insights into the performance of the cement maker ion the third quarter.
“This quarter has really shown the ability of Dangote Cement to meet the strong recovery of the cement market in Nigeria and Pan-Africa after a challenging Q2. In Nigeria, we have witnessed a strong appetite for real estate investment and the recovery of infrastructure spending – including more concrete roads.
READ: MTN Nigeria records 16.6% increase in revenue in Q3 2020
“Sales volumes in Nigeria were up 40% in the quarter and Pan-Africa reached a record high EBITDA margin of 24% in the quarter. In the quarter, our Group net profit was up 135.1%,” he said.