Headline

Dangote Cement Grosses N413.2bn Revenue in first 3 months

Published

2 years ago

May 19, 2022

Editor

In the first three months of 2022 financial year, Dangote Cement has recorded a 24.2 per cent increase in its revenue and an 18 per cent increase in its profit after tax for the same period.
Unaudited results for three months ended 31st March 2022, showed a revenue of N413.2 billion and a profit after tax of₦105.9 billion.
Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.
Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that increases recorded in revenue and profitability drove strong cash generation across the Group. Profit after Tax rose to of ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.
Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in 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.
Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment in finding opportunities beyond dividend to return cash to shareholders.”
Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.
Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”
Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta. Through 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.

Headline

Edo Election: Police Acting in Interest of APC, Says Obaseki

Published

3 days ago

September 12, 2024

Eric

The Edo State Governor, Mr Godwin Obaseki, has called out the Nigerian Police Force, saying they are working in the interest of the All Progressives Congress (APC) in the buildup to the 2024 Edo Governorship Election. He added that the Peoples Democratic Party (PDP) may not sign the Peace Accord for the September 21 election.

The accord is an official agreement among political parties to be of good conduct before, during and after election.

Obaseki said the agency, the Police, responsible for enforcing the accord, have through their actions, shown that they are acting in the interest of the All Progressives Congress (APC) and waging war against the PDP.

He expressed worry that “the Police under the manipulation of the APC, has arrested not less than 10 PDP chieftains, who they perceived would be strong political opposition to them in the coming election.”

The governor who spoke when he received the Chairman of the National Peace Committee (NPC) and former Military Head of State, Gen. Abdulsalam Abubakar said those arrested include a serving Local Government chairman, Hon. Collins Aigbogun.

He stated that the party chieftains were arrested and whisked to the Federal Capital Territory (FCT), Abuja.

Obaseki queried: “how do one enters a peace accord with an umpire who, from the onset has shown bias in favour of one of the parties in the election.”

He added: “you are very conversant with the politics of Edo State. You were here in 2020 and we had a very heated election. You know this is an off-circle election and there is a lot of attention.

“Unlike 2020, I am very worried with the developments in the State today. The party met yesterday and we might not likely sign this agreement.

“The opposition party in the State, the APC has always argued that they may not be as popular and didn’t win in the last election, but however promised to use Federal might to determine the outcome of the election.”

He added: “We thought it’s just rhetoric. But in the last four weeks, we’ve had a situation where from the office of the IGP, armed gang policemen have come into Edo State to invade, arrest and take away PDP members.”

Headline

Ighodalo Ridicules APC’s Okpebholo, Says Edo Can’t Risk Having Illiterate As Governor

Published

5 days ago

September 11, 2024

Eric

The candidate of the Peoples Democratic Party (PDP) for the September 21 governorship election in Edo State, Asue Ighodalo, has advised the electorate against voting an illiterate as the next governor.

Making a veiled reference to the gaffe by the candidate of the opposition All Progressives Congress (APC), Senator Monday Okpebholo, the governorship hopeful, while addressing a crowd on Monday, said: “Edo doesn’t need an illiterate who will bring insecurity to the state”.

Ighodalo, who spoke at the Olua Primary School field, Uselu, venue of the PDP campaign rally in the Egor Local Government Area, pledged to bring out the best in the youth by harnessing their potential in a positive way for the good of all.

He said: “We will work and bring out the creative potential of our youths in a way that will benefit all. We don’t need an illiterate who will bring insecurity.

“It’s time to move forward. Ogie (his running mate) and I are very ready to work for you all. So, don’t fear, don’t worry, we’re for you all. Prosperity has come for all. Just go out on the 21st and vote early and protect your votes.”

Also speaking, Governor Godwin Obaseki said he had done his best for the state and that Ighodalo and Ogie would continue when he hands over to them.

He added: “I have done my best. Ighodalo and Ogie will continue from 12 November. We want progress. We want to move forward and not backward. Looking at the people here, you see a lot of youths. I am not surprised because Egor is home to youths. We have the University of Benin and the Benin Technical College.

Headline

Ajaero: Amnesty Int’l Accuses Tinubu of Setting Record of Impunity

Published

6 days ago

September 9, 2024

Eric

Global rights group, Amnesty International, has condemned the arrest and detention of the President of the Nigeria Labour Congress (NLC), Joe Ajaero, by the Department of State Services (DSS).

The Director of Amnesty International Nigeria, Isa Sanusi, said with the attack on Ajaero, President Bola Tinubu is setting a new record of impunity.

Ajaero was arrested at the Nnamdi Azikiwe International Aiport in Abuja on Monday on his way to the United Kingdom for an official assignment, the NLC said.

The NLC president was billed to attend the Trade Union Congress conference in London, which begins today (Monday).

Sanusi said: “Amnesty International strongly condemns the unlawful arrest of the President of Nigeria Labour Congress (NLC) Joe Ajaero by the Department of State Services (DSS) today. The labour union leader must be immediately and unconditionally released.

“The arbitrary arrest of Joe Ajaero shows an escalating crackdown on human rights and restrictions on civic space by the government of President Bola Tinubu.

“President Bola Tinubu’s government persistently attacks and undermines the operations of the NLC, through fabricated allegations, raids on NLC headquarters and other forms of harassment and intimidation. This growing culture of impunity and disdain for workers’ rights to organize and seek better welfare must stop.

“President Tinubu is setting a new record of utter disregard for the rule of law.

“Amnesty International has observed, in the last one year, the increasing crackdown by the Nigerian authorities on the labour union and civic space. The authorities continue to weaponize the police and SSS to repress the human rights of Nigerians.

“Nigeria is a party to the African Charter on Human and Peoples’ Rights and International Covenant on Civil and Political Rights, which guarantee the rights to freedom of expression, peaceful assembly, and association, including trade union membership and activities. The country is also a member of the International Labour Organization, whose fundamental principles include the right to organize, are binding on all members.”

“Under international human rights law workers cannot be targeted for participating in trade union activities. The Nigerian authorities have an obligation not only to respect the rights of workers but also to protect these rights from abuse.

“Joe Ajaero is arrested solely for the peaceful exercise of his human rights and must be immediately and unconditionally released,” Sanusi concluded in a statement.