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Dangote Cement Plc increased production at its newest plant in Okpella, Edo, while its earnings per share increased 16.8% to N6.18 in the first quarter of 2022.
Mr Michel Puchercos, the Chief Executive Officer of Dangote Cement, announced this in a statement issued in Lagos on Wednesday.
The increase in output at the Okpella plant, according to Puchercos, is part of the company’s efforts to increase cement supply in Nigeria and assure timely delivery of products in the South-South and Southeast geopolitical regions.
According to the company’s first-quarter data, it sold a total amount of 7.2 metric tons (Mt), with Nigeria accounting for 4.8 Mt and the rest of Africa accounting for the remaining 2.4 Mt.
Despite the challenges brought on by a highly unpredictable global climate, he said the company started the first quarter on a promising note.
According to him, the Group’s revenue and profitability increased, resulting in excellent cash generation.
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He noted that profit after tax increased by 18% year on year to N105.9 billion, while group profits before interest, taxes, depreciation, and amortization (EBITDA) increased by 18.6% to N211.0 billion, with an EBITDA margin of 51.1 percent.
In his words, “On the operational side, we are ramping up production at our Okpella plant, and are progressing well to deploy grinding plants to Ghana and Cote d’Ivoire.
“Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.”
He also stated that the company had completed the second tranche of its buyback program in order to continue delivering shareholder value.
Dangote Cement has purchased back 0.98 percent of its outstanding shares, according to Puchercos, following the completion of both tranches.
According to him, the company’s dedication to exploring ways to return funds to its shareholders beyond dividends is reflected in the share buyback program.
