Cement Price Emerges As Dangote Cement Announces Huge First Quarter Profit

Marketers Reveal New Price Of Dangote Cement, BUA Cement, Others

Dangote Cement Plc has declared ₦817.4 billion in revenue for the first three months of 2024.

This translates to a 101% increase when compared to ₦406.7 billion in revenue in the same period in 2023.

The company announced the latest development in it’s latest unaudited financial statement published on the NGX website.

The financials also showed that the company reported a 26.1% increase in domestic sales volumes to 4.6Mt from 3.6Mt.

Chief executive officer of Dangote Cement, Arvind Pathak, was quoted as saying, “Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter. “Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo.

“Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.”

Dangote’s latest feat is coming against the backdrop of reduced cement prices.

According to Legit, manufacturers have already begun selling the product at a reduced rate in some parts of the country.

Nigeria’s three biggest cement manufacturers, BUA Cement, Dangote Cement, and Lafarge Africa, agreed to lower their cement prices to ₦8,000 and ₦7,000 following a meeting with the Nigerian government.

The new prices have already been implemented in most states.

The post Cement Price Emerges As Dangote Cement Announces Huge First Quarter Profit appeared first on Naija News.

Spread the love