Dangote Cement (DANGCEM) Q4 2024 earnings summary

Executive summary

• Achieved group revenue growth of 62.2% to N3,580.6B for FY2024, driven by robust Nigerian sales, improved pricing, and translation gains from pan-African operations.

• Group EBITDA rose 56.0% to N1,382.0B, with a margin of 38.6%.

• Profit after tax increased 10.5% to N503.2B, and EPS grew 12.3% to N29.74.

• Declared a dividend of N30.00/share, with cumulative dividends of N2.8 trillion over 14 years.

• Export volumes from Nigeria surged 69.1%, with 31 ships of clinker dispatched to Ghana and Cameroon.

Financial highlights

• Group volumes up 1.6% to 27.7Mt, led by a 7.9% rebound in Nigeria to 17.7Mt.

• Pan-Africa EBITDA up 30.9% to N345.3B, margin at 23.3%.

• FX loss of N249.3B impacted profitability.

• Cash and cash equivalents increased to N449.8B.

• Net cash from operations was N821.1B; capex of N413.8B funded plant construction and efficiency improvements.

Outlook and guidance

• SSA GDP projected to grow 4.2% in 2025, with Nigeria expected to grow 3.2%-4.17%.

• Expansion focus on West and Central Africa, with new plants in Cote d'Ivoire (2025) and Itori, Nigeria (2028).

• Plans to expand clinker exports to third parties and optimize Eastern African assets.