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Dangote Cement to pay N40.39 bn in corporate tax

…ramps up production capacity to meet local demand.

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Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director

Nigeria’s Dangote Cement Plc is expected to pay a total of N40.39 billion in taxation to the nation’s treasury from its operational result in the first quarter of 2021.

According to the financial result published by the country’s largest cement manufacturer on Friday, April 30, 2021, the amount is due from corporate tax for the period ended March 31, 2021.

The amount of corporate tax due from Dangote Cement in the first three month of this year is higher by 47.1 per cent compared with the N27.47 billion paid in the corresponding period of 2020 financial year.

In addition, the company currently pays over N240 million Value Added Tax (VAT) daily to the government, making DCP one of the biggest private sector tax payers in the country.

As part of the company’s corporate social responsibility, in line with the government’s quest to boost infrastructural development in the country, Dangote Cement opted to provide funding for the constructions of major roads in Lagos and Kogi States. The roads are the critical Lagos Apapa Port road leading to the old toll gate and the Lokoja-Obajana-Kabba road straddling Kogi and Kwara states.

Further analysis of the financial report showed that the company ramped up production capacity in the Obajana Line 5 and resumed production at the Gboko plant to meet increased demand for its products.

Dangote Cement also increased total volume of cement sold in the first three months of the year from its Nigerian operations to 4.9Mt compared to the 4.0Mt sold in the first quarter of 2020.

Pan-African operations sold 2.6Mt of cement in the period under review compared to 2.3Mt sold in the corresponding period in 2020.

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The cement maker said it’s making efforts to start the Okpella Plant before the end of June in order to meet the increasing demand for cement in the country and help to moderate prices in the market.

Commenting on the financial result, Dangote Cement GMD/Chief Executive Officer, Michel Puchercos, said that the company started the first quarter of 2021 on a positive note and recorded increases in revenue and profitability.

He stated that the cement company posted a profit after tax N89.7 billion.

“We took the strategic decision to pause our clinker exports to ensure we meet the rapid volume growth in the Nigerian domestic market. We are improving the output of our existing and new assets and aim to recommence clinker exports in the second quarter.

“Our Pan-Africa operations have reached new heights, with an EBITDA margin of 25.5 percent and volume growth of 12.8 percent reported during the quarter.

“One of our priorities in 2021 is to strengthen our alternative fuel initiative. It focuses on leveraging the circular economy business model, optimising costs and reducing exposure of our cost base to foreign currency fluctuations.
As ever, we are committed to keeping our staff and communities safe by being fully compliant with health and safety measures in all our territories of operation.”

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.

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Dangote Cement has a long-term credit rating of AAA+ by GCR and Aa2.ng by Moody’s due to its market-leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.

"NM Partners" represent articles published in partnerships with Corporate Organisations, Government and Non-Governmental Institutions, and other stakeholders seeking to publish content on Nairametrics. Content includes Press Releases, Targeted content, and other forms of corporate communications targeted at our readers. Some of these content are paid for.

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    CHI Limited celebrates its maiden Hollandia Dairy Day

    The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.

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    Nigeria’s leading dairy brand, Hollandia, is set to hold the maiden edition of its Hollandia Dairy Day. The event which will be celebrated on the 18th of May 2021 will provide a veritable platform to drive national discourse on the unrivaled health and nutrition benefits of dairy consumption to people of all ages.

    Set to be hosted as a conference, the theme of this year’s event is “Dairy Nourishment to Support Healthy Living”, and it focuses on the vital role dairy consumption plays in our everyday nourishment, its benefit to our overall health, and why dairy products should be included in our diets every day.

    This conference, which is designed as a hybrid of physical and virtual event, will feature presentations, interviews and panel discussions from health experts and nutritionists as they provide insights and share perspectives to guide informed decisions about dairy consumption as part of a daily balanced diet. The event is opened to the public through the brand’s multiple social media platforms.

    According to a report by the Food and Agriculture Organization of the United Nations, 2019, Nigeria has low dairy consumption levels per head – 15 to 20 liters’ per capita consumption. This is partly attributable to low purchasing power of the average Nigerian household, who rank milk and dairy products as non-essential luxuries and prioritize other staple foods such as rice, beans, and yam.

    By provoking the conversations and stimulating public action/intervention, Hollandia aims to drive consciousness for dairy consumption and its importance to achieving optimum health, and to get many more Nigerians drinking, using, and consuming dairy products.

    The past year has presented unprecedented shocks and disruptions, including a global COVID-19 pandemic. As communities throughout the world look for ways to minimize the risk of COVID-19, maintaining and boosting good health is top of mind for many. Dairy foods such as milk and yogurt contain essential nutrients, including Vitamins A and D, Zinc and Protein, which support immune function.

    The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.

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    Mastercard New Payments Index: Consumer appetite for digital payments takes off in Nigeria

    78% of consumers in Nigeria say digital payments methods help them save money.

