Outcome of The Meeting of Directors

Issued: March 18, 2021
Lagos, Nigeria

Outcome of The Meeting of Directors

This is to announce that at the meeting of the Board of Directors held on March 18 2021, the Board approved the Audited Financial Statements of the Company for the year ended December 31 2020. The Audited Financial Statements will be filed with the NSE on or before March 31 2021.
At this meeting, the Board also approved the recommendation of a dividend of N16.00 to the shareholders at the forthcoming Annual General Meeting. The date of the Annual General Meeting will be announced shortly.
Pursuant to this, the Closed Period will continue until 24 hours after the audited financial statements are published.
The Closed Period is applicable to all parties that may at any time possess sensitive information that may materially affect the price of the securities of the Company.


Edward Imoedemhe
Deputy Company Secretary

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Dangote Cement Plc Announces Audited Results For The Year Ended 31st December 2020

Performance sustained by strong demand coupled with cost saving measures
Robust profit after tax up 37.7% at ₦276.1B
Proposed dividend of ₦16.00 per share

Lagos, 23rd March 2021: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the financial year ended 31st December 2020.

Financial Highlights

  • Group revenue up 16.0% to ₦1,034.2B
  • Group EBITDA up 20.9% to ₦478.1; 46.2% margin
  • Record high Pan-Africa EBITDA of ₦71.3B, up 49.0%; 22.4% margin
  • Earnings per share up 36.9% to ₦16.14
  • Proposed dividend maintained at ₦16.00 per share
  • Net debt of ₦337.3B; net debt/EBITDA of 0.71x

Operating Highlights

  • Group sales volumes up by 8.6% to 25.7 million tonnes
  • Total Nigerian volumes up 12.9% to 15.9Mt; domestic volumes up 14.3% at 15.6Mt
  • Pan-African volumes up 4.4% at 10.0 million tonnes
  • Clinker shipment from Nigeria via the Apapa Export Terminal
  • Commissioned Onne Export Terminal in Port Harcourt
  • Commissioned gas power plant in Tanzania

Share buyback

  • Completed a successful share buyback programme; repurchased 0.24% of shares outstanding

Michel Puchercos, Group Chief Executive Officer, said:

“Despite the impact of the COVID-19 pandemic, 2020 was a record year for Dangote Cement across board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All this was achieved whilst we focused on protecting our people, customers, and communities from the impact of the pandemic.

Dangote Cement recorded strong top-line growth supported by strong cement demand. Profitability was further bolstered by our disciplined cost control measures in what we believed to have been a highly inflationary and volatile year. These measures resulted in a 37.7% increase in profit after tax to ₦276.1B.

I am delighted to report that Dangote Cement experienced its strongest year in terms of EBITDA and strongest year in terms of volumes. Despite a challenging environment, Group volumes for the year were up 8.6% and Group EBITDA was up 20.9%, at a 46.2% margin.

Looking ahead, we have strengthened our alternative fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currency fluctuations. We continue to embed Dangote Cement’s 7 sustainability pillars into every aspect of our operation and culture.

We remain committed to keeping our staff and communities safe by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”


About Dangote Cement

Dangote Cement is Africa’s leading cement producer with 48.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 32.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and our Gboko plant in Benue state has 4Mta. Through our recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.
In addition, we have operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

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