Event

Dangote cement (“the Group”) reported an impressive Q2 2024 financial performance with revenue climbing by 73% year-on-year to N942.741bn from N544.11bn in Q2 2023. The overall growth was supported by the Nigerian and the Pan-African market.

The Nigerian market revenue grew by 59% year-on-year to N538.45bn from N338.23bn in Q2 2023 despite a 1% decline in volume sales which we link to the start of wet season. We attribute the jump in revenue to higher price taken during the period. The revenue contribution of the Nigerian market improved to 57% from 55% recorded in Q1 2024.

Outlook

We adjusted our revenue forecast upward to N3.51trn from N3.33trn following an impressive second quarter performance. On the cost side, raw material and energy costs challenges will likely persist in the medium term. Consequently, we lowered our earnings per share for FY 2024 to N27.71 (previously: N33.36).

Please follow the link “Dangote Cement Plc H1 2024 – Higher Pricing Drove Performance Despite Weak Volume” to view the whole report.                                                                                                                   

Thank you.