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    • 96% of consumers in Nigeria are considering emerging payments such as wearables, biometrics, digital wallets and currencies, and QR code, in addition to Contactless, according to the Mastercard New Payments Index
    • 86% of Nigerian consumers have access to more ways to pay compared to this time last year
    • 78% of consumers in Nigeria say digital payments methods help them save money
    • 81% say they are more loyal to retailers who offer multiple payment options and would shop at small businesses if offered more diverse ways to pay

    As the world went into pandemic lockdown in 2020, consumers shifted their spending habits to embrace contactless tap-and-go payments and online shopping. As stores closed and social distancing took hold, retailers worldwide moved their businesses online, embraced e-commerce and explored the potential of new ways to pay. More than a year later, research from Mastercard shows that the adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.

    The Mastercard New Payments Index shows 96% of Nigerian consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year.

    Over two-thirds of respondents (66%) agree they have tried a new payment method they would not have tried under normal circumstances, but the pandemic has galvanized people to try flexible new payment options to get what they want, when they want it. With this interest and consumer demand also comes a greater expectation for businesses to provide multiple ways to shop and pay. In fact, 81% of Nigerian consumers say they are more excited about shopping at retailers who offer the latest payment methods.  Additionally, (78%) Nigerian consumers say that digital payment methods help them save money.

    “The pandemic made us think differently, partly out of necessity,” said Craig Vosburg, Chief Product Officer at Mastercard. “To deliver the choice and flexibility that consumers need – and increasingly expect –retailers worldwide need to offer a range of payment solutions that are easy to access and always on.  As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone.”

    Contactless technology was the digital catalyst to explore new payment options because of its fast, secure, and touch-free experience. Between the first quarter of 2020 and the same period in 2021, more than 100 markets saw contactless as a share of total in-person transactions grow by at least 50 percent.  A year into the COVID-19 pandemic, contactless is showing its staying power and dynamism – in the first quarter of 2021 alone, Mastercard saw 1 billion more contactless transactions worldwide as compared to the same period of 2020. All signs point to a continued growth path for contactless, with nearly 7 in 10 consumers globally anticipating using a contactless card this year.

    “The world as we now know it has changed dramatically since the outbreak of the pandemic, accelerating long-term shifts in consumer transaction and payment methods. We continue to work with our merchants, fintechs and banking partners to rapidly innovate payment options that meet consumer needs while ensuring we drive financial and digital inclusion,” said Raghav Prasad, Division President, Mastercard, Sub-Saharan Africa.

    Looking to the future, digital currencies and wallets, wearables, biometrics, contactless and QR codes are trending as emerging payments technologies as people’s comfort with them and understanding of them increases and the use of cash decreases. In fact, 86% of consumers in Nigeria have more ways to pay compared to this time last year. The exploding interest in new payment technologies may encourage businesses to expand their options at checkout. The Mastercard New Payment Index found:

    • Cryptocurrency1 Gains Ground – Today consumers can buy, sell, and trade cryptocurrency as a commodity or investment. Consumers are also increasingly showing interest in being able to spend crypto assets for everyday purchases. As global interest in digital currencies continues to accelerate, 6 in 10 people (65%) in Nigeria say they plan to use cryptocurrency in the next year, with 76% noting they are more open to using it than they were a year ago. While consumer interest in cryptocurrency – especially floating digital currencies such as Bitcoin – is high, work is still required to ensure consumer choice, protection, and their regulatory compliance. Earlier this year, Mastercard announced that it will start supporting select cryptocurrencies directly on its network.
    • Biometric Payments are More Trustworthy – Perceptions of safety and convenience have been front and center for people over the past year. 49% of Nigerian consumers say they plan to use biometric verification methods like gait or walk assessments and fingerprint authorization. In fact, over 6 out of 10 people (66%) feel safer using biometrics to verify a purchase than entering a pin.
    • QR Codes are Cleaner and More Convenient – Growing markets are leveraging QR-based options as a clean and convenient way to interact with merchants. Consumer desire for clean and convenient ways to pay will remain post-pandemic. 54% of people in Nigeria expect to use more payment technologies like QR codes in the next year. Consumers also find that that QR codes are cleaner (75%) and more convenient (77%) for in-person payments and have a significant potential to reduce cost of payment acceptance and increase financial
    • Digital Wallets Surge in Popularity – Nigeria is seeing a surge in the popularity of digital wallets. 73% of Nigerian consumers said they were likely to use digital wallets next year. 66% of shoppers even say that they feel safer storing their card information in one place such as a digital wallet.

    To Meet People’s Demands, Businesses Forced to Jump into Emerging Payment Trends

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    With consumer interest around new payment technologies, the expectation for businesses to adapt for the long-term is here to stay. Over three in four Nigerian consumers (84%) say that they would shop at small businesses, if they offered more payment options, and 81% noted being more excited to shop at retailers that can offer the latest payment methods, and an equal proportion (81%) said they would be more loyal to retailers who offered multiple payment options.

    This behaviour shift is reinforced by the desire for consumer choice – with 89% saying that they expect to make purchases when they want and how they want. The businesses that can provide multiple ways to shop and pay are best positioned to meet these expectations. As the demand for emerging payments and choice continues, it requires a wider range of payment solutions, insights, and products to meet the accelerating enthusiasm for the future state of pay.

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