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 months of this year is higher by 47.3 percent compared with the N27.42 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.
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.
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.
The amount of corporate tax due from Dangote Cement in the first three months of this year is higher by 47.3 percent compared with the N27.42 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.
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.
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.
Dangote trucks use Nigerian roads more than all Nigerians joined together. By the way, this is different from the gist I got earlier. The 5billion naira waiver by d FG nko?
ReplyDeleteDangote is one of the major reasons why Nigeria is in such a mess. Dangote is a scam perpetrated by the Nigerian government.
ReplyDeleteGive other people license to manufacture cement, government said no because Dangote cannot compete against Ibeto cement. Refinery, same thing.
Only one man imports rice, flour, sugar, wheat, tomatoes, etc, duty free. All because him and his collaborators fear competition. Do you believe him and his northern partners will ever allow restructuring of the country?
Nigeria is in a deep mess. He can claim to have paid one trillion dollars in taxes, how would you verify it?
What are you saying? So who gave other cement manufacturers license? Or is it only dangote that's producing cement? People only prefer his cement cos of its quality
DeleteYou like it or not dangote is a blessing. People should stop basing their views on hear say. Do your research before commenting on national issues.
ReplyDeleteNo TV
Dangote is a blessing? I can’t take anything away from his creativity and acumen, but if you attribute his success to his hard work alone, that will be a massive error. He has leaned heavily on lobbying to stifle competition and amass higher market share.
DeleteCompetition is the real blessing, which we don’t have. Ever asked your self why he always seems to be the market leader or at least top 3 in all the industries he ventures into? He is being propped up at our expense. Let’s not even get into the declining quality of all the loans he has with Nigerian banks.
High dependence on one company for a number of our basics is not, and can never be healthy.
dangote is very greedy. remember you will not enter your grave with a single kobo.
ReplyDelete